Home loan insurance is not mandatory but it is important, know how it comes in handy in difficult times.

[{"selector":"#anim-259c7ec8-2ff5-4f48-b3bc-055a508b1243 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-20a759f5-43f6-447f-88cc-26de3aa21f35","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Home loan insurance is a protection plan for your loan. When you go for a home loan, every bank offers you home loan insurance

[{"selector":"#anim-8ac744c0-ebc7-4b83-a8ba-f448eb0e121a [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-50577300-eeff-44fa-8c09-de66ed28ad2f","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] If the borrower dies, the remaining installment is deposited through this insurance and your house remains safe

[{"selector":"#anim-fe01126a-8996-4192-92ee-9fcdcf2a20f0 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-20.608108199360224%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-9cea6ca2-02bd-4cc7-9809-eebe0b1dfdf8","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] With this, there is no worry of loan default because this responsibility goes on the insurance company. In such a situation, the home loan granting bank cannot assert its rights over that hous

[{"selector":"#anim-853733d8-8e3d-4d80-9dca-cd44decd22b8 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(7.7898550909601525%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-62208475-9689-4237-8055-cb0e4f69a51c","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Be it the Reserve Bank of India or the insurance regulator IRDAI, there is no guideline mandating the purchase of home loan insurance. But this is necessary to keep the family safe

[{"selector":"#anim-7f658295-f50c-4eb6-90ba-2da2131fe270 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-8.591731291610813%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-f9db0c61-928b-4048-b1b2-cf510a372b36","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] This is the reason why many banks or finance providers have started telling the amount of such insurance to the customers only after adding it to the loan

[{"selector":"#anim-cd85fbd5-1726-4dec-90bf-ac1e88fb9345 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(13.888888939455228%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-560658fa-028d-4a65-b6f0-facc8a711067","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] The premium for home loan insurance is 2 to 3 percent of the total loan amount. If you want, you can deposit the insurance money in lump sum while taking a home loan, or you can also make EMI of the insurance money

[{"selector":"#anim-d5373fb1-c215-4677-941e-c1f06c3feeb7 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-f2ca248d-cd1a-416b-8802-933984d9ae02","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] In such a situation, just as your home loan EMI is deducted, in the same way the monthly installment of your home loan insurance will also be deducted

[{"selector":"#anim-db9cc974-9661-4b5b-aefe-2dae4bbc3456 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-29.412499874400023%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-40165c8f-dd52-4168-876c-2d591971f457","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] if you shift the home loan to someone else's name or close it prematurely, then the insurance cover gets terminated.

[{"selector":"#anim-a2483ec9-eccb-4576-b623-b710d6ddca44 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(5.400000048916432%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-a50ea936-1b88-4484-8ded-e8966865b637","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Apart from this, cases of natural death or suicide also do not come under the purview of Home Loan Protection Plan

Self-employed लोगों को कैसे मिलता है Home Loan, इन 5 तरीकों से चेक की जाती है उनकी Eligibility

[{"selector":"#anim-c95b23b9-7b19-43da-8c14-4b84c376ffe1 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-2cc45439-1541-4e67-ad84-382bb80137b9","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]