Security Bank Home Loan Ready To Help You Own Your Dream House or Condo

Features of Security Bank Home Loan Offer for Aspiring Clients

SECURITY BANK HOME LOAN – Here are the special features under this Security Bank loan offer that finances residential property acquisitions.

Are you in the pursuit of getting your own house soon? Or you want to construct your dream house? If you want to achieve the goal under a bank financing, one of the entities that you may turn to is the Security Bank.

One of the loans offered by the universal bank is the Security Bank Home Loan. The offer is ready to finance several purposes such as the following:

• buying vacant lot
• purchase of residential units
• house construction
• home renovation
• refinancing of an existing home loan
• reimbursement of property acquisition or construction expenses
• Home equity loan

The Home Loan offer of the bank is open for both salaried and non-salaried individuals. The bank has set a short list of qualifications for application. To be eligible to apply for the loan offer, the loan applicant must meet the following qualifications:

• at least 21 years old, but not more than 65 years old upon loan maturity
• earning a combined monthly income of PHP50,000
• with stable source of income:
  • If employed, you must be continuously employed for at least 2 years
  • If self-employed, the business you are running must be operating a legitimate and profitable business for the last 3 years

How much is loanable under the Security Bank Home Loan? The amount allowed by the bank for borrowing depends on the purpose of applying for the offer. Here is a guide on the maximum amounts allowed by the banking entity:

• For acquisition (primary use) from top-tier developers, up to 90% of selling price may be borrowed.

• For acquisition (primary use) from individual seller or non-top tier developers, up to 80% of appraised value may be borrowed.

• 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 may be borrowed.

With regards to the loan term, the minimum term is one (1) year. For house and lot acquisition, the maximum term is 25 years. For townhouse or duplex acquisition, the maximum term is 20 years. In case the acquired property is a vacant lot or a condo unit, the maximum term is 15 years.

On the interest rate under the Security Bank Home Loan offer, it is dependent on the fixing period chosen by the borrower. The bank offers a one-year, three-year, and five-year fixing periods.