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[ Ссылка ] Usually we take a term insurance policy. We know that in case of our death, our dependents are not financially burdened. In case of death, the family gets a large amount from the insurance company and it settles our financial obligations so far and the family members get money to move forward for a while. Similarly, those who take health insurance. We also take health insurance so that hospitalization is not a liability.
Similarly, if the person who has taken a loan for the house that we put up dies before the loan is paid, if we take a housing loan insurance, after the nominee relatives of the deceased person make a claim with the insurance company, the insurance company will pay the entire amount to the bank. The family will be freed from the loan liability of the house and the amount will be paid by the insurance company even if there is any natural calamity or any damage to our house before the loan period. This is called home loan insurance. iu

Taking a loan is a liability, so every month a good amount is required for loan repayment. Along with that comes the insurance policy premium which means we have to pay a huge amount every month? . Let's answer that. First of all, the insurance can be paid as a single premium by calculating the loan tenure at the time of taking the loan. If that seems difficult you can choose another option. For example suppose you take a home loan of Rs 50 lakh then the insurance premium would be around Rs 2 lakh. Add that amount and take a loan of Rs 52 lakh and club it with the monthly EMI to pay the loan and pay it off. Most of the lending institutions do it. When that happens, you won't have much responsibility. Now most of the banks ask you to get home loan insurance while taking home loan. Some financial institutions offer loan insurance along with the loan. There is no government law saying that insurance must be taken. But for their safety, banks tell them to take a home loan insurance policy to get their money back safely. Of course, I good this.

We have LIC policy and health insurance. If so, is there a need to take home loan insurance?

If we die when we have an insurance policy, our family will get a good amount to settle our liabilities. Then you have a doubt that it is not enough to settle the housing loan liability with that amount. Of course it can be done. But here's what's happening. Once the home loan is paid in full, there will be no balance in the insurance amount. It is true that the loan has been discharged but if the deceased has any other debt to settle it. After the death of a loved one, the family members may lose the savings to live on, at least for a while, and all the housing loan payments. But if there is housing loan insurance, the loan is vacated forever when the householder makes a claim with the housing loan liability insurance company. The money received from LIC can be used to settle other liabilities of the household or for children's education or other purposes. Then of course if the LIC holders also own the house then it is best to take out home loan insurance.

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