Experience The NoBrokerHood Difference!

Set up a demo for the entire community

Thank You For Submitting The Form
Home / Payment / Insurance Premium / Why Home Loan Insurance?
Q.

Why Home Loan Insurance?

view 56Views

1 Year

Comment

1 Answers

Send
1 2023-02-28T15:37:48+00:00
⤺ Reply

Home loan insurance is a type of insurance in which the insurance provider settles the pending housing loan with the lender in the event of an unexpected event. Mortgage loan insurance and home loan protection plans are other terms for home loan insurance. So let me explain why home loan insurance is necessary. Read on for an explanation and a list of the benefits of home loan insurance.

Get your home loan approved with minimal documentation through NoBroker

  

What is the benefit of home loan insurance?

Availing a home loan insurance has several benefits like-

  1. Protects one’s investment against any unforeseen event like death, accident, and more

  2. In most home loan insurances you have to pay the premium only once. Lenders provide the option of adding the premium to the home loan and by this method, the premium gets deducted along with the EMI

  3. You can enjoy tax benefits under 80 C if you avail home loan insurance. However, if you add a premium to your loan and pay it through EMIs, you can’t enjoy the tax benefit

  4. A single home loan insurance covers all the borrowers in a joint loan

  5. Add-ons can be included in home loan insurance for extra coverage at an additional cost. This additional coverage strengthens the policy and covers against illness, any medical condition, accident or more

  6. Home loan insurance also protects the family of the policyholder from the burden of loan payment.

These are some of the reasons for buying home loan insurance. As said, prevention is better than cure. I am sure a person able to buy a home can buy home loan insurance as well. After knowing the importance of home loan insurance, I myself bought it and will suggest that every one of you do the same. Be prepared for all calamities beforehand.

I hope this answers why home loan insurance is important.  

  Read More:

Does home insurance Cover Accidental Fire?

How to compare home insurance?

What types of home insurance are there?

How Much Does Vacant home insurance Cost?

  

Shifting, House?

✔

Lowest Price Quote

✔

Safe Relocation

✔

Professional Labour

✔

Timely Pickup & Delivery
inline_cards

Intercity Shifting-Upto 25% Off

Check Prices

inline_cards

Intracity Shifting-Upto 25% Off

Check Prices

inline_cards

City Tempo-Upto 50% Off

Book Now

Most Viewed Questions

How to Find Consumer Number in TNEB?How To Calculate Electricity Unit?How Much Does One Unit of Electricity Cost in Maharashtra?How to Find Account Number of Electricity Bill UPPCLHow to Calculate Electricity Bill from Meter Reading?How to Change Name in Electricity Bill Online Telangana?How Much Does One Unit of Electricity Cost in Tamilnadu?How to Download EB Bill Receipt from TANGEDCO?How to download BSES bill?What is Per Unit Cost of Electricity in Delhi?See All

Recently Published Questions

How Much Does One Unit of Electricity Cost in Maharashtra?What is the Cost of 1 Unit Electricity in Gurgaon?How to Check Mahavitaran Bill History?Can Electricity Bill be Paid in Cash Above 10000?How To Calculate Electricity Unit?How to Download Tata Power DDL bill?How to check prepaid electricity balance?Can Electricity Bill be Paid in Installments?Can I Pay Electricity Bill after Due Date?Can I Pay KSEB Bill Online after Due Date?See All

Authors Of The Question

profile
Debjani

4 Total Answers


0

0

profile

Recently Answered Questions

How to Fix Cupboard Hinges? How Often Should a Bathroom be Cleaned? What is Painting Cost for 1200 Sq Ft House? How to Get Rid of Bad Smell From Wash Basin? What is the standard bathroom mirror size? How much Paint is Needed for 1500 Square Feet? How Much Paint is Needed for 600 Square Feet? What is the Carpenter Rate Per Square Feet in Noida? Can I Use Exterior Paint Inside My Bathroom? Can Natural Stone be Painted?
Flat 25% off on Home Painting
Top Quality Paints | Best Prices | Experienced Partners