Guide on How Much You Can Borrow Under the Security Bank Home Loan
SECURITY BANK HOME LOAN – Here is a guide on how much you can borrow under the house loan offer of Security Bank, a trusted giant bank in the Philippines.
Security Bank is one of the banks in the country that extends help to people who wanted to buy their own residential property. It does it through a loan offer that is open not just for home acquisition but as well as for the following:
- house construction
- home renovation
- refinancing of an existing loan
The Home Loan offer of the bank features fast approval and low interest rates. Currently, there is a limited offer of only 6.75% per annum fixed interest rate for five(5) years. You may pay for your loan for up to twenty(20) years depending on the approval of the bank.
Under the Security Bank Home Loan offer, there are huge loanable amounts and minimum requirements set for application. The eligibility qualifications are also minimal.
Do you want to know how much you can borrow under the Security Bank Home Loan? Based on the official website of the bank, here are the minimum and maximum loanable amounts under the said offer:
- Minimum Loanable Amount – Php 1,000,000.00
- Maximum Loanable Amount – Up to 80% of the appraised value of the loan
The process in applying for the Home Loan offer is simple. Here are the steps that you may follow in applying:
Step 1 – Check for your eligibility for the loan.
The bank has set age, income, and employment requirements. The applicant must be:
- at least 21 years old but not more than 65 years old on the day that the loan will end
- having a household monthly income of not less than Php 50,000.00
- employed for two(2) years or running a business that is legitimate and profitable for the last three(3) years
Step 2 – Prepare the requirements
- Application Form – http://bit.do/e7LSt
- Required Documents & Special Power of Attorney – http://bit.do/e7LS2
Step 3 – Submit the requirements
Together with your requirements, head to the nearest Security Bank branch and submit your documents. Have it checked by the bank officer.
Usually, it would take at least two(2) days before banks release the decision on loan applications. Wait for the notification from the bank regarding the status of your loan application.
Thank you for visiting our website. We hope we have helped you with regards to this matter. You may keep coming back for more informative guides.
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