Life is unpredictable and you have no control over what can happen next but some people try to make it a little easier to handle the crisis which can occur at any point and get insurance. When it comes to home loan insurance, you must be wondering what is home loan insurance, why is it even popular? Don’t worry I have you covered on that front. Find out information on home loan insurance, how it works and an example of HDFC home loan insurance for your better understanding.
Home loan insurance meaning
Home loan insurance is a cover for unforeseen circumstances in the future. For example if the primary person who has the home loan in name expires and the responsibility of paying EMI and other installments comes on to the family members, it could be a little bit relieving for them. Home loan insurance works in a way that you are covered until the loan repayment time. If the individual responsible for paying the loan expires during the term of repayment, the family can claim home loan insurance to repay the outstanding amount.
How does home loan insurance work?
The home loan insurance is usually available during getting the home loans. An individual can avail this facility and pay the premium. The premium can be clubbed with the loan amount and disbursed. Let's say you took a loan of Rs. 3000000 and the home loan premium is Rs. 150000 then you can get a loan of Rs. 3150000.
There are many schemes and add-ons available, you can get in touch with your lender to understand all the terms and conditions along with their benefits.
HDFC home loan insurance
Let us look at an example here for HDFC home loan insurance plan. The plan is made to cover the outstanding loan amount in case of the death of the life insured. The home loan insurance can be paid in lump sum or in installments. Look at the table below to understand eligibility in home loan insurance plan by the bank:
I hope details on home loan insurance are a bit clear to you now. Get to know home loan amount from the comfort of your house. Thanks to NoBroker services, I got to know the approx amount.
[widget_homeLoan_checkEligibility_form]
| Particulars | Minimum | Maximum |
| Sum Assured (in Rs) | 30,00,000 | No Limit |
| Policy Term (in years) | Equal to Home Loan Tenure | |
| Premium Payment Term (in years) | Single | |
| Entry Age of Policyholder (in years) | 18 | 50 |
| Age at Maturity (in years) | - | 60 |
| Single Premium (in Rs) | 2,000 | No Limit |
| Payment modes | Only Single |
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Authors Of The Question
What is home loan insurance?
Pooja
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1 Answers
3 Year
2021-09-21T10:08:36+00:00 2021-09-21T10:14:33+00:00Comment
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