Home Loan Product Linked with Insurance

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Loans And Credit

We are well aware of home loans india offered by several of the financial institutions or banks at competitive rate of interest and attractive loan schemes. Now, few of the housing finance companies come up with a home loan product, which is financial solution, linked insurance facility. This is a group insurance scheme offered to the eligible home loan borrowers who:

— Are in the age group of 18 to 60 years

— Are in good health and not suffering from any serious illness or suffering from any physical disability or impairment

Under this specific home loan scheme, the sum assured is equal to the outstanding loan amount including interest as well as principal. As per the original repayment schedule, minimum sum assured can be around Rs. 1 Lakh and maximum sum assured is around Rs. 1 crore. This facility coupled with your housing finance works as a back-up plan for the repayment of your outstanding loan amount. It also offers risk cover and benefits if the borrower dies due to any cause.

In this way, you don’t have to stay worried about anything as your loan repayment would be done in any case. Your credit score would also not get hurt. This home loan insurance will pay off your ongoing liability even if you have lost your regular source of income due to some certain reasons.

In literal means if you become unable to serve your home loan emi, then your home loan insurance will pay off the ongoing liability from your head. You can relax with your family in your own house without a fear of repossession of your house by bank. Usually, home loan products are offered with this facility, but if the insurance part is missing with your product, you can choose it on your own.

You can consult the bank in this regard to provide such type of facility. You can negotiate on this part as well. You and lender don’t have to stay worried about the loan recovery, if something unfortunate happens to you. Even if you lost the job, then also your insurance can cover you to some extent.

In this way, you can always stay peaceful and your credit score will also remain in the good books of cibil, let alone being defaulter. So, just go on and choose the home loan with linked insurance to keep things hassle free for you in future.

We came up with few best home loans in India that are coupled with flexible loan schemes and offered at competitive

home loan interest rate

. You can compare and find the most suitable offers for you among the numerous options of housing finance

home loan emi

.

Article Source:

ArticleRich.com