Guide on the Security Bank Home Loan Amount Allowed for Borrowing
SECURITY BANK HOME LOAN AMOUNT – Here’s a guide on how much you may borrow under the Home Loan offer of the Security Bank.
Are you looking for a bank where you may apply for a Home Loan offer? In the Philippines, one of the entities that you may turn to is the Security Bank which is one of the trusted banks in the country. It is a leading universal banking entity in the country.
The Security Bank actually has several loan offers. Aside from its Security Bank Personal Cash Loan, it has the Security Bank Home Loan offer that is open for several purposes which you can find below as well as the other details.
The Home Loan offer is open to finance several purposes related to residential property acquisition or construction. You may apply for it to fund any of the following purposes:
The Security Bank loan offer is open for individuals who are at least 21 years old at the time of loan application and with a household income of at least Php 50,000.00 per month and gainfully employed or self-employed.
How much is the Security Bank Home Loan loanable amount? Although the borrowing amount may vary depending on certain factors including the borrower’s capacity and the project cost, here are the minimum and maximum borrowing amounts allowed by the bank:
- Minimum Loanable Amount — Php 1,000,000.00
- Maximum Loanable Amount:
- If acquisition (primary use) from top-tier developers — up to 90% of selling price
- If acquisition (primary use) from individual seller or non-top tier developers — up to 80% of appraised value
- For investment/secondary home or if loan purpose is Home Equity and acquisition of a vacant lot — up to 60% of the selling price or appraised value
With regards to the loan term, Security Bank allows a maximum loan term of 25 years for the purpose of house and lot acquisition. In case the property is a townhouse or duplex, the maximum loan term allowed is 20 years.
For the purpose of acquiring a residential vacant lot or condominium unit, the maximum loan term is 15 years. The loan is subject to the Security Bank Home Loan interest rate until the loan is fully-paid.