Security Bank’s 6 for 5 Home Loan Promo Extended To June 15, 2017

Terms and Conditions

6 for 5 – HOME LOAN PROMO 2017

1. The “6 for 5 – 2017 Home Loan Promo” (Promo) will run from February 10, 2017 to June 15, 2017 (“Promo Period”).
2. The Promo is open to all new and existing clients of Security Bank Corporation (the “Client/s”), who will apply for a Home Loan or a Home Equity Loan from February 10, 2017 and who will subsequently be approved and will avail of the Home Loan proceeds on or before September 29, 2017 (“Availment Period”).
3. To qualify for the promo, the client must submit a complete Home Loan application within the promo period.
4. For an application to be considered complete, the following must be submitted to and confirmed to be complete and in order by Security Bank:

•Duly accomplished SBC Home Loan application form.

•Applicable document requirements listed in the loan application form.

5. The Promo is open to clients with an availed loan of at least PHP1, 000,000 and a minimum loan term of at least 5 years.
6. The promo is applicable for the following loan purposes: Acquisition of Residential House & Lot, Townhouse / Duplex, Condominium Unit or Vacant Lot, Refinancing / Take-out of existing housing loan and Reimbursement of acquisition or construction cost. Promo is not valid for construction and renovation loan.
7. Qualified home loan borrowers availing of the Bank Home Loan or Home Equity Loan shall enjoy the following upon loan booking:

a. Lower Rate as per table below:

b. Waiver of Mortgage Fees up to PHP50,000:

   a. The waived mortgage fees shall be cumulative and inclusive of the following

•Appraisal Fees*

•Documentary Stamp Tax on REM and PN

•Mortgage Registration Fees

•Notarial Fees on REM and PN

•Processing Fee

•Cancellation Fee

* Appraisal fees shall be first paid by the Client and will be reimbursed only upon availment of the loan. Mortgage Redemption Insurance (MRI) and Fire insurance premiums are not included in the waived fee offer.

8. The Low Rate Offer shall apply for the 1, 3 and 5 year fixing tenor only. For other term fixings, published board rates shall apply. No other rate discount shall apply for the 1, 3 and 5 year fixing tenor, if Client avails of the Low Rate Offer.
9. The waived fees offer is valid only if the client avails of the 1, 3 and 5 year fixing tenor only.
10. Only the Regular Amortization payment option is allowed for accounts under the promo. The Fantastic Elastic payment option is not included or allowed under the promo.
11. The loan will not be pre-paid or pre-terminated for at least five (5) years from date of availment (i.e. no partial or full principal payment shall be made within the first 5 years lock-in period.) In case of pre-payments, the Client shall reimburse the Bank for the pro-rated* amount of the fees waived and shall also be subject to a break-funding fee and the applicable pre-payment processing fees.
12. The promo cannot be availed in conjunction with any other home loan promo, or rate discount unless otherwise specified in the promo mechanics.
13. In the event any of the promo conditions are not complied with, customer will no longer be qualified for the Promo Rate Offer.
14. All Home Loan and Home Equity Loan applications submitted during the program period shall undergo the standard evaluation and approval process of the Bank.
15. The offer is non-transferable, non-convertible to cash, cannot be exchanged for other promo items and cannot be availed in conjunction with other home loan promotions or rate discounts other than what is indicated in item no. 7.
16. The terms and conditions are subject to any relevant law, government direction and regulation. The promotion will be void where prohibited or restricted by law.
17. In case of dispute, the decision of the Bank, with the concurrence of DTI, shall be deemed final.

* Client has to reimburse the Bank the full amount of the waived fees if pre-payment or pre-termination of the loan is done on year 1 to 3 of the lock in period and the pro-rated amount on year 4 to 5.

Per DTI-FTEB Permit Number 1544, Series of 2017.

Promo period has been extended to June 15, 2017 Per DTI-FTEB Permit No. 1544 Series of 2017

I believe that the proactive thing to do would be to go for fixed interest rates for the longest term possible. This eliminates the risk of being subject to sudden interest rate fluctuations, all throughout the loan term. Sure, the interest rates usually become higher, the longer they are fixed, but at least, you are protected just in case prevailing interest rates shoot up due to economic conditions.