Guide on Maybank Home Loan Refinancing 2024 Features & Appplication
MAYBANK HOME LOAN REFINANCING 2024 – Are you looking for a bank where you can transfer your home loan to a better financing option?
Truth be told that there are cases when home loan clients decide to transfer their loan accounts to another entity. Most often, it is because they want it to transfer it for lower interest rates or to update their payment under a more flexible term.
Are you one of the people who are looking for an entity where you can transfer your home loan? In the Philippines, one of the banking entities that you may turn to is Maybank. It has several home loan offers as it is ready to finance any of the following:
- purchase of residential properties
- house construction
- Home Equity Loan
- refinancing of existing home loan
In the case of the Maybank Home Loan Refinancing 2024 offer, here are the minimum and maximum loanable amounts under the offer:
- Minimum Loanable Amount — Php 500,000
- Maximum Loanable Amounts:
- house and lot, townhouse, and condominium unit — up to 80% of the appraised value of the property
- vacant residential lot — up to 60% of the residential property
With regards to the loan term allowed by the bank, it is dependent on the type of property financed under the loan offer. If the collateral is a vacant residential lot, the maximum loan term is 10 years. In the case of house and lot and condominium units, the maximum loan term is 15 years.
Who are qualified to apply for the loan offer? The Maybank Home Equity Loan is open for both employed and self-employed individuals as well as overseas Filipino workers (OFWs). Here are the qualifications set by the bank for application:
Locally-Employed Individuals
- age plus the term of the loan should not be more than 65 years old once the loan matures
- gainfully employed in a reputable company for at least 2 years or owning a business that has been registered and operational for at least 3 years and has been profitable in the last 2 years
Self-Employed Individuals
- age plus the term of the loan should not be more than 65 years old once the loan matures
- gainfully employed in a reputable company for at least 2 years or owning a business that has been registered and operational for at least 3 years and has been profitable in the last 2 years
OFW Applicants
- age plus the term of the loan should not be more than 65 years old once the loan matures
- contract of employment for 2 years
- If you are a seafarer, you should be at least in an officer level position and should be working for at least 2 continuous years
- must have an attorney-in-fact
If you are interested to apply for the loan offer, you need to submit the requirements set by Maybank for the Home Loan Refinancing application process.