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Home upgrades are essential for young couples and those with a growing family who want to live comfortably. Whether it’s an update in appliances, a change in furniture, or renovations, residents enjoy the fruits of their labor when they improve their homes.
Such improvements are not without cost. This is where obtaining a home loan comes into play.
For numerous reasons, a home loan is essential for a growing family in the Philippines. A house loan can assist a growing family in obtaining a pleasant and large living area that meets their needs and preferences. In some cases, a house loan can assist people reach their personal and financial goals.
In the Philippines, a home loan practice is the process of applying for and receiving a loan from a bank or financial institution to buy, build, renovate, or refinance a residential property. They can use their home as collateral for other loans or investments, giving them financial flexibility and leverage.
To give you an idea, a house loan borrower must provide several documents to confirm their identity, income, credit history, and property information. Following that, the lender will assess the borrower’s eligibility, loan amount, interest rate, loan period, and monthly amortization. In addition, the borrower must pay fees and charges to the lender and other parties involved in the loan transaction. To secure the loan, the borrower will sign a contract and a promissory note. The lender will subsequently make the loan money available to the borrower or sale of the property.
It’s simpler stated than done. And for some of our kababayans who are still unbanked, applying for a loan is challenging. According to the Bangko Sentral ng Pilipinas (BSP), close to 44 to 50% of Filipino adults, or 34.3 to 36 million remain unbanked as of 2022. That means that many Filipinos may still find it difficult to apply for any form of loan if they lack the necessary documentation and resources. There are lenders who frequently request bank statements and work certifications in order to ensure that the borrowers will repay the loan.
M Lhuillier Financial Services, the Philippines’ largest non-bank financial services network with over 3,000 outlets nationwide, provides home loans to locally employed, OFWs, self-employed individuals, and pensioners for the amount to be borrowed. They do not need to go to a bank; instead, they must visit any ML branch countrywide with the necessary requirements and a fully authorized application form before the funds are disbursed through the ML branch.
The loan has a maximum term of 60 months and an annual interest rate of 24%, which may be conveniently paid through ML Wallet.
To ensure that your application goes smoothly, the borrower must provide a Tax Declaration for Land and Building, Original Tax Clearance, Transfer Certificate of Title (TCT), Condominium Certificate of Title (CCT), Certified True Copy of Title, and a Sketch Plan.
If you ever think of applying for a home loan, visit any M Lhuillier branches to reach your dreams and financial flexibility for your family. Sa M Lhuillier, “Lahat Puwede!”
Visit mlhuillier.com/home-loan/ to know more.
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