Security Bank Home Loan; Things You Need to Know
Security Bank offers home loan products to eligible individuals who are looking to purchase or construct their dream home. The bank’s home loan options may vary depending on the customer’s specific needs and financial situation. Here are some of the basic features of Security Bank’s home loan:
- Loan Amount: The minimum loan amount is PHP 500,000, and the maximum loan amount is PHP 100,000,000, depending on the customer’s financial capacity and creditworthiness.
- Loan Term: The loan term may range from 1 year to 20 years, depending on the customer’s preference and repayment capacity.
- Interest Rates: Security Bank offers competitive interest rates that vary depending on the customer’s chosen loan term and loan amount.
- Fees and Charges: Customers may need to pay various fees and charges such as appraisal fees, documentary stamp tax, mortgage registration fees, and other related fees.
- Eligibility Requirements: The eligibility criteria may vary depending on the loan type, but generally, customers must be at least 21 years old and have a stable source of income to be eligible for a home loan.
To apply for a Security Bank home loan, customers may need to prepare the necessary documents, such as proof of income, proof of identification, and other related documents required by the bank. It’s best to check with the bank for more details on their home loan products and application requirements.
Who can Avail Security Bank Home Loan?
Security Bank housing loan are offered to eligible individuals who meet their specific eligibility requirements. Here are some general qualifications that applicants must meet to be eligible for a Security Bank home loan:
- Age: The borrower must be at least 21 years old and not older than 65 years old at the end of the loan term.
- Income: The borrower must have a stable source of income, whether as an employee or a self-employed individual.
- Credit Score: The borrower’s creditworthiness is a crucial factor in determining their eligibility for a home loan. A good credit score is highly favorable.
- Property: The property that the borrower intends to purchase or construct must be acceptable to Security Bank’s standards and located within their loanable area.
- Other Requirements: Applicants must also comply with other requirements set by the bank, such as submission of required documents, payment of fees, and satisfactory results of property appraisal.
It’s essential to note that Security Bank’s home loan eligibility criteria may vary depending on the specific loan product, loan amount, and other factors. Therefore, it’s always best to check with the bank to determine the exact eligibility requirements for a specific home loan product.
Security Bank Home Loan Requirements
Here are the general requirements for applying for a Security Bank Home Loan:
- Completely filled-out and signed application form
- Photocopy of at least two (2) valid government-issued IDs with three (3) specimen signatures
- Income Documents:
- For Employed Applicants:
- Latest Income Tax Return (ITR) or BIR Form 2316
- Latest one (1) month payslip
- Certificate of Employment (COE) with compensation
- For Self-Employed Applicants:
- Latest Income Tax Return (ITR) with audited financial statements
- Business Registration Documents
- Latest bank statements for the last three (3) months
- For Employed Applicants:
- Property Documents:
- Copy of Contract to Sell, Deed of Absolute Sale or Transfer Certificate of Title (TCT) and Tax Declaration
- Location and Vicinity Map of the Property
- Other documents as may be required by the bank, such as Proof of Billing Address, Marriage Certificate, Special Power of Attorney, and others.
It’s essential to note that the above requirements are just general guidelines and may vary depending on the loan type and amount, the borrower’s employment status, and other factors. It’s always best to check with the bank for the specific requirements for the chosen home loan product.
Security Bank Home Loan Rates and Payments
Security Bank offers competitive interest rates for their home loan products, which may vary depending on the loan term and amount, as well as the borrower’s creditworthiness. Generally, the bank offers fixed interest rates for the first few years of the loan, then a variable interest rate for the remaining years. The interest rate is usually expressed as an annual percentage rate (APR) and can be as low as 5.25%.
To determine the monthly payment for a Security Bank home loan, the borrower needs to consider the loan amount, loan term, and interest rate. The bank provides a loan calculator on their website, which can help borrowers estimate their monthly payment. For instance, a loan amount of PHP 2,000,000 with a loan term of 20 years and an interest rate of 6.50% may have a monthly payment of around PHP 16,173. Of course, the actual monthly payment may vary depending on the specific loan terms and other factors.
In addition to the monthly payment, borrowers may also need to pay various fees and charges, such as appraisal fees, documentary stamp tax, mortgage registration fees, and others. These fees and charges may be paid upfront or added to the loan amount, depending on the borrower’s preference and the bank’s policies. You may also pre-compute your amortization through Security bank housing loan calculator in their website.
It’s essential to note that the interest rate and fees may change depending on the economic conditions, the borrower’s payment behavior, and other factors. Therefore, borrowers should always check with the bank for the current interest rate and fees before applying for a home loan.
How to Pay Security Bank Home Loan
Security Bank offers various payment methods for their home loan products, making it convenient for borrowers to make their monthly payments. Here are some of the payment options available:
- Auto-Debit Arrangement (ADA) – This payment option allows borrowers to authorize Security Bank to automatically deduct their monthly loan payment from their Security Bank account. This option ensures that the borrower’s payment is made on time and eliminates the need for manual payment.
- Online Payment – Borrowers can also make their payments through Security Bank’s online banking platform or mobile app. They can transfer funds from their Security Bank account to their home loan account.
- Over-the-counter – Borrowers can pay their home loan over-the-counter at any Security Bank branch. They need to fill out a payment slip indicating their home loan account number and the amount to be paid.
- Payment through partner banks – Borrowers can also pay their home loan through Security Bank’s partner banks, such as Bancnet and Megalink member banks. They need to fill out a payment slip and indicate their home loan account number and the amount to be paid.
It’s important to note that borrowers should always make their payments on time to avoid penalties and possible foreclosure of their property. Additionally, borrowers should always keep track of their payment schedule and ensure that they have sufficient funds to cover their monthly loan payment. If borrowers encounter any issues with their payment or need assistance, they can always contact Security Bank’s customer service for assistance.