Paying the Appraisal Fee of Security Bank Housing Loan

Last month I wrote about my experience on how an OFW can apply for Security Bank Housing Loan.

Whether you plan to avail of the service of Security Bank or other banks, I’m sure you’ll pick up some tips that you can also apply in buying a house.

I can tell you now that it is such a relief to make the first official steps towards my dream house, although I am here in Canada scanning and sending the requirements.

This journey felt like a project, my siblings and I are harmoniously (what a miracle) working together with. No matter our distance is, I can feel the pressure my siblings experienced when they submitted the application.

I couldn’t be more prouder with my almost adult siblings. I’m in cloud 9. Eating cloud 9. Then there were the sound of crickets. Silence. Crickets.

I’m anxious to know the outcome. Here goes the 5-day waiting game. (The processing time based on the website.)

Without a Notice

So much of my energy is spent trying to avoid sending messages to my siblings if the staff of Security Bank called already. But I did ask once (per day).

We were waiting to pay the appraisal fee of Security Bank. An appraisal is a way of assessing the value of something. In this case, the bank will assess the value of the house for sale.

The loan for a second home/investment use is equal to 70% of appraised value.

For other types of property, 80% is the appraised value. Although we want buy an occupied house, we are hoping to get 80% loan of the appraised value.

The staff of the bank will visit the house on the chosen date found on the application form. It is the time to meet the home owner and the prospect: house and lot.

In less than a week of waiting (NO call from the bank), my equally anxious sibling went to follow up the application.

Luckily, my brothers was armed with cash just in time for paying the (PHP 3,500) appraisal fee of Security Bank Housing Loan.

Well he could have done it sooner if the staff of Security Bank call him. Not even an email to the attorney in fact or the borrower.

Moral of the story: keep in touch with the staff but respect the supposed processing time of the application. Ask and not demand.

Other than the appraisal fee, no other requirements were submitted so my brother went home without cash and a lot of stories. And definitely less baggage of anxiety for all of us.

Pick Up the Phone

My phone serves as my watch and alarm clock and anything in between (GPS, calculator, etc).

I woke up reading the message of sibling asking if I received an email. Nada. Zilch.

No message on the inbox and spam folder (don’t forget to check this). Not even a text message.

So what’s the commotion all about?

The bank staff called at home to ask the attorney in fact some information:

• What is your job?
• What is your relation to the borrower?

My brother wasn’t able to talk to the staff the first time but that same day he were able to give the important details of our lives. (It’s high time we put our best foot forward to qualify for the loan.)

What’s Next

We are still waiting when will the bank visit the house and give the verdict if the application for the Security Bank Housing Loan is approved.

We are about to find out this week but I might post the outcome next week. So keep on following our family’s journey/project.

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