Owning a home is a significant life goal, and Security Bank understands your aspirations.
With their flexible and accessible housing loan options, your dream home is within reach. Here's a comprehensive guide to help you navigate the process of securing a Security Bank Housing Loan.
For other type of loans, visit my detailed guide for best personal loans and car loans in the Philippines!
Note: to credit commission income, kindly submit latest 6 months payslips
By fulfilling these requirements, you're well on your way to securing a Security Bank Housing Loan tailored to your needs. With Security Bank's support, your dream home is no longer a distant vision but a tangible reality waiting to be embraced.
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Security Bank Home Loan Features
Loan Amount: Starting from ₱1 million up to 90% of the property’s appraised value, capped at ₱10 million.
Interest Rates: Competitive rates tailored to your financial capacity.
Loan Term: Enjoy a comfortable repayment period of up to 25 years.
Quick Approval: Experience swift approval within ten banking days, subject to document submission.
Versatile Use: Utilize the loan for various purposes, including purchasing a house and lot, vacant lot, or condominium unit. It can also fund home construction, renovation, or refinancing.
Eligibility Criteria
To apply for a Security Bank Housing Loan, you need to meet the following criteria:
- Age: Between 21 to 65 years old upon loan maturity.
- Income: Demonstrate a combined monthly income of ₱50,000, reflecting your financial stability.
- Employment: Maintain continuous employment for at least two years. For self-employed individuals, the business must be legitimate and profitable for the past three years.
Required Documents
To ensure a hassle-free application process, please make sure to bring all the necessary requirements listed below:
1. Home Loan Online Application Form
2. List of Required Documents
3. Special Power of Attorney (SPA)
4. Authorization Letter Template for Property Collateral Verification and Tax Mapping
For Locally-Employed Borrowers
- Filled out and signed application form
- Clear copy of one valid ID (photo-bearing government-issued) of borrower/spouse/co-borrower/ signatories of the loan
- Any ONE of the following income documents:
- Latest Certificate of Employment and Compensation
- Latest Income Tax Return
- Latest 3 months Payslips
- Latest 3 months Bank Statements
- Mortgage Redemption Insurance (MRI) Application Form
- Relevant collateral documents
For Self-Employed Borrowers
- Filled out and signed application form
- Clear copy of one valid ID (photo-bearing government-issued) of borrower/spouse/co-borrower/ signatories of the loan
- Income Tax Return (1701 for sole proprietary owner; or 1702 for Corporation)
- Any ONE of the following income documents:
- Audited Financial Statements (Latest 1 year)
- Bank statements (Latest 3 months)
- Lease/Rental Contracts
Note: For licensed Real Estate brokers and licensed Insurance brokers, kindly submit the latest 12 months' proof of income to credit commission-based income
- Mortgage Redemption Insurance (MRI) Application Form
- Relevant collateral documents
For Corporate Borrowers
- Filled out and signed application form
- Company profile: background, owners, key officers
- SEC Registration and General Information Sheet
- Bank Statements (latest 3 months)
- Income Tax Return (1702 for Corporation) with Audited Financial Statements for the past 3 years
- Suppliers' contact info (with average monthly transactions)
- Customer’s contact info (with average monthly transactions)
- Authorization letter (for bank, business, and trade checkings)
- Mortgage Redemption Insurance (MRI) Application Form
- Relevant collateral documents
For OFW Borrowers
- Filled out and signed application form
- Clear copy of one valid ID (photo-bearing government-issued) of borrower/spouse/co-borrower/ signatories of the loan
- Any ONE of the following income documents:
- Certificate of Employment with compensation (issued within the last 6 months)
- Latest Crew Contract (for seafarer/seaman)
- Latest Employment Contract (for land-based OFWs)
- Allotment Slip
- Latest 3 months payslip; OR bank statement for past 3 months
Note: For OFWs hired directly abroad, any TWO income documents are required
- Consularized Special Power of Attorney is needed if with attorney in fact
- Mortgage Redemption Insurance (MRI) Application Form
- Relevant collateral documents
Collateral Document Requirements
- Copy of collateral title (TCT/CTC)
- Copy of Tax Declaration on land and/or improvement
- Signed Authority to Inspect and Verify (bank form)
- Appraisal Fee paid to SBC: OR Number
- Acquisition from Accredited Developer
Contract to Sell; or Reservation Agreement
- Home Construction or Renovation
Bill of Materials and Estimates of Construction and Labor Costs
- Floor and Building Plan and Building Specifications
- Loan take-out/ Home equity
Proof of amortization payments for the last 3 months
- Statement of Account from Mortgagee Bank
How to Apply for Security Bank Home Loan
Begin your journey to your new home easily, by following these 8 easy steps!
