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Due to the rising value of residential properties across the country, home loan insurance, which is also known as mortgage insurance, has almost become a necessity. Most people buy home loan insurance to safeguard their future and the futures of their family members. This deep dive will help you understand home loan insurance and its benefits.
Home loan insurance is sometimes also called a Home Loan Protection Plan (HLPP). It is a policy offered by almost every lending institution. The insurer pays the lender the outstanding balance of their home loan amount if the borrower dies due to unexpected situations.
In the event of the borrower's death, the insurance company pays the remaining balance of the home loan to the lender. The term of the policy and the loan is usually the same. By purchasing home loan insurance, borrowers ensure that their family will not have to repay the home loan or abandon the property due to non-payment of the loan balance after their death.
Here are some of the benefits of having home loan insurance:
Home loan insurance is vital for borrowers. It ensures that the borrowers' families do not become destitute in their absence.
Home loan insurance insures the outstanding home loan amount if the borrower defaults on their payments. Such an event can occur if the borrower dies. You can choose between a basic plan and one with additional features and riders for more comprehensive coverage.
Additionally, it may help to buy a policy that covers unemployment or illness, along with death. Also, check if the insurance includes only natural death. You can purchase home loan insurance at any lending institution. IDFC FIRST Bank also offers home loan insurance at reasonable rates. With IDFC FIRST Bank, you get home loan insurance and loan for house with interest rates within your budget.
Besides offering the lowest home loan interest rates in the market, IDFC FIRST Bank also gives you the option to customise your insurance. You can apply for home loan insurance through IDFC FIRST Bank’s mobile app. The process is fast, easy, and requires minimal paperwork.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.