Home loan insurance is a plan or scheme where the insurer settles the pending home loan amount with the lender in case of an unforeseen situation. A few of my friends have already availed of it, so I asked them how much is home loan insurance. At least I can be sure that I have a backup plan to cover my debt if I ever fail to pay it. So let me share here how much is insurance on a home loan.
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What is the cost of home loan insurance?Different banks or lenders may offer different schemes or home loan insurance, so you should inquire with the lender. On average, it will cost around Rs. 50,000. It is hard to tell how much is insurance charges for SBI home loan exactly as it depends on several factors like
Whether you are male/female
Your age
Area of your house and more
Before buying a home loan you should remember several things like-
You can buy home loan insurance either from a life insurance company or from a general insurance company
Home loan insurance offered by general insurance companies needs to be renewed every year
Home loan insurance availed from a life insurance company provides coverage for a longer period at a higher premium
If you transfer a home loan, make sure the new lender has home loan insurance policy that goes in line with yours
So ask the lender how much is home loan insurance first and then proceed.
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Authors Of The Question
How much is Home Loan Insurance?
Ruma
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1 Answers
1 Year
2023-02-28T15:06:58+00:00 2023-02-28T15:24:22+00:00Comment
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