1. Apply through our official channels:
- Online via our official website, click Home Loan Application
- At the branch. Just download and complete the Home Loan application Form and submit it with the requirements at a branch near you.
2. Wait for the approval sent via SMS or your registered email address.
3. Confirm your loan approval details via email.
4. Sign the necessary loan documents.
5. Set up your Security Bank account to pay your monthly amortization.
6. Pay any necessary bank charges
7. Submit the required documents for the loan release.
8. Move into your new home.
ATTRACTIONS TO SEE IN MANILA
Klook.comBy fulfilling these requirements, you're well on your way to securing a Security Bank Housing Loan tailored to your needs. With Security Bank's support, your dream home is no longer a distant vision but a tangible reality waiting to be embraced.
If you are looking to apply for a credit card, here are my Tips to Get Approved for a Credit Card Application.
Also check out the 5 Credit Cards with No Annual Fees in the Philippines
ACTIVITIES AND TOURS IN MANILA
Security Bank Home Loan FAQs (Frequently Asked Questions)
What are the Interest Rates?
Enjoy terms that will make you feel at home with low interest rates starting at 7.00% fixed for 1 year.
| 1 Year | 3 Years | 5 Years | |
|---|---|---|---|
| Regular Home Loan | 7.00% | 7.25% | 7.75% |
| Home Equity Loan | 8.00% | 8.25% | 8.75% |
How much can I borrow?
Your loanable amount, or the amount you can borrow is a percentage (%) of the property’s appraised value.
- Up to 90% of selling price – if acquisition (primary use) from top-tier developers
- Up to 80% of appraised value- if acquisition (primary use) from individual seller or non-top tier developers
- Up to 60% of the selling price or appraised value – for investment/secondary home or if loan purpose is Home Equity and acquisition of a vacant lot
What are the loan terms available?
The minimum term is 1 year, while the maximum tenor will depend on the type of property you are purchasing:
- For house and lot, the maximum term is 25 years.
- For townhouse or duplex, the maximum term is 20 years.
- For residential vacant lot or condominium unit, the maximum term is 15 years.
How can I pay for my loan?
Your loan amortization will be collected via an Auto Debit Arrangement (ADA) using a Security Bank account.
To nominate an existing Security Bank account, you can download the ADA enrollment form and submit it to the nearest Security Bank branch. If you don’t have an account yet, the branch can assist you in opening one.
How are my payments / amortization collected?
The first loan amortization will be collected a month after your loan is released and will continue to be collected every month until the end of your loan term.
Please be aware that the loan amortization amount will change subject to the rate applied at repricing (after your fixed period).
What are the fees and charges that I have to pay?
- Appraisal Fee: PHP3,500 within Metro Manila, PHP4,000 outside Metro Manila
- Amendment Fee:
- PHP3,500 - For any changes to the loan terms and conditions after the loan has been booked OR for any changes on HLPM-approved accounts after documentation
- PHP5,000 - For any changes in broker code, subject to approval
- Other fees and charges: Estimated 2.5% to 3% of the approved Loan Amount
- Real Estate Mortgage Fees
- Mortgage Redemption Insurance
- Fire Insurance/ Construction All Risk
Home Loans in the Philippines
Here's a list of banks that offer best home loans in the Philippines:
- AUB Home Loan
- BPI Housing Loan
- China Bank HomePlus Loan
- HSBC Home Loan
- Maybank MaxiHome Loan
- Metrobank Home Loan
- PNB Housing Loan
- RCBC Housing Loan
- Security Bank Housing Loan
- UnionBank Home Loan
Also check my list of Top Digital Savings Banks in the Philippines
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