Home Loan Insurance

Home Loan Insurance:- Bravery (2024)

Home Loan Insurance

 

Home Loan Insurance:-
Home insurance is basically Se in this video, we are going to see the difference between these two when which insurance is used, which insurance is mandatorys Properly insurance is mandatory in some Loans and you have to by that we’ll see all these points in details and what is the difference between these two Watch this video ill the end sathat you don’t miss any Point Let’s Switch to the blackboard. Lets understand. the difference between property insurance and home loan insurance

Home Loan Insurance
Home Loan Insurance

If you buy insurance for your house, it is home insurance and if jou buy insurance for auf property, it is property insurance These 2 axe totally different We’ll understand these through an example but first, let’s understand the concept. In property (insurance you get Protection on the building structure andon the items inside your property like furniture, electronic and consumer goods, or jewellery Home Loan Insurance

So the structure and items inside the property are covered in Property insurance In home loan insurance, you get insurance for home Loan only If by Home Loan Insurance chance, the borrower dies then the insurance company will pay the home Loan So in Property insurake, in which what scenarios do you get cover? If there is fire, robbery of items get destroyed due to water seepage, any loss/damage due to terrorismo Riots natural disasters like earth ajuakes, Home Loan Insurance

floods cyclones, storms you get property insurance against these kinds of manmade or natural risk Whereas in home loan insurance, you get cover Home Loan Insurance against the untimely death! of the borrower What the team of the polyf? Jou Jel property insurance for up to lo  Home Loan Insurance years Same banke meg Juve for 3 ors jears and same may gisk for le Jeans. Heme loans insurance is basically on the maining tenure of the home loan Let’s say you borrowed a home loan fen 20 Jeans Home Loan Insurance

Home Loan Insurance
Home Loan Insurance

If Jou bought a home loan insurance in the storting, it will last for 20 years. If in between the borrower fies at the time the Isurance will teminate and the home loan will be paid whatt are the options in Property insurance? Either you can tak insurance foronly structure or you can take for only conteert Content means all the electornic or consumer goods with • Jewellery and furniture that we discussed here  Home Loan Insurance

Or You can take insurance for both and the premium will. be decided according to that In home loan Insurance, Jou have 2 options Either you can take the reducing cover option in which makimum reducing cover is given Or foreca take fined cover as well If I’ll explain this with an

example, let’s say you tooka tom Home Loan Insurance e loan of Rs 40 lakhs in reducing cover And If the tenure was for 20 years they affer lo gears’ let’s say the reckonaining loan is RS 27 :: lakhs Then the outstanding amount will be covered and the Payment of Rs 27 lakhs will be done But on the fixed cover, if you took cover on RS 40 lakhs So the payment will be Rs 40 lakhs even after logears So in fixed cover, the amount is fimed Home Loan Insurance  whenever the borrower dies within the loan Lenure this amount is fived Bud its premium is high, with reducing cover Nowif we talk akred the sum assured the property

Insurance then how it is carkulated? If you are going for the insurance of the structure the insurance is done according to the construction cost that means, let’s say the build-up areas is looosay.ft. This is multipled by the construction cast The cost coming out is around P.s loco per sq.ft in jour city So the sum assured with be Rs lo lakhs Were talking about only the structure So the sum assured is Rius lo lakhs. for the structure Similarly, current market value is considered in the case of content i.e-affer the deprection So the bank estimates. the current value of your

consumer goods and jewerllery. If your products are 4-Syears obl than the bank can consider the value as half or 40% So keep this in mind as well that you’ll not get the same value at which You bought that particular items and you’ll only get ris current value So you don’t get depreciation iva insurance Now if we talk about home loan insurance as we saw in reducing cover, there was an outstanding loan it is to the amount remaining and

Home Loan Insurance
Home Loan Insurance

in fixed cover itis-fixed anden qual to the total home loan amount and that is the sum assured who can buy Property insurance?  even double the reducing cover that why most of the people Jo The cover of the property can buy it wheather andindividual or a company or any Society.

There are many societies. lik the Residents welfare Association, Cooperative Group Housing Society. In Cooperative Group Housing, Society, the society is the owner of the overall land So society can buy property inscrance In home loan ini berance, let’s say if ther are I borrowers thay thatinsurance is on tooth. The total borrowers by the home loan. insurance Is it mandatory or not? Firstly property inscomuce Inform the insurance Company

In such cases, there is a clause of many insurance comanies. That if any damage happens when the property is vacant, they will not cover in the insurance So ready this classe carefully of you stay with your relatives and your house is vacant or you stay with your childrent in another country than read this clause carefully and cleck wheather the insurance will be applicable In that case or not It is not there in all the banks and insurance

campanies but some companies insits on it So I think I covered all the major points related to the Property insurance and we also saw the comparison with the home loan insurance I tried to cover all the major points in this video But still, If any point was missing or you want to add something then you can comment down below and don’t forget to like and share this elinvideo I always try to share detaited videos of finance and I keep postingsimilar informative video daity So if you haven’t subscribed to this channel yet than subscribe to it and press the bell icor

Home Loan Insurance
Home Loan Insurance

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