WebClick Tracer

March 01, 2024

Security Bank assists Filipino homebuyers via new financing scheme

Security Bank Corp. headed by bankero Sanjiv Vohra has launched its newest financing scheme for aspiring home buyers called “All-In Home Loan Financing,” allowing Filipinos to avail of a home loan without the need to pay up-front fees.

Through the new financing program, those who are looking to purchase their dream homes can avail of a Security Bank Home Loan without worrying about paying upfront fees such as documentary stamp taxes, mortgage registration fees, notarial fees, and mortgage redemption insurance that can cost up to three percent of the loan amount.

As Filipinos continue to bounce back from the pandemic, Security Bank retail banking segment head Maki Tingson said that the bank wants to be able to support them with their evolving needs.

“With our All-In Financing feature, clients will be able to move into their new homes worry free, with the fees and charges already factored into the monthly amortization of their loan,” Tingson said.

Filipinos looking to buy a house or do home renovations can finance up to 80 percent of the appraised value of the property and avail of payment terms of up to 20 years with approval times going as fast as five days.

Apart from renovations, a home loan can also be used to refinance or take-out a loan against a property.

“One reason why Filipinos find it hard to purchase their homes is because of the up-front fees they need to pay before the funds are released. Through this new financing scheme, we remain committed to a key pillar of our mission to enrich lives by helping Filipinos achieve their goal of owning their own homes,” Tingson added.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

Read More ...