Home Equity Loan

Make the most out of your home’s value – loan up to P10,000,000!
Limited-time offer: 7.75% p.a. fixed for 5 years!

What is a Home Equity Loan?

Our Home Equity Loan lets you use your home’s current value as security for the cash you need, be it for tuition, purchase of equipment or furniture, travel, debt consolidation, or any use you see fit.

You can also use it to refinance or take out an existing housing loan from other banks if the home equity portion is more than 50% of the outstanding balance upon application.

*Please note that business purposes are not allowed for Home Equity Loans

Our Rates

Enjoy terms that will make you feel at home with low interest rates starting at 8.00% fixed for 1 year.

1 Year 3 Years 5 Years*
Home Equity Loan Rate 8.00% 8.25% 7.75%

*Special rate of 7.75% p.a. is only available until December 15, 2019

At a Glance

Take a look at what we can offer:

Loanable amount
  • Up to 70% of appraised value for residential properties
  • Up to 60% of appraised value for vacant lot
Payment Terms
  • 15 years when collateral is owner occupied
  • 10 years when collateral is not owner-occupied
Approval Time 5 banking days
Minimum Loan Amount P1,000,000
Maximum Loan Amount P10,000,000

Shop houses and non residential properties (commercial, office condominiums) are not acceptable collateral for home equity loans.

Hear from our clients

“I was able to apply for my housing loan when I was in Dubai. I submitted it all online and didn’t have to print anything!”

Anthony D.

Dubai, UAE

“Applied for a housing loan with Security Bank to buy a new house for our growing family. Got approved for a good loan amount.”

Louise M.

Sta. Rosa, Laguna

Eligibility

  • 21 to 65 years old upon loan maturity
  • Earning minimum monthly income of P50,000
  • Permanent employee or practicing professional
  • For employed individuals, practicing professionals, and OFWs (or spouses of OFWs) ONLY.

Ready to apply for a home equity loan? Click the button below to start.

Frequently Asked Questions

What are the Rates?

  • Enjoy terms that will make you feel at home with low interest rates starting at 8.00% fixed for 1 year.
1 Year 3 Years 5 Years*
Home Equity Loan Rate 8.00% 8.25% 7.75%

*Special rate of 7.75% p.a. is only available until December 15, 2019.
Fixing period is how long you want to lock in your interest rate.

How Much Can You Borrow?

  • Loan up to 80% of your desired property!
New House & Lot 80% of appraised value
Townhouse 80% of appraised value
Duplex 80% of appraised value
Condominium 80% of appraised value
Second Home/Investment Use 70% of appraised value
Vacant Lot 70% of appraised value

How to Apply

  • Start living in you new home with 8 simple steps!
  1. Apply through:
  2. Receive SMS on Application Status
  3. Confirm Approval Details via email
  4. Sign loan documents
  5. Open a Security Bank account
  6. Pay bank charges
  7. Submit documents for loan release
  8. Move in to your new home

What are the requirements required for a Housing Loan?

Required Documents:
  1. For Locally-Employed Borrowers:
    • Completely filled out and signed application form
    • Clear copy of one valid ID (photo-bearing government issued) of borrower/spouse/co-borrower/ signatories of the loan
    • Any ONE of the following income documents:
      • Latest Certificate of Employment and Compensation | Sample
      • Latest Income Tax Return
      • Latest 3 months Payslips
      • Latest 3 months Bank Statements
    • Note: to credit commission income, kindly submit latest 6 months payslips
    • Mortgage Redemption Insurance (MRI) Application Form
    • Relevant collateral documents (Section E)
  2. For Self-Employed Borrowers:
    • Completely filled out and signed application form
    • Clear copy of one valid ID (photo-bearing government issued) of borrower/spouse/co-borrower/ signatories of the loan
    • Income Tax Return (1701 for sole proprietary owner; or 1702 for Corporation)
    • Any ONE of the following income documents:
      • Audited Financial Statements (Latest 1 year)
      • Bank statements (Latest 3 months)
      • Lease/Rental Contracts
    • Note: For licensed Real Estate brokers and licensed Insurance brokers, kindly submit latest 12 months proof of income to credit commission-based income
    • Mortgage Redemption Insurance (MRI) Application Form
    • Relevant collateral documents (section E)
  3. For Corporate Borrowers:
    • Completely filled out and signed application form
    • Company profile: background, owners, key officers
    • SEC Registration and General Information Sheet
    • Bank Statements (latest 3 months)
    • Income Tax Return (1702 for Corporation) with Audited Financial Statements for the past 3 years
    • Suppliers contact info (with average monthly transactions)
    • Customer’s contact info (with average monthly transactions)
    • Authorization letter (for bank, business and trade checkings)
    • Mortgage Redemption Insurance (MRI) Application Form
    • Relevant collateral documents (Section E)
  4. For OFW Borrowers:
    • Completely filled out and signed application form
    • Clear copy of one valid ID (photo-bearing government issued) of borrower/spouse/co-borrower/ signatories of the loan
    • Any ONE of the following income documents:
      • Certificate of Employment with compensation (issued within the last 6 months)
      • Latest Crew Contract (for seafarer/seaman)
      • Latest Employment Contract (for land-based OFWs)
      • Allotment Slip
      • Latest 3 months payslip; OR bank statement for past 3 months
    • Note: For OFWs hired directly abroad, any TWO income documents are required
    • Consularized Special Power of Attorney is needed if with attorney in fact
    • Mortgage Redemption Insurance (MRI) Application Form
    • Relevant collateral documents (Section E)
  5. Collateral Document Requirements
    • Copy of collateral title (TCT/CTC) | Sample
    • Copy of Tax Declaration on land and/or improvement | Sample:Land Condo
    • Signed Authority to Inspect and Verify (bank form)
    • Appraisal Fee paid to SBC: OR Number ______________________________
  6. Acquisition from Accredited Developer
    • Contract to Sell; or Reservation Agreement | Sample
  7. Home Construction or Renovation:
    • Bill of Materials and Estimates of Construction and Labor Cost | Sample
    • Floor and Building Plan and Building Specifications | Sample

What are the loan terms available?

  • Minimum of 1 year
  • Maximum of 25 years for house & lot
  • Maximum of 20 years for townhouse or duplex
  • Maximum of 15 years for residential vacant lot, or condominium unit

What are the types of housing loan I can avail from the Bank?

  • Acquisition of residential house and lot, townhouse, duplex, condominium unit, or residential vacant lot House Construction
  • Refinancing/Take-out of existing housing loan from another bank
  • Reimbursement of acquisition or construction cost
  • Home Equity Loan

How can I pay for my loan?

  • Auto Debit Arrangement (ADA) – payment will be automatically deducted from your Security Bank account

How can I pay thru ADA?

  • Open an account in any Security Bank branch
  • Enroll the account as your settlement account for your housing loan upon loan booking

How are my payments/amortizations collected?

  • Equal monthly amortization of principal and interest to be collected 1 month after loan release
  • Subsequent amortization due dates shall follow the date of the first amortization

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