How to cancel HDFC home loan insurance?

Due to the increasing prices of properties, home loan insurance has become very popular in today’s world. We all know how unpredictable life is and this is why I recommend everyone to secure their future along with the future of their family members with the help of home loan insurance. Let me tell you about the HDFC Home Loan Insurance: It is easy to pay your EMIs when you have a regular income. If you are the breadwinner or primary earner, your salary helps your family survive. Without it, they might default on the loan and the lender could repossess the house. So not only will your family have to deal with the financial stress, but they could also lose the house. Keeping this in mind, securing your housing loan with a term plan makes sense. HDFC Life Home Loan Protection Plan provides several protection plans like the Click 2 Protect Plus plan that is a term against the many uncertainties in life. This will allow you to offer for your family either through regular income options or lump sums. How to Cancel HDFC Home Loan Insurance In case you feel like the HDFC Life Home Loan Protection Plan does not suit your requirements, you can cancel it by visiting the nearest HDFC branch. You can also call on their customer care number or send them an email. HDFC Customer Care Page You can also ask them about the Free Look period. It is a period from the date of receipt of the new policy document to review the terms and conditions of the policy. If you have any objections to any of the terms and conditions, then you can cancel the policy specifying the reason for cancellation. Additionally, if you also want to check your eligibility for a home loan, you can do it with one click here via NoBroker, [widget_homeLoan_checkEligibility_form] You can check out the best deals on home loans by availing NoBroker Home Loan Services Read more: How to apply for home loan in HDFC? How to check home loan balance in HDFC? How to prepay HDFC home loan? How to check principal outstanding in HDFC home loan? I hope now you know about HDFC home loan insurance.

You can go for HDFC home loan insurance cancellation offline. I am not aware of any online (like net banking) process, and no bank official also informed me about it when I went to them for cancellation. There are, however, a few ways to cancel it, so let me share them here.

How can one cancel HDFC home loan insurance?

Here are the ways to cancel HDFC home loan insurance:

• Call on HDFC’s 24x7 Toll-free number - 1800 210 0018 

• Reach out to their customer service desk at

  care@hdfcergo.com

  .

I will suggest you visit your bank and fill out a form to cancel it. That is what I did, and it is super easy. You will just need to 

• Provide your bank details

• State the reason and get it done

• Pay the fee as asked for, if any 

So this is how the HDFC home loan insurance cancellation is done.

Get your home loan approved with minimal documentation through NoBroker

Read More:

How to convert personal loan to home loan in HDFC? How to get top up home loan in HDFC? What are HDFC Bank Home Loan Reviews?

Hey Pal,

Before delving into

how to close HDFC home loan, I would like to share one of the most important facts about the Home loan insurance.

Your salary enables your family to survive if you are the primary provider. Without it, they might stop making loan payments, which would allow the lender to seize the home. Your family might even lose their home, so they wouldn't just have to deal with the financial strain. With this in mind, it becomes sensible to use a term plan to secure your home loan.

Calculate your EMI on a home loan with the help of the NoBroker EMI calculator. With NoBroker's house loan services, you may get a stress-free home loan disbursement.

If you are pondering about the

HDFC loan cancellation online, then I would like to say that I do not think that the cancellation process can be done online. 

A term against life's many uncertainties, the Click 2 Protect Plus plan is one of the protection plans offered by the HDFC Life Home Loan Protection Plan.

You must revoke your loan application by writing to the bank where you submitted it. The processing charge, which ranges from 0.25 to 1 percent of the house loan amount and is capped at Rs. 25000, may not be returned if you cancel the loan after it has been approved.

The Bank has exclusive discretion over whether to accept a request for a loan cancellation. Processing fees and any additional fees assessed at the time of sanction or disbursement are not refundable.

You can download the application for closing the loan in HDFC bank through the below-mentioned link;

Click here for the application to cancel loan

.

I would like to conclude here about

how to close HDFC home loan.

I hope this helps:)

Read More:

HDFC Home Loan Disbursement Process Online? What is the HDFC Home Loan Customer Care Email ID?

I have taken home loan insurance as I was going through some financial crisis. But then I managed to cover my expenses and decided to cancel the insurance. Home loan insurance ensures that your loan is paid back even if you are not there. Let’s see how to cancel the home insurance HDFC.

Choose NoBroker home loans for a smooth and transparent onboarding facility.

Guide to cancel HDFC loan insurance:

Sanjana explained very well why you need home loan insurance. But still, you can cancel it if you want to. You just have to send a written letter to the insurance company. If such a letter is received, the policy will be discontinued. The insurance company will repay the amount on a pro-rata basis if no claim has been filed under the policy. If you have responded dishonestly or fraudulently under or in reference to the policy, the insurance company may cancel the policy with 30 days' notice. They will send an acceptance letter to the registered address without refunding the premium.

I had gone to the following official page of HDFC and cancelled the policy by contacting them. They walked me through the entire process.

Contact Page HDFC

Things to keep in mind while cancelling the policy:

• If you believe that your home loan insurance is no longer needed, you can cancel it. If you take out a home loan and the lender attaches a loan guard policy, you can cancel it even after the loan is disbursed. 

• When you receive the policy bond, you must terminate the insurance within 15 days. You can call the insurance company's toll-free line or branch number and tell them to cancel the policy. 

• They will try to convince you to keep the coverage, but you can refuse. However, if you request a cancellation after the 15 day period, your policy may or may not approve it.

• If you pay for the policy yourself, the money will be refunded to your bank account after 15 days. 

• If you pay for it with a bank or credit card, the money will be removed from the loan amount. It will include the insurance premium.

Now you can easily cancel the home insurance HDFC with this procedure.

Purchase your dream home after taking a home loan from NoBroker here. Read More: How to transfer HDFC home loan to SBI? How to pay HDFC home loan EMI online? How to increase EMI of HDFC home loan?