Whether it’s meeting short-term financial obligations like paying bills or accessing extra resources during emergencies and unexpected expenses, cash reigns supreme as the most liquid asset for Filipinos.
This also holds true for home improvements and repairs motivated by a variety of factors, such as the need to make the house more aesthetically beautiful and useful, a requirement to address safety concerns, or the desire to increase the house’s worth.
Home renovation project spending climbed from $328 billion in 2019 to $472 billion in 2022, with an expected 2023 spending of $485 billion, according to the Joint Center for Housing Centers of Harvard University (JCHS).
The equity or worth of their homes may sometimes be used by homeowners to finance their plans, which is preferable than saving money for a significant redesign or restoration. Because they are backed by your house, home equity loans often offer lower interest rates than other loan kinds.
Your house’s equity determines how much you may borrow through a home equity loan. With M Lhuillier’s Home Loan, you can borrow up to 60% of the Appraised Value (AV) for your house and lot or commercial property.
Beyond home renovation, this cash solution can also be used in starting a new business or investing in an existing one, paying off high-interest debts like credit card balances or personal loans, and even be utilized to finance college tuition fees.
To apply for an M Lhuillier Home Loan, you must secure the following: Proof of income, Tax Declaration for Land & Building, the Original Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT), the Original Tax Clearance, the Sketch Plan, a Certified True Copy of the Title, and an endorsed insurance policy in favor to M Lhuillier.
Payments are also made more convenient through M Lhuillier’s official mobile application, the ML Wallet, or over-the-counter at any of M Lhuillier’s over 3000 branches nationwide.