Buying a home can be stressful. The Security Bank home loan is designed to cut the hassles of buying, building, or renovating your home. With a Security Bank home loan, you can:
Buy a home. They'll help you get a new home you can call your own. Remember, there are no hassles, and the application process is fast.
Build a home. You can plan, design, and with an auto loan, Security Bank will let you build your new home.
Renovate a home. You can breathe new life into your home or increase its selling value before auctioning it.
Home refinancing. Their interest rate is quite competitive.
Types of Security Bank home loans
This lender offers two home loans: an all-in financing offer and a home equity loan.
All-financing offer
Home loan all-in financing is a program that allows qualified customers to include upfront bank fees in their loanable amount, which will remain due throughout the loan term.
Home equity loan
The Security Bank home equity loan allows you to use your home's current value as security for the cash you need, whether it's for tuition, the purchase of equipment or furniture, travel, debt consolidation, or any other purpose you see fit. It can also be used to refinance or take out an existing housing loan from different banks if the home equity portion exceeds 50% of the outstanding balance at the time of application.
How to apply for a Security Bank home loan?
With these eight easy steps, you may get a home loan from Security Bank.
Apply online, through accredited developers, or at a nearby branch.
Obtain application status updates through SMS.
Get email confirmation of approval details.
Affirm loan agreements.
Open an account with Security Bank if you do not have any.
Remit bank fees (not applicable to home loan all-in financing).
Submit documents for loan release.
Pack into your new residence.
Requirements
Eligibility
To be eligible for a home loan, applicants must:
Be a minimum age of 21 and a maximum age of 65 when the loan matures
Have a monthly income of ₱50,000 combined
Have worked for the same company for at least two years
For self-employed individuals, they must have run a lawful and successful business for the previous three years
Documents
Duly filled Security Bank online loan application form for home loan
List of documents needed: template authorization letter for Special Power of Attorney (SPA) for tax mapping, and property collateral verification
Pros and cons
It is wise to weigh the advantages and disadvantages of a Security Bank home loan before deciding whether to apply for one. These are some genuine benefits and drawbacks of the loan.
Pros
Compared to its rivals, the interest rate on the mortgage is modest.
Through its flexible terms, the bank provides simplicity of repayment.
Those who take up this loan will also receive some tax benefits.
Cons
The bank only offers a short loan term.
Missed repayments attract high penalties.
How to repay a Security Bank home loan?
Security Bank home loans can be paid off using an automatic debit arrangement (ADA) or over the counter, but only at the branch where you took out the loan and signed the contract. With the Security Bank mobile app, you can track your loan and payments, while a late fee of 6% applies when you miss a payment.