Mortgage Redemption Insurance (MRI): Why It’s a Must-Have for Filipino Homebuyers
Buying your dream home in the Philippines is an exciting milestone. Whether you’re purchasing a condo in Makati, a townhouse in Quezon City, or a beachfront home in Cebu, it’s a significant investment—and one that often comes with a long-term financial commitment in the form of a housing loan. When applying for a home loan, you’ll likely encounter a requirement from your bank or lending institution: Mortgage Redemption Insurance, or MRI . If you’re wondering why this is necessary, here’s everything you need to know—plus why it’s more than just another added expense. What is Mortgage Redemption Insurance (MRI)? MRI is a type of life insurance designed specifically for borrowers. If the borrower passes away or becomes totally and permanently disabled before the home loan is fully paid, the MRI will cover the outstanding loan balance. This ensures that your family won’t be burdened with paying off the mortgage—or worse, risk losing the home. It’s not just about protecting the bank (althou...
