SimplyPay for Home Loan

Conveniently pay your SB Home Loan Bank Fees using your Security Bank Mastercard credit card
Borrower Details
Installment Rates

Account Details
Terms and Conditions

TERMS & CONDITIONS

SIMPLYPAY FOR HOME LOAN FOR SBC MASTERCARD

 

In these Terms and Conditions Governing the SimplyPay for Home Loan Facility ("Terms and Conditions"), the term "Security Bank Card" means all credit cards issued by Security Bank ("Security Bank"). The term “Borrower” is same as "Cardholder" which means any person at whose request one or more Security Bank Cards have been issued.

General:

  1. SimplyPay for Home Loan is a form of payment facility wherein principal cardholders in good credit standing may pay Home Loan Fees using their Security Bank Mastercard credit card, with applicable interest and other fees to be paid by either on straight or installment basis.
  2. The SimplyPay for Home Loan availment shall be subject to the verification and credit approval of Security Bank.
  3. Where Security Bank approves a SimplyPay for Home Loan availment, the total amount shall be subject to these terms and conditions and all applicable terms and conditions under the Terms and Conditions Governing the Issuance and Use of Security Bank Mastercard Credit Card ("Cards Terms and Conditions").
Eligibility Requirements:
  1. The Cardholder must be a principal Security Bank credit cardholder and must be in good credit standing.
  2. The total amount of SimplyPay for Home Loan availed ("Total SimplyPay for Home Loan Amount") should not be less than One Thousand Pesos (P1,000) for regular straight transaction and Three Thousand Pesos (P3,000) for installment transactions.
  3. The cardholder shall be required to provide the following:
Cardholder Details:
  • Borrower’s Name
  • Card Number (First 6 and Last 4)
  • Card Expiry Number
  • Registered Mobile Number
  • Registered E-mail Address
  1. The cardholder shall be limited to a maximum aggregate SimplyPay for Home Loan transactions amount of Php500,000.00 per month
  Other conditions:
  1. Cardholder must ensure that all the provided details are accurate and complete. Security Bank will not be responsible should there be any error or failure of payment being requested from your biller due to incorrect details that may eventually result to your loss and damage.
  2. By availing of this service, the Cardholder hereby agrees that the total SimplyPay for Home Loan availment amount and fees or add-on rates will be debited from their account’s available credit limit.
  3. Security Bank will only allow payment of availed SimplyPay for Home Loan amount, fees, and/or add-on rate via straight or installment basis.
  4. The following are the fees for every SimplyPay for Home Loan transaction:

    Straight: 3%

    Installment: See table below.

    Tenor

    3

    6

    9

    12

    Monthly Add-on Rate

    1.00%

    1.00%

    1.00%

    1.00%

    Factor Rate

    0.343333

    0.176667

    0.121111

    0.093333

  5.  Security Bank has the absolute and exclusive right to approve or reject all SimplyPay for Home Loan availments.
  6. Once a SimplyPay for Home Loan availment is approved, the proceeds of the SimplyPay for Home Loan availments shall be credited to the Payee’s designated bank account
  7. Security Bank is not obliged to inform the Payee and the Payee’s bank that payment to their account has been credited. . Moreover, it is highly recommended that Cardholders should inform their Payee or Biller that a payment has been credit to their account  with necessary details such as Payment Amount, Account Number, Account Name, Date and Time of Payment.
  8. Once the SimplyPay for Home Loan availment with installment as payment term is approved, the full amount of SimplyPay for Home Loan transaction and total add-on fee will be automatically deducted from the cardholder’s available credit limit. The monthly amortizations shall be posted on the Cardholder's monthly statement of account. These shall form part of the total outstanding balance due in the Cardholder's statement of account. If the Cardholder revolves any portion of the total outstanding balance due in any given month, the account shall be subject to the computation of the Finance Charge and Late Payment Charge (if applicable) for that month.
  9. If a portion of the SimplyPay for Home Loan remains unpaid after the chosen repayment period, the corresponding unpaid principal amount shall be charged the prevailing, standard monthly finance charges of the applicable Security Bank Mastercard credit card. Should any portion of the monthly add-on interest due in any given month remains unpaid, the corresponding late payment and finance charges under the SimplyPay for Home Loan plan shall be applicable.
  10. Once approved, the SimplyPay for Home Loan transaction can no longer be cancelled and/or reversed.
  11. Security Bank shall not be liable for the delinquency of the Cardholder's account to their billers, for interest or any penalty charges imposed upon the Cardholder as a result of the rejection by Security Bank of his/her SimplyPay for Home Loan availment.
  12. The add-on rates are determined by Security Bank and may be subject to change in accordance with the prevailing market rates for similar transactions and terms.
  13. By submitting the form and/or application, the Cardholder thereby agrees that he/she is applying for the SimplyPay for Home Loan Facility at regular fees and/or add-on rates.
  14. In the event that a Cardholder ceases to be of good credit standing through any of the following: (i) suspension, (ii) cancellation, or (iii) non-renewal of Security Bank credit card due to non-payment or breach of these terms and conditions, the Terms and Conditions Governing the Issuance and Use of Security Bank Mastercard Credit Card ("Cards Terms and Conditions") and all related provisions of the Security Bank In-house Installment Plan shall be applicable, and all of the unpaid installment terms as well as other account balances shall immediately become due and demandable.

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