Why You Should Get An MRI25 September 2020
Written by: Jannel Ventura
Nope, not an MRI scan, unless you are unwell and your physician has advised you take the medical procedure, of course. This article is about a totally different MRI, but one that you should definitely get to secure your home loans.
Though it must be said that both MRIs are essential for our peace of mind!
What is Mortgage Redemption Insurance or MRI?
According to Zipmatch.com, “MRI is defined as a decreasing-term life insurance policy taken by a mortgagor to repay the balance on a mortgage if the person dies before its full repayment.” Simply put, a Mortgage Redemption Insurance or MRI is designed to pay off the homebuyer’s outstanding housing loan balance in case of his or her death, or total disability.
The main beneficiary of an MRI is the bank or Pag-IBIG Fund, or whichever financing institution the homebuyer has chosen for his or her home loan. But just the same, it also protects and benefits the homebuyer’s surviving family members such that they will not be left with the burden of paying the remaining loan amount.
How do I get an MRI for my Lumina home?
A Lumina Homes buyer only needs to get an MRI if he or she will take a home loan. If he or she will pay for the property in full or through ‘deferred financing,’ an MRI is not necessary because in both instances, there is no loan to cover.
Getting an MRI for your Lumina home is conveniently part of the home loan application process. This means that you do not need to apply for an MRI separately because it is now required to be part of the loan agreement. This is discussed in detail during the reservation process by your Lumina Admin and Marketing Officer, and further explained after you have completed paying your downpayment with Lumina. It is only after completing the downpayment that the home loan application will commence.
Once your home loan is released, you will then start paying your amortization to your chosen financing institution. For Pag-IBIG Fund, the MRI is paid monthly as part of the computation of your amortization payment. For bank, it is paid in lump sum annually.
Should I get an MRI now?
Definitely, yes! You should ensure that your property has an MRI, especially if you are the main provider or breadwinner.
Failure to secure an MRI is one of the many reasons why there are many foreclosed properties in the Philippines. The family members who are left to pay for the housing loan balance sometimes does not have the capacity to continue the payment.
Do not think of it as shelling out extra money, albeit understandable, but as a security feature. Just like how you bought a Lumina home for its safety and security features – part of Lumina Homes community features include a guarded entrance with CCTV camera, roving security and perimeter fence – you are getting an MRI for you and your family’s peace of mind.
With MRI in place, you can be sure that the perfect home you have worked hard for to give to your family will forever remain with them.
For more information on Lumina Homes, contact (0917) 629 6523.
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