Features of Maybank Home Equity Loan 2025 Offer & the Application Process
MAYBANK HOME EQUITY LOAN 2025 – You can make use of the value of your residential property to achieve your other goals in life.
Truth be told that paying for a residential property can make a huge cut from your monthly income. Meanwhile, even just a vacant residential lot is really a good investment as you have something to turn to — not just in times of financial emergencies but also in achieving other goals.
Do you know that nowadays, you can obtain a financial solution based on the value of your property? There are entities with the said loan offer and one of them is Maybank, a trusted banking entity that is operating in the Philippines since 1997.
Maybank offers different kinds of bank accounts, credit cards, as well as loans. Aside from the Maybank Truck Loan, Maybank Auto Loan Refinancing, and Maybank Home Construction Loan offers, the bank also has the Maybank Home Equity Loan offer. Under it, you can use your residential property as the collateral to obtain funds.
You may apply for the Maybank Home Equity Loan whether it is for the purpose of purchasing another residential property, upgrading your car, traveling, funding your child’s education, etc. According to the bank, under it, you may obtain up to an equivalent of 70% of the appraised value of the collateral or up to Php 5 million.
Here is a guide on the minimum and maximum loanable amounts under the offer:
- Minimum Loanable Amount — Php 500,000.00
- Maximum Loanable Amount — Php 5 million
The maximum loan term is up to 10 years for residential property collaterals such as a residential house and lot, a condominium unit, or a townhouse. It is open for both salaried and non-salaried individuals who qualify to the loan offer.
Who are qualified to apply for the Maybank Home Equity Loan offer? Here are the eligibility requirements that a loan applicant should meet to qualify for the loan offer:
- age plus the term of the loan should not be more than 65 years old once the loan matures
- must be 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
According to Maybank, an attorney-in-fact is required among overseas worker and seafarer applicants. An OFW should have a contract of employment for 2 years to qualify for the loan offer while a seafarer applicant should be at least in an officer level position and should be working for at least 2 continuous years.
With regards to the interest rate under the loan offer, it depends on the loan applicant’s chosen fixing term. Here is a guide on the interest rates that apply under the offer based on the fixing period:
- 1 year fixing : 8.75% p.a.
- 3 year fixing : 9.50% p.a.
- 5 year fixing : 10.75% p.a.
Are you interested to apply for the offer? The requirements for the Maybank Home Equity Loan application vary depending on the source of income of the loan applicant.