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Are You Financially Capable to Get a Security Bank Housing Loan?

Filled under: Borrow 

(Update March 20, 2017)

Are you financially independent enough to finally buy your own home?

Owning a home requires financial stability and, of course, a home loan that will give you assistance to afford it. No matter how simple it may seem you better read on to get prepared. Can Security Bank help you get your dream home with your current financial status?

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Security Bank Housing Loan Eligibility

Security Bank offers its home loan to Filipinos at least 21 years old with a regular source of income. Also, the borrower should not be more than 65 years old by the time the loan has been settled. Having a spouse with his/her own income gives you an advantage. You can apply for the home loan if you and your spouse together earn at least Php 50,000.

The borrower must also be continuously employed for the last two years. However, if the borrower is self-employed, he/she must have a legitimate business which has been profitable for the last three years.

Security Bank Housing Loan Requirements

Since you are getting a home loan from a reputable bank, you must expect strict verification process and a long list of required documents.

If you are locally-employed, you must prepare the following:

  • A duly completed application form. Make sure all detail are accurate with your documents. Any blank and discrepancy might delay your loan process.
  • Have a clear copy of at least one valid photo-bearing government ID. If your spouse is a co-borrower or there are other signatories in the loan application, then their ID’s are also needed.
  • Any of the following:
  • Certificate of Employment (latest employment)
  • Income Tax Return
  • Payslips (for the past three months)
  • Bank statements (previous three months)
  • If you are commission based, you need to present your payslips for the past six months.
  • Mortgage Redemption Insurance Application Form
  • Other documents relevant to your collateral.

For self-employed or business owners you must present:

  • A duly completed application form. Make sure all detail are accurate with your documents. Any blank and discrepancy might delay your loan process.
  • Have a clear copy of at least one valid photo-bearing government ID. If your spouse is a co-borrower or there are other signatories in the loan application, then their ID’s are also needed.
  • Income Tax Return. If you solely own a business, it must be form 1701. If you are in a corporation, present 1702.
  • Any of the following:
  • Financial statement for the past year
  • Bank statements for the past three months
  • Lease or Rental Contracts if applicable with your source of income.
  • If you are a Real Estate or licensed insurance broker and your income is commission–based, you need to provide your proof of income for the last 12 months.
  • Mortgage Redemption Insurance Application Form
  • Other documents relevant to your collateral.

It is your responsibility to secure collateral documents such as:

  • Copy of collateral title
  • A copy of the Tax Declaration
  • A signed Authority to Inspect available in banks
  • The receipt of the Appraisal Fee

If you are planning to have a house construction or renovation, you will need:

  • The floor and building plan with the specifications
  • The bills of materials, estimates of construction costs and the labor cost

Security Bank Housing Loan Interest Rate

The regular housing loan has a different interest rate from the Home Equity Loan. The Home Equity Loan simply means that you are getting a loan against the value of your owned house. Regular housing loan interest rate is 5.25% to 9% from one to 15 years. Home equity loans are charged with 6.25% to 10%. The longer the term, the higher the interest rate.    

Security Bank Housing Loan Amount, Purpose and Terms

You can borrow for as low as P1, 000,000. This is higher than the offers of the other banks. If you just want to borrow below P1 million pesos, then you can shop around for other home loans. Security Bank will finance most of the properties up to 80% of its purchasing price. Vacant lots and second homes (for investment use) are financed only up to 70%.

You can use the funds for purchasing a property, construct a house, and a major home renovation. The housing loan can also be an equity loan for a more wide range of purposes. You can also apply for refinancing if you have a current home loan.

You can choose a term from 1 year up to 25 years, however, this depends on the property you want to buy. Let’s say you want to purchase a condominium unit, then you can only get up to 15 years. House and lot has 25 years utmost.

Loan Approval

The loan process actually depends on how soon you can provide all the needed requirements. You may get a loan approval as quick as five days, however, the finds might take longer.

Security Bank Housing Loan Payment

When it some to payment method, it is not very flexible. The only option you have is Auto-Debit Arrangement (ADA). Make sure that your account is well funded to avoid penalties. You will have to equal monthly amortizations with fixed payment, but you can arrange for an elastic payment scheme. This means you can make over payments so you can have underpayments on a certain month.

Security Bank Loan Calculator

Use the loan calculator to have an idea on how much you can afford to borrow. This gives you the foresight if you can borrow enough funds for the house you want to buy. Also, you will see how much your downpayment in cash and amortization will be. A well-informed financial decision can save you from certain problems in the future. Finally, this will help you know if you are now financial capable to buy a new home.

Remember that the required minimum income is P50,000. Consider this and the fact that you must pay the downpayment in cash, processing fees, documentary stamps and appraisal cost. Are you ready put your finances on such constrain?

Security Bank Contact Number

(02) 88-791-88

If you are only looking for a loan to make minor home renovations or repairs, you can just get a quick cash loan from Cash Mart.

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