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Insurance on Home Loan

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Insurance on Home Loan

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  1. Insurance on Home Loan

  2. What is Home loan insurance ? • Insurance on home loan requires a lengthy commitment. Loan terms for homes can be as long as 25 to 30 years. We are all aware that there are no guarantee cards in life. Imagine a scenario where the person who makes the monthly or quarterly EMI payments passes away due to unforeseen circumstances. • Therefore, the dependent family members are responsible for repaying the loan. The house or the collateral could be taken in the event that the loan is not returned and the installments are not made on time.

  3. How do you avail of Home Loan Insurance? • Typically, house loan insurance can be obtained at the time of loan application. It is offered by the lending company from which you are applying for the loan and is frequently included in house loans. Although purchasing home loan insurance is recommended, it is important to be aware that this practice should not always be followed. • There are no insurance requirements that require loans and insurance together. So, instead of accepting the insurance plan that is being provided to you, conduct your research and choose one that best matches your needs.

  4. Thank You

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