General Insurance Company Home Loan
The policies offered by life insurance companies are for longer terms.
General insurance company home loan. If the home costs 500 000 or less you ll need a minimum down payment of 5. Sbi general insurance company limited i corporate registered office. Hdfc life home loan protection plan is a protection plan. If the home costs more than 500 000 you ll need a minimum of 5 down on the first 500 000 and 10 on the remainder.
You are covered under this insurance till the period of your loan repayment. Optional mortgage insurance is a type of credit and loan insurance that you are usually offered when you take out or renew a mortgage. The amount depends on the home s purchase price. Home loan insurance supports your family in paying for the outstanding home loan amount.
Once the outstanding loan amount has been paid the insurance term expires. The general for short is a subsidiary of pgc holdings corporation which is an affiliate of american family insurance. For sbi general insurance company limited irdai reg. Natraj 301 junction of western express highway andheri kurla road andheri east mumbai 400 069.
Home loan insurance can be purchased either from a general insurance company or a life insurance company. For more details on risk factors terms and conditions please refer to the sales brochure and policy wordings carefully before concluding a sale. This plan has been designed to help family repay the outstanding home loan in case of an unfortunate death of the life insured. There are important limits on the coverage that optional mortgage insurance products provide.
You don t need to purchase optional mortgage insurance to be approved for a mortgage. This is a traditional decreasing term plan without bonus facility. Home loan insurance our home insurance plans provide cover to your home loan in the face of any unforeseen event happening to your life. Credit or loan insurance provides coverage that may help you pay off your loan or make your loan or credit card payments in the event of job loss critical illness accident or death.
Gic home loan gic housing finance limited was established as gic grih vitta limited on december 12 1989 with the objective of granting housing loans to individuals and to persons entities engaged in construction of houses flats for residential purposes. Credit or loan insurance is usually offered at the time your mortgage line of credit credit card or loan is being approved. The ones that are offered by the general insurance companies need to be renewed on an annual basis. We recommend the general for drivers in the high risk category.
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