Security Bank offers flexible repayment for home loans

MANILA, Philippines - The Security Banking Corp. (Security Bank) is now allowing lenders to choose a flexible method of repaying their home loans via the new Fantastic Elastic payment schemes.

Under this payment option, the client can make overpayments (excess payments) and underpayments on their home loan, with no extra charges.

The bank said that future homeowners will be able to decide on paying less if their budget is a little tight, or if they have extra cash, they can even advance up to 25 percent of their monthly payment of the principal.

There is also an option to skip one month amortization every year. This is on top of the low interest rates that start at 5.25-percent per annum for one year.

Applying for a Security Bank Fantastic Elastic Home Loan is also very convenient.

Customers who are looking to buy new homes, construct and renovate houses, refinance for old mortgages or avail of home equity loans can just go to the Security Bank website.

Clients can browse through the home loan product features on the website such as eligibility, rates, loan types and it also has an online calculator to help them compute how much they can borrow. 

They can choose the loan that suits their needs and complete their application online. The loan can be approved in five days or even less.