One of the most important banks in Southeast Asia, Maybank is a universal bank headquartered in Malaysia with branches in other countries such as Singapore and Philippines. It was founded in 1960 and is one of the largest banks in the entire Southeast Asian region. Various products are offered as part of its banking portfolio such as loans, insurance, credit cards and so on. Home refinancing loans from Maybank are especially sought after within the Philippines.
What is Home Loan refinancing?
Before delving into Maybank home loan refinancing, it is is essential for customers to understand home loan refinancing. Refinancing is nothing but getting a new loan or mortgage as a replacement for the old one. This is usually done so as to obtain a better repayment tenure and interest rate. Refinancing is a good option for those with a favourable credit history and record as they have the chance of obtaining another loan at a better rate of interest and also procure the option to convert the interest to a fixed rate if it was a variable rate. However, this is a risky option for those who have less than favourable credit record.
But, before opting for one customers need to keep in mind certain pointers such as exploring all the costs and options available to them, choose refinancing only if it is feasible and advantageous and also look into the home loan market and research all options thoroughly.
Maybank Home Loan refinancing
With the Maybank home loan refinancing option, customers can borrow a maximum of 70% of the home value that has been appraised and for a vacant residential site, a maximum of 60% of the appraised value can be borrowed. The best part is that the requirements provided below are very economical and feasible
- A minimum loan quantum of P800,000
- A repayment tenure of up to 15 months
Customers can also avail the best possible customer service.
The most important aspect of any loan or refinancing option is the interest rate that is charged. The higher rate of interest, riskier is the loan to repay. Maybank offers competitive rates of interest for those looking to refinance their home loan.
The interest rates charged are -
- 6% per year for a single year fixing
- 6.25% per year for a fixing of three years
- 7.50% per year for a five year fixing.
Eligibility required for Maybank Home Loan Refinancing
The eligibility criteria is as follows -
- Customers should be below 65 years of age prior to loan maturity.
- Customers have to be employed for a minimum period of two years or self employed for a minimum of 3 years and profitable for at least 2 years.
- Foreigners can also apply for the MaxiHome loan only if it is a condominium and additionally a proof of residency must be provided along with proof of employment within the Philippines.
- For those who work overseas, a contract of employment for two years must be provided and the work must either be categorized as technical or professional.
- If the applicant is a seafarer, then he must be at least be of the level of an officer and should be in service for a minimum of 2 years continuously. Additionally, seafarers and Filipinos working overseas must have an attorney.
Documentation required for Maybank Home Loan Refinancing
Basic Requirements -
- Valid identity proofs and recent photo of both spouses.
- If married, then marriage certificate is required and death certificate if applicant is widowed.
- The housing loan application form that is completely filled out.
- If the applicant is employed then the income tax return for the previous two years along with the employment certificate for applicant and spouse.
- If the applicant is self employed or is an entrepreneurs, then business permits and registration; financial statements for the previous two years, both In-house and audited; Contact details of all the major customers and suppliers (a minimum of five) or business background/profile of the company; Income tax return filed for the previous two years along with the passbook or bank statements from the previous six months.
- If the applicant is an overseas worker, then employment certificate or contract of the employment; most recent crew contact or employment history; special power of attorney using the format prescribed by Maybank; remittance proof or bank statements from the previous 6 months and latest ITR.
- For house and lot, a copy of the tax declaration and copy of the transfer certificate of the title is required.
- For a condominium, a copy of the condominium certificate of title and copy of the Master Deed of Declaration and the Restriction Copy of Tax Declaration.
- For construction of a home, the requirements are the building pal and also the bill of the materials or construction cost estimates.
- For those looking only for refinancing, the one requirement is an updated statement of account from the originating institution.
- List of requirements
- Application form
- SPA forms
- Life Insurance forms
- Authority to conduct C.I
Tips and guidelines
- Customers must note that all properties are subject to checking and appraisal. Within Metro Manila, the appraisal fee which is also non refundable is P4300 and outside Metro Manila is P5200.
- Payment of processing fees, registration fees, insurance premiums and other expenses are for the account of the borrower.
- Customers can pay their monthly amortization through Post dated checks or can be auto debited from the client’s MPI CASA account.
- Customer’s loan account is subject to MRI which is the Life/Mortgage Redemption Insurance and also FI which is the Fire Insurance coverage.
- Customers can apply for the home loan refinancing at any of the Maybank branches or online.