• Security Bank Home Loan Refinancing

    One of the foremost banks in the Philippines, Security Bank was started in 1951. It is the first bank that was controlled by the Philippines after the second World War and is currently a universal bank. As part of its banking offerings, 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 Refinancing loan that can be utilized for various purposes.

    What is Home Loan Refinancing ?

    Home Loan Refinancing is nothing but replacing or shifting a home loan to another lender or by procuring a new loan. This option should be availed if the new loan has a lower rate of interest and has better terms and conditions.

    The Security Bank Home Loan Refinancing comes with some of the best features such as - affordable rates of interest, flexible tenure and hassle free approvals.

    This loan can be utilized for a variety of purposes. One of them is renovation which can improve the home in terms of looks and features and also enhance the beauty of the home. In addition to renovations, the Security Bank Home Loan Refinancing can also be utilized to refinance the current mortgage or purchase or construct a new home. Customers can also use this loan to unlock the value of their property and obtain cash against the same.

    Customers need not break their heads over the rate of interest and tenure as the tenure is flexible and is based on the income of the customer. Monthly amortization payments of interest and principal is fixed making it easier and convenient for customers.

    Benefits at a glance

    Through the Security Bank Home Loan Refinancing, customers can procure up to 90% of the value appraised and repay the same through a maximum tenure of 20 years. The minimum amount of loan that can be availed by customers is P100,000 and approval takes just five working days. Customers who wish to procure this must have a minimum joint monthly income (gross) of P50,000.

    How can customers get the Security Bank Home Loan Refinancing?

    Procuring the home refinancing loan from Security Bank is very simple. Customers need to first decide the amount that they wish to borrow and then fill the application and submit it online or to their nearest Security Bank branch and within five working days, customers will receive their response.

    What are the Interest Rates applicable ?

    Loan tenure Interest rates
    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 Loan Refinancing, 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 -

    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.
      • Mortgage Redemption Insurance Application Form
      • Relevant collateral documents
    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.
      • Relevant collateral documents
      • 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
      • 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.
      • Information regarding suppliers’ contact and the customers’ contact
      • General Information Sheet and SEC Registration
      • Letter of authorization
      • Bank Statements from the previous three months
      • Income Tax Return with Financial Statements that are audited for the previous three years.
      • Relevant collateral documents
      • Mortgage Redemption Insurance application form
    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 those OFWs who have been hired abroad directly, two of the above are required.
      • For land based overseas Filipino workers, the most recent contract of employment.
      • Allotment Slip
      • Mortgage Redemption Insurance application form
      • Bank Statement or Payslip for the past three months
      • Relevant collateral documents
      • Consularized Special Power of Attorney is required of with attorney in fact

      The collateral documents required are -

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

      Acquisition from Accredited Developer

      • Contract to sell or Reservation Agreement

      What is the amount that customers can borrow?

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

      There are various modes available through which customers can repay their loans. One is the regular amortization collected every month including the fixed payment of interest and principal. Fantastic elastic is another method. This is a flexible payment option through which customers can make either under or excess payments on their loan without availing additional charges. A maximum of 25% of the loan can be overpaid.

      The loan is collected through an auto debit arrangement.

      The Home Loan Refinancing from Security Bank is very convenient loan with hassle free application process and economical rates of interest, making it one of the most sought after loans that can procured for the purpose of home refinancing.

      Other Products from Security Bank

    Housing Loan Refinancing by Banks
    Products in Philippines
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