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Q.

Is home insurance is compulsory for SBI home loan?i got money 4m bank now but bank is telling to have it compulsory 4 the complete of homeloan& then EMI.plz help?

Tags: home, money, relationships
Asked by tapan, 04 May '11 12:07 pm
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Answers (3)

1.

Yes all borrowers, irrespective of their status should have the house insured to cover the loss of the house on account of fire, EQ, flood etc. so that bank's loan is liquidated if such incidents take place.
Answered by Om Shrivastava, 04 May '11 12:10 pm

 
  
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2.

It is always good to have insurance of house as well as of self to the tune of atleast loan amount you are borrowing so as to provide adequate safeguards to all the parties in case of any eventualities. Generally bank adds up insurance amount in loan availed and starts deducting in form of EMIs.
Answered by Avtar Khalsa, 04 May '11 12:11 pm

 
  
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3.

Yes it is compulsory to opt for home insurance. You can select home insurance plans as per your need. Home insurance is one of the best way to give security to your home.
Source: http://www.reliancegeneral.co.in/insurance/Home-Insurance/Home-Insurance/features.aspx
Answered by tiya deora, 03 Dec '12 12:54 pm

 
  
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