Owning a home is a dream for many, and M Lhuillier Financial Services, Inc. understands the significance of turning that dream into reality. With the ML Home Loan, aspiring homeowners can find a reliable partner in their journey toward acquiring or renovating their own piece of paradise. This comprehensive guide will walk you through the guidelines, parameters, terms, and conditions, making the process of availing an M Lhuillier Home Loan clear and accessible.
M Lhuillier Home Loan caters to a diverse range of individuals, including locally employed individuals, Overseas Filipino Workers (OFWs), self-employed entrepreneurs, and pensioners. This inclusivity ensures that a broad spectrum of individuals can benefit from M Lhuillier’s financial services.
Whether you’re planning to renovate your existing home, acquire additional capital for a new venture, or fulfill personal consumption needs, ML Home Loan provides the financial support you need. The flexibility in the purpose of the loan makes it suitable for various real estate and personal finance needs.
The collateral accepted for the ML Home Loan includes the Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT), designed specifically to meet the diverse needs of borrowers.
The loan amount is determined based on the property’s appraised value (AV), with up to 50% of AV for a lot only and 60% of AV for a house and lot, or commercial. The term of the loan extends to a maximum of 60 months, allowing borrowers to manage their repayments effectively.
At present, ML Home Loan has a competitive interest rate of 24% per annum (Principal + Interest). The repayment process is made convenient through ML Wallet, streamlining the payment experience for borrowers. Upon release of the loan, borrowers can expect certain charges and deductions, including a 1% application fee based on the appraised value, a Real Estate Mortgage (REM) fee determined by the Registry of Deeds (ROD), and fire and life insurance-based on the financed amount.
Mode of Disbursement & Collateral Requirements
The disbursement of funds is facilitated through M Lhuillier branches, ensuring a secure and straightforward process. The original TCT or CCT of the property serves as the collateral for the loan transaction.
To initiate the loan application process, clients must provide essential documents such as a Tax Declaration for Land and Building, Original TCT or CCT, Original Tax Clearance, Sketch Plan, and a Certified True Copy of Title. In addition, clients need to endorse the insurance policy in favor of M Lhuillier to secure the loan.
Clients are required to pay an appraisal fee of a minimum of PHP4,500 upon application. In the event of pre-termination, a fee of 3% based on the outstanding balance is applicable, and a penalty charge of 5% is imposed on the outstanding balance.
How to Avail an ML Home Loan?
Availing an M Lhuillier Home Loan is a straightforward process. Interested individuals can visit their nearest M Lhuillier branch (nationwide) with the necessary documents, including the original Transfer Certificate of Title (TCT), Condominium Certificate of Title (CCT), Tax Declaration, Sketch Plan, Tax Clearance, and a filled-up application form. Once this is done, all you need to do is wait for the call to proceed with your loan application.
M Lhuillier ensures that its Home Loan services are accessible to clients across the country. Luzon, National Capital Region (NCR), and Visayas-Mindanao (VisMin) branches accept Home Loan applications, making it a convenient option for a broad range of individuals.
For more information about M Lhuillier’s financial services, be sure to visit their website and social media channels on Facebook, Instagram, X/Twitter, and YouTube.