• Security Bank Home Renovation Loan

    One of the prominent banks within the Philippines, Security Bank was founded in 1951. It is a universal bank and was the first private bank to be controlled by the Philippines after World War II. As part of its banking portfolio, Security Banks offers a number of loans, insurance options, credit cards and debit cards.

    One of the popular loans offered is the Security Bank Home Renovation loan that can be utilized for various purposes.

    The Home Renovation Loan by Security Bank comes with some of the most enticing offers that can be procured by Filipinos. Affordable rates of interest, flexible tenure and hassle free approvals are just some of the advantages that can be availed by procuring this loan.

    A multipurpose loan, the Security Bank home renovation loan can be used for purposes other than renovation itself. Home renovation is common process that many opt for as it not only provides a new look to the house, improves the decor, makes it look better but also it also ensures that new facilities and state of art technology can be incorporated into the home, beautifying it further. In addition to this, renovation also improves the price of the house and in turn the location. Real estate is a profitable business and houses are assets whose value increases with time. Therefore, making improvements on the home adds to its price in case customers desire to sell it sometime in the future or if they wish to rent it and properties that are in good condition also increase the real estate value of that location.

    As mentioned previously, the home renovation loan by Security Bank can also be used for other purposes, such as to construct or purchase a new home or to refinance the current mortgage. Customers can also use this loan to unlock the value of their property through home equity and obtain cash against the same.

    Customers need not worry about the interest rate and tenure as the tenure is flexible and is based on the customer’s income. Monthly amortization payments of interest and principal is fixed making it easier and more convenient for customers.

    Benefits at a glance

    Up to 90% of the home value that has been appraised, can be procured and the same amount can be repaid through a tenure that extends up to 20 years. Customers can procure loan quantum starting from P100,000 and with approval taking just five days, availing the loan is a quick process. The minimum joint income that customers are required to have every month is P50,000.

    How can customers get the Security Bank Home Renovation Loan?

    It is easy for customers to procure the Home Renovation Loan from Security Bank. All they have to do is decide the amount that they wish to borrow and submit the filled in application to the nearest branch of Security Bank or online. Customers will receive a response within five working days.

    What are the Interest Rates applicable ?

    Tenure Rates of Interest
    One year 5.25 percent
    Two to Three years 6.25 percent
    Four to Five years 7 percent
    Six to Ten years 8 percent
    Eleven to Fifteen years 9 percent

    Eligibility and Documentation

    For customers to be eligible to borrow from Security Bank for the purpose of procuring a Home Renovation Loan, they must meet the following criteria -

    • Customers must be between the ages of 21 to 65 upon maturity of the loan.
    • A combined income per month must be a minimum of P50,000.
    • Customer must have been employed for at least two years continuously.
    • If the customer is self employed, then he/she must have a business operating profitably for the past three years.

    The documents required, are as follows -

    Renovation

    • Bills of materials and estimated of labor cost and construction
    • Building and floor plan and specifications
    1. For customers who are employed locally -
      • The application form that is filled out and signed by the required people.
      • Any ONE of the following - Most recent Certificate of Employment and Compensation or most recent Income Tax Return or Payslips from the past three months or Bank Statements from the past three months.
      • Relevant collateral documents
      • Mortgage Redemption Insurance Application Form
    2. For customers who are Self-Employed
      • The application form that is filled out and signed by the required people.
      • Copy of one ID card that is issued by the government including those of the co-borrowers and spouse.
      • Income Tax Return (1702 for Corporation or 1701 for sole owner)
      • Any ONE of the following - Bank Statements from the previous three months or Rental/lease contracts or Audited Financial Statements for the previous year.
      • For Real Estate Brokers who are licensed and Insurance brokers who are licensed, income proof to credit commission-based income for the past twelve months
      • Relevant collateral documents
      • Mortgage Redemption Insurance Application Form
    3. For Corporate customers
      • The application form that is filled out and signed by the required people.
      • Profile of the company including background, offices, owners.
      • General Information Sheet and SEC Registration
      • Bank Statements from the previous three months
      • Income Tax Return with Financial Statements that are audited for the previous three years.
      • Information regarding suppliers’ contact and the customers’ contact
      • Letter of authorization
      • Mortgage Redemption Insurance application form
      • Relevant collateral documents
    4. For customers who are Overseas Filipino Workers
      • The application form that is filled out and signed by the required people.
      • Copy of one ID card that is issued by the government including those of the co-borrowers and spouse.
      • Any ONE of the following - Certificate of Employment with compensation for the past 6 months or for seamen, the most recent crew contact.
      • For land based overseas Filipino workers, the most recent contract of employment.
      • Allotment Slip
      • Bank Statement or Payslip for the past three months
      • For those OFWs who have been hired abroad directly, two of the above are required.
      • Consularized Special Power of Attorney is required of with attorney in fact
      • Mortgage Redemption Insurance application form
      • Relevant collateral documents

    The collateral documents required are -

    • CTC/TCT
    • Copy of the tax declaration on land or/and improvement
    • Signed authority to inspect and verify bank form
    • Appraisal fee paid to SBC

    Acquisition from Accredited Developer

    • Contract to sell or Reservation Agreement

    What is the amount that customers can borrow?

    New lot and house 80 percent of the value appraised
    Condominium 80 percent of the value appraised
    Townhouse 80 percent of the value appraised
    Duplex 80 percent of the value appraised
    Investment/second home 70 percent of the value appraised
    Vacant lot 70 percent of the value appraised

    What are the available loan tenures ?

    A minimum of a year is the tenure

    House and Lot 25 years
    Duplex and Townhouse 20 years
    Condominium unit and vacant lot 15 years

    How can customers repay their loan?

    Customers can repay their loans through a number of convenient choices. The regular amortization amount that is collected each month and includes the fixed payment of principal and interest is one method. The other is Fantastic Elastic and this is a payment option that is very flexible wherein customers can pay either the under or excess payments on their loan, and without availing additional charges as well. The maximum amount that can be overpaid is 25% of the loan which is collected through an auto debit arrangement.

    The Home Renovation Loan from Security Bank is very convenient loan with an application process that is quick and hassle free and low rates of interest, making it a very popular loan that can procured for the purpose of home renovation.

    Other Products from Security Bank

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