Is it necessary to take life insurance while taking home loan? - Which insurance do you do?

Doing a home loan and the bank is forcing you to insure - what kind of insurance will you do.

First of all, it is necessary to insure, but what to do with the insurance from the bank! Or any other life insurance from outside, read the details, you can easily understand. You will find in this article which insurance will benefit you the most or which will benefit your family.

Bank forcibly insures: 

You need money to buy a house or a flat. But if you have to borrow that money from the bank, then the bank authorities are talking to you in different ways and taking out a life insurance along with the home loan. It can be said that he is doing it by force. Bank representatives have been fooling customers year after year for lack of knowledge about home loans. You need to understand how this fraud is happening.

Suppose you and your family went to the bank to get a home loan. You may be very anxious because you like home. But after seeing your hustle and bustle, the bank man decides to buy you unnecessary things.

You applied for a home loan, submitted all the documents, showed your income, showed the ability to repay the loan, and then waited. Flat promoter Rose is begging. Suddenly one day the bank man will call. It means that you have got a loan but you have to work one last minute to buy life insurance.

The sweet talk is to convince the customer that this policy is for your family. If you ask how a life insurance policy is required for a home loan, it will say that if you die without repaying the loan in full, this policy will refund the bank. If you say that you already have a lot of insurance, the bank representatives will not agree. If you want to take a home loan, you have to take this 'Home Credit Shield' policy. You may say, "This is the rule of the bank. You have to follow the rules.

Wants to sell out of need policy:

You are buying a house on loan or buying a flat or building a house which means you do not have money in hand. You have to pay seven to eight percent interest for a home loan of Rs 40 lakh. If you have a loan for 20 years, you will have to repay about eighty lakhs. Now if you have to take life insurance of one to one and a half lakh rupees then where will you get that money. The bank will tell you no worries about money, we will pay. That means it will give you a loan again.

If your loan is for twenty years, then if life insurance has to pay premium for twenty years, then the commission of the bank is much less. In this case you will be asked to pay a premium of twenty years at a time and he will give you a bank loan. If you pay a premium of twenty years at a time, you will get more commission. For this reason, he will insure you and insure that life. But what do you do with that life insurance? Or any other insurance? Home insurance is a must have, for any Affiliate, promoting any program.

Why and what to insure: 

Of course you need to have a life insurance with a home loan but you don't have to do the insurance that the bank is forcing you to do. The life insurance for a home loan from a bank only gives protection to that home loan.This means that if you die after taking out a loan, the insurance company will pay off the rest of the loan. As a result, you don't just have to pay your home loan to your family. Even if you get rid of the home loan only, the family will be deprived of other financial benefits.

If you are planning to buy a house or a flat with a home loan, it is best to have a large amount of Term Insurance in advance. As a result, if you die for any reason, home loan protection will be available and the family will not face financial hardship. If you have a large term policy at a young age, you can buy a turn policy at a much lower premium. Property and family will be protected in case of sudden death.

How to stop buying this life insurance from the bank:

First, burung life insurance is not mandatory. The RBI has made it clear that bank authorities cannot in any way pressure or coerce life insurance into any loan, not just a home loan. When taking a loan, read all the terms and conditions carefully and in consultation with the bank authorities properly, if you have term insurance, refrain from this life insurance.

Secondly, if the bank executives do not listen to you, then you are forced to buy life insurance but return the policy within 15 days as soon as you get the insurance company's paper. Yes, if you inform the company within 15 days of receipt of the policy document after purchasing any life insurance policy, they will cancel the policy based on your written letter. Will give you a premium refund.

This means that you must have a life insurance or loan and family protection as soon as you take out a home loan. It is necessary to prepare for this from a very young age.

Even after that, the questions that come up in the discussion when it comes to taking a home loan

Is it compulsory to take insurance for SBI home loan?

Is it mandatory to have property insurance?

What are the benefits of home loan insurance?

Is insurance mandatory for home loan HDFC

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