Maybank home loan for april 2024

Maybank
Get a home loan at Maybank. On 22.04.2024 there are 4 options available to you. Increase your chances of getting a loan — fill out an application with a free credit rating check.
Offers: 4
Updated:
15.10.2022
17:23
Maybank
Home Loan Refinancing
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to 80%
Rate
i

Effective interest rate on the product

6.75% - 7.50% per year
Term
i

Loan term for the financial product

up to 15 years
Maybank
Home Equity
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to ₱5,000,000
Rate
i

Effective interest rate on the product

8.75 - 10.75% per year
Maybank
Home Construction
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to 80%
Rate
i

Effective interest rate on the product

6.75% - 7.50% per year
Term
i

Loan term for the financial product

up to 30 years
Maybank
Home Acquisition
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to 90%
Rate
i

Effective interest rate on the product

6.75% - 7.50% per year
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Savii
1
No comment yet coz im not yet approved in my application
Review
DIGIDO
5
very fast
Review
Kviku
4
Please address my concerns regarding my loan application and its processing...
Review
Kviku
1.6
Warning: This lender is predatory and extremely dangerous. Do not use this app for loans as they will trap you with impossible and maliciously high interest rates...
Review
Kviku
1.4
I was charged an excessive amount by KVIKU. My last loan was approved on November 25th, 2022 for 5000 pesos...
Review
Kviku
1.8
High Interest Rate. They approved my auto loan without discussing repayment options in full. Instead, they sent me a contract with scheduled payments, which is nowhere near the advertised 0...
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Maybank home loan for april 2024

One of the most common goals people strive for is owning a home because it provides a sense of security. Owning a home also gives you the option to choose where you live. You may prefer to live in an area with more career advancement opportunities or affordable health insurance options. If you cannot pay for your home in cash, you can always take out a Maybank MaxiHome loan. You can do the following with this loan:

  • Home acquisition. You can own your dream house, townhouse, apartment, or condominium. MaxiHome loans allow you to borrow up to ₱500,000 at fixed interest rates for one, three, or five years. A Maybank Philippines accredited developer can also offer you 90% of the appraised value for a house, townhouse, or condo and 60% for residential lots.
  • Home construction. You can borrow up to 80% of the land's appraised value and proposed construction for up to 30 years. The minimum loan amount is ₱1,000,000, with fixed interest rates of 6.75% for one year, 7.25% for three years, and 7.50% for five years.
  • Home equity. You can use your home as collateral for a loan. You can borrow up to ₱5 million or up to 70% of your home's appraised value (whichever is lower). The minimum amount you may apply for a residential house and lot, townhouse, or condominium is ₱500,000 for a maximum duration of up to 10 years. You repay your MaxiHome home equity loan at fixed interest rates for one year at 8.75%, three years at 9.50%, or five years at 10.75%.
  • Home loan refinancing. You can borrow up to 80% of the appraised value of your house and lot, townhouse, or condominium, and 60% of the appraised value of a vacant residential lot. For a condominium or residential house and lot, the minimum amount you can apply is ₱500,000 for a maximum term of up to 15 years. You repay your MaxiHome home equity loan at fixed interest rates for one year at 6.75%, three years at 7.25%, or five years at 7.50%.

How to apply for a MaxiHome loan?

To apply for a MaxiHome loan online, follow these steps:

  1. Visit the nearest branch of your bank.
  2. Request a home loan from the Maybank customer service desk.
  3. Fill in your full name, date, place of birth, and civil status, including whether you are single, married, widowed or separated.
  4. Enter your home address, residential status, contact information (primarily your home and mobile phone numbers), and email address.
  5. Answer all of the remaining questions as prompted.
  6. Then, hand over the loan application and wait for Maybank to schedule an appraisal visit for your home.

