Is buying a home insurance plan necessary for a home loan application approval?
No, it is not legally required for you to purchase a home insurance plan when applying for a home loan. Though there are some lenders who necessitate it, there is no legal decree that mandates it. However, buying a home insurance policy can be immensely beneficial to you in the long run.
With a home insurance policy, your house is protected against natural calamities, fire, theft, accidental damage, and so on. IFFCO Tokio’s home insurance plans can be purchased by homeowners as well as tenants, thatand cover several essential belongings including fine arts and decor.
- What kind of information does the housing loan EMI calculator require to compute the EMI?
- What kind of collateral does a home loan require?
- Is buying a home insurance plan necessary for a home loan application approval?
- Does one need to upload any documents to use the housing loan EMI calculator?
- What is meant by a home loan amortization schedule?