Guide on Security Bank Home Loan Interest Rates Based on Loan Term
SECURITY BANK HOME LOAN INTEREST RATES – Here is a guide on the interest rates implemented by Security Bank under its loan offer.
Banks are among the entities that you may turn to when you are looking for a loan for the purpose of financing a residential property acquisition. In the Philippines, Security Bank is one of those with entities with the said offer.
The Security Bank Home Loan offer can help you achieve your target vacant lot, house and lot, condominium unit, or townhouse. It can also finance a house construction or a home renovation as well the reimbursement of a residential property purchase.
The Home Loan offer is open for individuals who meet the following eligibility criteria:
- 21 years old and above at the time of the loan application
- not older than 60 years old upon the loan maturity
- earning a household income of at least Php 50,000.00 monthly
- employed for at least 2 years or self-employed and running a legitimate and profitable business for at least 3 years already
Under the loan offer, the minimum loanable amount is P1 million while the maximum limit depends on the purpose. All loans are subject to the Security Bank Home Loan interest rate which depends on the fixing period chosen by the borrower.
For loans that are fixed for one (1) year which is the minimum loan term, the interest rate is at 7.00%. For loans fixed for three (3) years, the interest rate is at 7.25%.
With regards to the loans that will be fixed for five (5) years, the Security Bank Home Loan interest rate is at 7.75%. On the maximum loan term, it depends on the type of property acquired or involved under the loan offer:
- For house and lot — maximum term is 25 years
- For townhouse or duplex — maximum term is 20 years
- For residential vacant lot or condominium unit — the maximum term is 15 years
In applying for the loan offer, there are collateral requirements that must be submitted to the bank. Here are the documents required by the Security Bank regarding the property:
- Relevant Collateral Documents
- copy of Collateral Title
- copy of Tax Declaration on Land and/or improvement
- Appraisal Fee paid to SBC: OR Number
- Acquisition from Accredited Developer
- Contract to Sell or Reservation Agreement
- Home Construction or Renovation
- Bill of Materials and Estimates of Construction and Labor Cost
- Floor and Building Plan and Building Specification
- Loan Take-Out / Home Equity
- Proof of amortization payments for the last 3 months
- Statement of Account from Mortgage Bank
We understand that not everyone has a lot of time for the loan application processing. Thus, following a step-by-step guide on how to apply for the Security Bank Home Loan offer can help you conserve time, money, and energy in the process.
