Last Updated on July 1, 2024 by admin
This article will explain how to get Security bank Home and Car loan with easy without stress. because buying a car or a house has never been easier.Filipino citizens who are residents of the Philippines; or Foreign citizens residing in the Philippines, provided, accompanied with a positive endorsement from the company he is affiliated with & a qualified Filipino citizen guarantor or co-maker in place, or can apply and qualify for car and housing loan .
To Apply for a car and house loan that suits your lifestyle with flexible payment terms and fast approval, you must have a Minimum joint monthly gross income with spouse of PHP40,000 (brand new) or PHP20,000 (2nd hand/used car) you need to be Employed for at least 2 years or officer position on a permanent / regular basis.
The security bank offers Brand new car up to 80% of purchase price and Second hand up to 70% of appraised value . the repayment for Brand new car is from 12 to 60 months while Second hand car is from 12 to 48 months.
Home Loan
The security bank Home loan offers a one stop solution to a home buyer either to Buy, Build, Renovate, and Refinance—approval time is within 10 banking days* up to 20 years payment terms The new rates starting at 6.25% fixed for 1 to 3 years!
Home loans help customers with a lump-sum advance of funds towards buying your desired property, this amount will be repayable with interest which easy be spread over period of years The Loan Amount Up to 80% of appraised value,Minimum Loan Amount is PHP 1,000,000
Read: How to apply for Security bank Philippines Salary advance loan and requirements
Home Loan Rates
Regular Home Loan 6.25%- 7.75%
Home Equity Loan 7.25%- 8.75% you can borrow up to P10,000,000 with Home Equity Loan.
Required Documents for Home Loan
1.Home Loan Online Application Form
2.List of Required Documents
3.Special Power of Attorney (SPA)
4.Authorization Letter Template for Property Collateral Verification and Tax Mapping
Eligibility for security bank Home loan
1. At least 21 years old, but not more than 65 years old upon loan maturity
2. Earning a combined monthly income of P50,000
3. Has been continuously employed for at least 2 years
4. For the self-employed, must be operating a legitimate and profitable business for the last 3 years
You can also read: How to apply for Security bank Philippines salary loan and requirements
How to Apply for security bank Home loan
To apply for security bank Home loan and Start living in your new home with just 8 simple steps!
Apply through:
. Accredited Developers
. Online
. Download Home Loan Application Form together with the requirements and submit at a branch near you.
3. Receive SMS on Application Status
4. Confirm Approval Details via email
5. Sign loan documents
6. Open a Security Bank account
7. Pay bank charges
8. Submit documents for loan release
Move in to your new home
Security bank Car Loan
The security bank car loan is a consumer credit scheme which allows qualified individuals to part-finance acquisition of cars for personal use.The loan amount for Brand new is up to 80% of purchase price while Second hand is up to 70% of appraised value which should not be more than 11 years old car
Car loans are among the most popular forms of borrowing in the Philippines for good reason: The population’s spending power has improved over the years and almost everyone wants to experience the convenience of private transportation.
While conventional wisdom may suggest that paying for a vehicle on a cash basis saves you a lot of money, taking out a car loan offers a few distinct advantages of its own, specifically.
The loan tenor range from 12 to 60 months for Brand New while Second hand goes for 12 to 48 months….However, down Payment is as low as 20% of purchase price for New car while used card is 30%.
What can you do with security bank Car loan?
1.Purchase of a brand new or second hand car for personal use
2.Reimbursement of a brand new vehicle
3.Refinancing of a second hand car/loan take-out
4. Purchase of a brand new car for business use such as:
. Car Rental Services
. Transport Services (e.g. Taxi, Grab, UV Express, School Service, Company Use / Employee Service)
. Cargo (e.g. Trucks)
Also read: Union Bank Philippines Salary Loans, Auto and House loan: How to apply and Requirements
Brand New Auto Loan Rates
The terms Standard , interest rate and months is stated below.
12 Months 6.77%- 6.02%
18 months 9.74% – 8.93%
24 months 14.38%- 13.48%
36 Months 21.51%- 20.50%
48 Months 29.04%- 27.92%
60 Months 37.63% – 36.38%
Documentary Requirements
1. Duly accomplished and signed Auto Loan Application Form
2.Valid Government-issued ID (with signature and photo) of borrower/spouse/co-borrower/co-maker/signatories ofthe loan
3.Latest Proof of Billing under borrower’s name
For further required document and criteria’ s kindly check their online portal
Required documents for security bank car loan
Application Forms: Auto Loan Application Individual and Sole Proprietor
A. BASIC REQUIREMENTS:
Duly accomplished and signed Auto Loan Application Form
Valid Government-issued ID (with signature and photo) of borrower/spouse/co-borrower/co-maker/signatories ofthe loan
Latest Proof of Billing under borrower’s name
B. REQUIREMENTS FOR LOCALLY EMPLOYED:
Latest Income Tax Return (ITR) / BIR Form 2316 (duly stamped by BIR), Or Pay Slips for at least 3 months
Latest Certificate of Employment with Compensation
C. REQUIREMENTS FOR EMPLOYED ABROAD:
Latest Crew Contract (for seafarer/seaman); Latest Employment Contract duly authenticated by Phil. Consulate (for OFWs)
Proof of Remittance (allotment slips) for at least 3 months
D. REQUIREMENTS FOR SELF-EMPLOYED/WITH BUSINESS:
Latest Income Tax Return (ITR) / BIR Form 2316 (duly stamped by BIR)
Latest Audited Financial Statements/Statement of Assets and Liabilities/Statement of Income and Expenses
Certificate of Business Registration with DTI (sole proprietorship) or SEC (partnership/corporation)
Bank Statements or photocopy of Passbook for the last 3 months
Proof of Other Income (Certificate of Deposits, Stock/Bond Certificates, Lease Contracts, etc.)
E. ADDITIONAL REQUIREMENTS IF COLLATERAL IS USED/SECOND HAND/IMPORTED VEHICLE:
Copy of LTO OR/CR under the name of the seller/applicant
Deed of Sale
PNP Clearance and Macro Etching Certificate
Bill of lading and importation papers, including proof of payment on custom and duty taxes (for imported units only)
what is the Eligibility for security bank car loan?
A. FOR INDIVIDUALS
Filipino citizens who are residents of the Philippines; or Foreign citizens residing in the Philippines, provided, accompanied with a positive endorsement from the company he is affiliated with & a qualified Filipino citizen guarantor or co-maker in place, or
Filipino citizens who are residing outside the borders of Philippines, provided with qualified Filipino citizen guarantor or co-maker in place.
Age must be 21 years old but not more than 65 years upon final maturity of the loan.
Minimum joint monthly gross income with spouse of PHP40,000 (brand new) or PHP20,000 (2nd hand/used car)
Employed for at least 2 years or officer position on a permanent / regular basis.
B. FOR PARTNERSHIPS AND CORPORATIONS
Must be duly registered to operate as a legal entity in the Philippines.
The business must be in operation for at least three (3) years.
C. FOR START-UP BUSINESSES
Start-ups or businesses operating for less than 3 years, co-makers / sureties are required.
Must have strong business prospects/potentials based on evaluation.
How to Apply car loan
To apply for security bank car loan follow the steps below
1. Scan or take pictures of your ID and proof of income.
2. Apply online or at your nearest branch.
3. Wait for processing and approval (as fast as 1 banking day!)
