Today, owning a home is a sure sign of financial independence and stability. In this regard, Security Bank Home Loans offer the features and benefits that will attract your undivided attention. Own a home of your own, with the comprehensive, customer centric home loan options from Security Bank.
You’re probably eligible for an Security Bank Housing Loan if you are
At least 21 years old
Less than 65 years old
Salaried / Self-employed
with regular income
Your Security Bank Housing Loan amount eligibility is based on these factors
EMI limited to about 50%
of monthly income
Loan capped 80% of the cost of property
EMIs of other loans lower
Increase your eligiblility for Security Bank Housing Loan amount by these steps
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 20 years
Alternatively add your parents
Documentation needed to apply for an Security Bank Housing Loan
- 1.Duly filled housing loan application form
- 2.Photocopy of ID such as driver's license, passport, SSS ID, Postal ID, PRC ID etc
- 3. Copies of the last 6 months’ bank statements or deposit passbooks
- 4.Documentation for salaried applicants:
- Income Tax Return (ITR) copy with BIR or bank stamp of the last 1 year
- Original copy of Certificate of Employment
- Photocopy of last full month pay slip
- 5. Documentation for self Employed applicants:
- Photocopy of Business Certificate
- Income Tax Return (ITR) copy with BIR or bank stamp
Security Bank Housing Loan DetailsUpdated on 24 Oct 2016
|Interest rate||5.25% - 10.00%|
|Margin of Finance||Up to 80%|
Overview- Security Bank Corporation
The winner of two prestigious International awards in 2012- ‘Bank of the Year- Philippines’ (awarded by The Banker of the Financial Times of London) and ‘The Strongest Bank in the Philippines’ (awarded by The Asian Banker of Singapore), Security Bank is counted amongst the elite banking organizations across the world. Founded on June 18, 1951, the bank was formerly known as the Security Bank and Trust Company and was just starting out be a preferred Filipino banking favorite that it is today. In 2015, Security Bank’s main operations include retail, commercial and corporate banking. Its loan products, including the Security Bank Home Loan is much sought after. Topping this, Security bank is noted as the 8th largest banker in the country, with total assets to the tune of P348 billion. Also, the bank is counted as the 7th largest loaning organization with a loan portfolio exceeding P165 billion, while it ranks 8th largest in terms of capital, recording an impressive P41 billion last year.
Home Loans from Security Bank
With an enticing tag of the ‘the most flexible home loan in the market’, Security Bank’s Home Loan offering is loaded with features.
- The option to pay extra money as part of your monthly instalment. This doesn’t attract additional charges and helps you payback ahead of time. Correspondingly, you can pay a lesser amount at times when the situation is tighter, financially.
- Home loans amounting to 80% of the price of property. (The breakup- New house, townhome, duplex and condominium- 80% appraised value. Second home/investment or vacant lot- 70%).
- The helpful option to reduce or cancel amortization on your mortgage.
- Assured approval in just 5 working days.
- The helpful option to skip a monthly amortization every year!
- Fixed monthly amortization payments of principal and interest that isn’t affected by the changing economic and market situations.
- The types of loans on offer include- Regular Housing loan, Home equity loan and Business mortgage loan.
Scope of the Security Bank Home Loan
One of the enduring features of the home loan from Security Bank is its versatility. This loan can be used for the following objectives-
- To buy land, house, apartment, condominium or townhome as planned by you.
- To construct a brand new home- in line with your design and expectations.
- To renovate your existing home and load it with new additions and features.
- Switching from your existing loaning bank to Security Bank to enjoy the latter’s unbeatable home loan interest rates.
- A home loan will also serve as a route to home equity and probable extra cash for life’s little pleasures or major milestones.
Eligibility for the Security Bank Home Loan
- The applicant must be a resident Filipino.
- He/she must be at least 21 years old and not more than 65 years upon loan maturity.
- He/she must be continuously employed for at least 2 years with a minimum combined gross monthly income of P 50,000.