Requirements for a MaxiHome loan

You can apply for a MaxiHome loan by contacting any of Maybank's mortgage loan officers. However, you must meet the general conditions and requirements before your loan application can be approved. They are as follows:

General conditions

  • When applying for the MaxiHome loan, you must be over 25 but no older than 65 when the loan matures.
  • If you are employed, you should have worked for a reputable company for at least two years.
  • If you are self-employed, your company must have been registered, operating for at least three years, and profitable in the previous two years.
  • You must have an attorney-in-fact and a two-year employment contract for overseas workers.
  • If you are a seafarer, you must have an attorney-in-fact, be at least an officer level, and have worked for at least two years.

General documentary requirements

The following are the requirements for a MaxiHome loan:

  • If married, you must provide government-issued IDs for spouses and a marriage certificate.
  • If employed, three months' pay stubs, the most recent year's income tax return, and a Certificate of Employment for both spouses.
  • If you are self-employed or an entrepreneur, you must submit the most recent two Audited Financial Statements. You must also provide business registration or permits, a list of over five major suppliers and customers with contact information, the most recent two years' Income Tax Return, as well as six months Bank Statements or passbooks.
  • If an overseas worker, you should provide your history and employment contract, also known as an employment certificate. If you are a seafarer, this is the most recent crew contact. A special Power of Attorney in Maybank format, the most recent six months of bank statements or proof of remittance, and the most recent ITR, if applicable.

Collateral requirements

  • House and lot: copy of Tax Declaration and Transfer Certificate of Title (TCT).
  • Condominium: a copy of the Condominium Certificate of Title (CCT), the Master Declaration Deed, a document of the tax declaration, building plans, bills of materials, and construction cost estimates.
  • Refinancing: updated statement of account and payment history from originating institution.

Pros and cons of a MaxiHome loan

MaxiHome loan is a fantastic option for anyone looking to buy a new home. You can use a MaxiHome loan to purchase a home adaptable to your future needs, such as adding an extra bedroom or turning it into a rental property later. However, you should be aware of all advantages and disadvantages of using the MaxiHome loan before going to a branch and signing the loan documents. These includes:

Pros

  • You can own a home while repaying your mortgage on flexible terms.
  • You are eligible for Life or Mortgage Redemption Insurance (MRI) and Fire Insurance (FI) coverage with the loan account.
  • You do not have to worry about paying more as the interest rate is fixed for the entire term of the loan and does not fluctuate with market changes.

Cons

  • You are required to pay a non-refundable appraisal fee.
  • You are responsible for all costs associated with home ownership, such as registration fees, processing fees, insurance premiums, and other incidental expenses.
  • You can only submit your MaxiHome loan application and requirements at any Maybank PH branch nearby. It is inconvenient for people who live far from any branch.

How to repay a MaxiHome loan?

  1. Visit the Maybank2u website.

  2. Login to your account.

  3. Click on Pay and Transfer.

  4. Choose the account or card you wish to use to pay.

  5. Choose to pay via direct payee.

  6. Choose the Maybank MaxiHome loan.

  7. Enter your information, such as the loan number and amount.

  8. Click Pay.

  9. Check your payment information to ensure you have entered the correct MaxiHome loan information.

  10. Choose between Secure and SMS TAC as your authorization method.

  11. Click Request. Then key in your TAC and approve the transaction.

FAQ

What is the maximum loan amount for MaxiHome?

The maximum amount for a MaxiHome varies depending on the product. For example, Home Acquisition gives you access to 90% of the appraised value of a house, townhouse, or condo and 60% of the appraised value of a residential lot from a Maybank Philippines accredited developer. With Home Construction, you can borrow up to 80% of the land's appraised value and proposed building. With Home Equity, you can borrow up to 5 million or up to 70% of the appraised value of your house (whichever is less) as collateral for a loan. Finally, with Home Loan Refinancing, you can borrow up to 80% of the appraised value of your house and lot, townhouse, or condominium, and up to 60% for a vacant residential lot.

What are the eligible projects for a MaxiHome loan?

You can use a MaxiHome loan to buy a house, townhouse, apartment, or condo.