It is a big decision to buy a house in a common man’s life and to take a home loan for it. Earning a large part of the earnings in EMI is required to take a home loan. At the same time, there are risks with life. In such a case, there is a home loan, if it dies due to some reason, then the family gets trapped in double trouble. Money is needed to run a family on one hand, on the other hand, the installment of the house is given on time. In such a case, if you are preparing to take a home loan, it is prudent to get insurance, so that you can save your family hardly.
Make a Home Loan Insurance: By this market update, A middle-class family takes home loans up to 20 to 40 lakh, whose EMI comes to 20 to 50 thousand rupees. The Home Loan Protection Scheme is term insurance, that is, you can decide for yourself the duration. Premium is fixed according to the period of insurance.
As per this news, with the amount and duration of the home loan, your age and performance is determined by how much the sum insured will be and how much its premium will be. It depends on your income and future income. If you have taken a loan of Rs 20-25 lakh then you may have to pay one lakh rupees for insurance. This is to be paid only once, just like term insurance. They can also give this amount separately.
This update also clears, you can also take advantage of income tax exemption through section 80C of income tax on its insurance like a home loan. However, if you have taken a loan from the bank in the home loan protection cover then you will not get much profit.
By this business news, the bank you take from home loan offers you protection cover during the loan approval. However, it is not necessary that you also take insurance cover from the same bank, from which you have or have to make a home loan.
Home loan insurance cover is expensive even though term insurance. If you get term insurance of five years then the home loan is cheaper by 30-40% than the protection plan, but the two have different benefits.