- If the applicant is self-employed, he/she must be operating the said profitable business for at least 3 years.
During the application process, the following documents must be produced as a necessary prerequisite to avail the Security Bank Home Loan. The specific documentation requirements will depend upon your status as an employed or self-employed applicant. Note that the following is just a basic list, more specific documents might be wanted.
- Completely filled out Application Form.
- Government issued ID proof (Driver’s License, Passport, SSS, PRC, etc.)
- Latest pay slips (3 months) or Income Tax Returns with BIR or Bank Stamp (BIR Form 2316)
- Bank Statements for 3 preceding months.
- Mortgage Redemption Insurance (MRI) Application Form.
- Latest Income Tax Return (BIR Form 1700 / 1701)
- Financial Statements (audited) for the last 3 years.
- DTI Business Permit or SEC Registration.
- Relevant Collateral Documents.
An ideal home loan is a combination of features, robust customer support and lasting professional relationships. The Security Bank Home Loan is all that, and much more!!
The interest rates offered by Security Bank on housing loans is one of the lowest in the market today. The rates are determined on the basis of “Fixing Period” and starts at just 5.25 percent for a fixing period of 1 year. The table below will help you to understand the rates offered by this bank for various fixing intervals.
Regular Housing Loan
|Fixing Period||Interest Rate|
|1 year||5.25 percent|
|2-3 years||6.25 percent|
|4-5 years||7 percent|
|6-10 years||8 percent|
|11-15 years||9 percent|
Home Equity Loan
|Fixing Period||Interest Rate|
|1 year||6.25 percent|
|2-3 years||7.25 percent|
|4-5 years||8 percent|
|6-10 years||9 percent|
|11-15 years||10 percent|
Note: The rates are subject to frequent revision on the basis of market conditions. Make sure to inquire with the nearest branch for latest rates. Fixing Period is the term used denote the number of years you would like to “Lock In” the rate out of the overall term you’ve chosen and acts as a shield against fluctuating rates.
Security Bank extends the flexibility to choose from two different modes of payment to repay the borrowed loan along with applicable interest charges. They have been listed below for reference.
- Regular Monthly Amortization: The classic option where the borrower will make fixed payment every month which will be a combination of principal borrowed along with applicable interest charges. The borrower will continue to make a uniform payment throughout the term.
- Fantastic Elastic Housing Loan: Under this payment option, the borrower is free to make excess & under payments at no additional charges or fees. Upto 25% of the amortization can be overpaid by the borrower in a given year. Under this option, Security Bank officials will open a checking account for transaction purpose, known as the Fantastic Elastic Sweep account. To aid timely payment each month, the bank will arrange for an ADA (Auto Debit Arrangement) where the entire balance you deposit in this bank account will be debited by the bank and remitted towards payment of the housing loan.
It comes with customer friendly options such as flexibility to choose the due date, no requirement for maintaining a minimum balance etc. The borrower is allowed to make up to 3 underpayments in a specific anniversary year.
Frequently Asked Questions
For Townhouse, New House & Lot, Condominium & Duplex, one can borrow up to 80% of the appraised property value and up to 70% for Vacant Lot and Second Home/Investment Use. The actual quantum of loan granted will depend on how your eligibility and credit history.
Monthly amortization payments will be debited by the bank electronically through ADA (Auto Debit Arrangement). To aid this arrangement, you’re required to open a bank account with Security Bank in any of the branches. The first amortization payment will fall due a month after the loan release.
Self employed applicants should be operating a profitable business for the last 3 years. The business concern should be a legitimate one.
Yes, Corporates can apply for housing loan. A list of documents required for applicants falling under this category is available on the official website of the bank.
One can choose a term of up to 25 years, depending on the property in question. For Condo units, a maximum term of 15 years is provided by the bank for repayment.
You can either visit the nearest branch for an update on loan status or call the loan centre at 88-791-88 for real time update.