Insurance For Home Loan Protection
If i took a home loan of 50 lacs and also buy home loan protection plan to cover my home loan amount.
Insurance for home loan protection. Home loan insurance also known as home loan protection plan hlpp is a scheme offered by almost every financial institution in which the insurer will settle the outstanding or balance home loan amount of the borrower with the lender or bank if there is a situation of unforeseen circumstances that may include demise of the borrower. Hdfc life home loan protection plan is a protection plan. Home loan protection plan is nothing but a single premium term insurance plan which covers the outstanding home loan taken by a borrower at any given point of time e g. Why do you need insurance for your home loan.
It provides financial protection to your family at affordable and cost effective rates. Home loan insurance is very costly the home loan insurance plan is sold along with the home loan with the reasoning that in case of an unfortunate event of accident or death of the borrower the remaining loan will be paid off with the sum assured and the dependents can be covered from financial worries. Mortgage protection insurance on the other hand is a lump sum payment or ongoing payments made to cover the loan repayment amount for an agreed period that the insurer. This is a traditional decreasing term plan without bonus facility.
Some of the comprehensive home loan insurance plans offers cover for the applicant the house and all its contents. With lmi the premiums for the policy get added to the borrower s loan amount. For example if the borrower s home is repossessed by the bank lmi pays the bank the gap between the property s sale price and the outstanding amount on the home loan. A home loan protection product disclosure statement pds is available online or from any commonwealth bank branch or by calling 13 3982 and should be considered in making any decision about loan protection insurance.
First name last name email address. God forbids if something happen to me after 4 years and my outstanding loan is 38 lacs at the time of death then hlpp. Mortgage protection insurance should not be confused with lender s mortgage insurance lmi which is a form of insurance that the lender takes out if it thinks the borrower is high risk. A home loan insurance plan is a scheme under which the insurer will settle the outstanding home loan amount with the lender or the bank in case of an unforeseen situation.
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