General Insurance Home Loan
The eligibility to avail a home loan is set across the applicant s age and income.
General insurance home loan. Several home loan insurance providers also offer home loans insurance schemes with optional rider plans to enhance their cover benefits. Assuming you have taken a home loan to buy your dream house and definitely you will plan to furnish and decorate it with classy interiors valuable antiques and latest furniture. Riders like terminal or critical illness accidental death unemployment and disability can be clubbed with home loan protection plans. What is the eligibility for a home loan of gic housing finance.
However if you do not have a term insurance plan estimate the total amount that your family would need including the home loan liability and then buy it the day you have the loan sanctioned. There is no way out of it. U66000mh2009plc190546 sbi logo displayed belongs to state bank of india and used by sbi general insurance co. In the above example one needs to get a cover of rs 1 1 crore to meet the protection needs of the family and to cover the loan.
If any of the contingencies occurs during the policy period compensation will be provided as given below death. Extent of compensation under loan insurance policy. The age of the applicant should range between 18 70 years. Gic home loan gic housing finance limited was established as gic grih vitta limited on december 12 1989 with the objective of granting housing loans to individuals and to persons entities engaged in construction of houses flats for residential purposes.
There are 2 parts to this answer. However where you insure is your call and your dec. Gic home loan interest rate ranges between 10 25 to 10 25 gic housing finance cuts home loan rates by 10 25 from 10 25. Outstanding loan amount or sum insured respectively for reducing si basis and fixed sum insured.
In india majority of people buy a home insurance while seeking for home loan as it is generally attached with the home loan product. For sbi general insurance company limited irdai reg. Icici bank home loans presents home insurance and secure mind loan protect two exclusive and innovative insurance plans to insure your home loan. Sbi general s loan insurance policy is available for a maximum period of three years.
144 dated 15 12 2009 cin. Home loan insurance supports your family in paying for the outstanding home loan amount.
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