Are you planning to buy a new house or property? It could be easy to get overwhelmed with the various financial obligations that come with purchasing a home. One of the best options is to consider getting a home loan. With the right lender, you can get the funds you need to make your dream home a reality. Security Bank is a top provider of home loans in the Philippines. This article will provide comprehensive information about how to get a Security Bank home loan.
What is a Security Bank Home Loan?
A Security Bank home loan is essentially a type of loan that allows you to purchase a new property or house. The loan covers the total cost of the property, allowing you to pay the amount over a fixed period. Security Bank offers different home loan packages to suit every borrower’s requirements.
Unlike other loans, a home loan is secured, meaning you put up the property as collateral. If you fail to pay your loan, the bank has the right to seize your property. Hence, it’s important to understand the details of the loan and make sure that you can afford the monthly repayments.
Why Choose Security Bank Home Loan?
Security Bank is a trusted lender that has helped thousands of Filipinos to acquire their dream home. Here are some of the reasons why many customers choose Security Bank:
Benefits of Security Bank Home Loan |
Details |
|---|---|
Flexible payment terms |
Choose between 5 to 20 years repayment period |
Competitive interest rates |
Lowest rate is at 4.99% per annum (fixed for one year) |
Fast loan processing |
Approval within 5 to 7 banking days |
Online application |
Submit an application in minutes online |
Large loan amount |
Up to 80% of the property value or Php 20,000,000 |
How to Apply for a Security Bank Home Loan
Applying for a Security Bank home loan is easy and hassle-free. Here are the steps to follow:
Step 1: Review the Requirements
To apply for a Security Bank home loan, you need to meet the following eligibility criteria:
- You must be a Filipino citizen or a foreigner with a permanent resident status
- You must have a minimum gross monthly income of Php 50,000 per month
- You must be at least 21 years old but not more than 65 years old upon the loan maturity
- You must have a stable job or source of income
Step 2: Prepare the Required Documents
Before you apply, make sure you have the following documents:
- Two valid IDs with photo and signature
- Certificate of Employment or Business Registration Papers
- Income Tax Return (ITR) or Audited Financial Statements (AFS)
- Latest three months payslips or bank statements
- Title or Contract to Sell (if the property is already identified)
Step 3: Apply Online
Visit Security Bank’s official website and click the “Apply Now” button. Fill out the online application form and upload the required documents. You will receive a confirmation email once your application is received.
Step 4: Wait for Approval
Security Bank will assess your application and verify your documents. Approval usually takes 5 to 7 banking days. You will be notified via email or phone call about the status of your application.
Step 5: Sign the Loan Agreement
If your application is approved, you need to sign the loan agreement and other related documents. You also need to provide post-dated checks (PDCs) for the monthly repayments.
Frequently Asked Questions (FAQs)
1. How much can I borrow from Security Bank?
You can borrow up to 80% of the property value or Php 20,000,000, whichever is lower.
2. What is the minimum loan amount?
The minimum loan amount is Php 500,000.
3. Can I apply for a Security Bank home loan if I’m self-employed?
Yes, you can apply if you’re a self-employed individual. You need to submit your Business Registration Papers, Audited Financial Statements, and other documents to prove your income.
4. How long does it take to process my application?
The approval usually takes 5 to 7 banking days
5. What is the repayment period for the loan?
You can choose a repayment period of 5 to 20 years.
6. Is there a penalty for prepayment of the loan?
No, there is no penalty for prepayment of the loan. You can pay off the loan earlier than the term without incurring any charges.
7. Can I apply for a home loan even if I’m not a Security Bank depositor?
Yes, you can apply even if you don’t have an account with Security Bank.
8. How can I make my loan repayments?
You can pay through post-dated checks, auto-debit arrangement, online banking, or over-the-counter payments.
9. What happens if I can’t make my monthly repayments?
If you can’t make your monthly repayments, the bank has the right to seize your property as collateral. Hence, it’s important to make sure that you can afford the monthly repayments before applying for a home loan.
10. Can I use my Security Bank home loan for a second property?
Yes, you can apply for a home loan for a second property. However, you need to meet the eligibility criteria and provide the necessary documents.
11. Is the interest rate fixed or variable?
Security Bank offers both fixed and variable interest rates. The lowest fixed rate is 4.99% per annum.
12. Can I get a co-borrower for my home loan?
Yes, you can apply for a home loan with a co-borrower. The co-borrower must also meet the eligibility criteria and provide the necessary documents.
13. Can I apply for a home loan if I’m currently based overseas?
Yes, you can apply for a Security Bank home loan even if you’re based overseas. You need to submit the necessary documents and meet the eligibility criteria.
Conclusion
Buying a home is a major milestone for many Filipinos. A home loan can help you make your dream home a reality. Security Bank offers flexible and affordable home loan packages to suit your needs. By understanding the requirements and application process, you can easily apply for a loan and get approved in no time. Don’t let financial constraints hold you back from owning your dream home. Visit Security Bank’s official website and apply for a home loan now.
For more information, you can visit Security Bank’s official website or contact their customer service hotline.
Disclaimer
This article is for informational purposes only. The information provided in this article is subject to change without notice. The actual terms and conditions of the Security Bank home loan may vary depending on the borrower’s eligibility and creditworthiness. It’s important to seek advice from a financial expert before applying for a home loan.