Home Equity Loan
Make the most out of your home’s value – loan up to P10,000,000!
Check out our new rates starting at 8.00% fixed for 1 year!
Overview
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 | 8.00% | 8.25% | 8.75% |
At a Glance
Take a look at what we can offer:
| Loanable Amount |
|
| Payment Terms |
|
| Approval Time | 5 banking days |
| Minimum Loan Amount | P1,000,000 |
| Maximum Loan Amount | Php 10,000,000 |
*Shop houses and non residential properties (commercial, office condominiums) are not acceptable collateral for home equity loans.
Eligibility and Requirements
Eligibility
- At least 21 years old, but not more than 65 years old upon loan maturity
- Earning a combined monthly income of P50,000
- Has been continuously employed for at least 2 years
- For the self-employed, must be operating a legitimate and profitable business for the last 3 years
Note: Additional documents may be required to process the loan.
Ready to apply for a home equity loan?
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 | |
|---|---|---|---|
| Regular Home Loan | 7.00% | 7.25% | 7.75% |
| Home Equity Loan | 8.00% | 8.25% | 8.75% |
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 your new home with just 8 simple steps!
- 1. Apply through:
- Accredited Developers
- Online
- Download Home Loan Application Form together with the requirements and submit at a branch near you.
- 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)
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
Acquisition from Accredited Developer
- Contract to Sell; or Reservation Agreement | Sample
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 through Auto Debit Arrangement (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