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SBI Home Loan Insurance

The State Bank of India comes up with the SBI Home loan insurance product providing a shield to the customer's home loan in wake of any unexpected occurrence. In such circumstances the deceased's family members will have the backing of the insurance cover to pay for the remaining amount of the home loan without any stress of monthly loan installments in order to repay the loan amount. In absence of such an insurance cover paying the EMIs would become a herculean task for the family members of the loan taker.

People seeking home loan often encounter such worries like what if anything happens to them in that case what would happen to the home loan? Naturally, their main concern is that should something happen to them their folks would have to encounter the problem of facing the impact of repaying the loan debt.

How Home loan Insurance is different from Home Insurance?

This type of insurance covers the amount of home loan you owe to the bank. This doesn't include the amount you have already paid but the amount still to be paid and evidently your family members will not face the problem of paying the amount being owed to the bank but the insurance provider will bear the brunt of the same. The insurance companies are not very impending about how much amount is to be paid as part of the insurance premium as the premium amount varies depending on the case.

The premium amount broadly relies on few conditions:-

  • Age of the person availing the loan (the younger the person, the lower the premium amount)
  • Loan amount (the lesser the loan amount, the lower the premium)
  • Period of the loan (the more the loan repayment period, more is the premium)
  • Health of the loan taker (the premium amount would be low in case of good health of the individual)

SBI offers mortgage life insurance policy to the SBI home loan applicants thereby consolidating the insurance premium along with the EMIs. The State Bank Of India offers a free personal accident insurance cover to their clients availing home loan so that the client's family doesn't have to face any problem if he/she meets an accident that proves to be fatal.

The home loan applicants can get more information about SBI Home loan Insurance on the website of bank: www.statebankofindia.com, www.sbi.co.in, www.onlinesbi.com.

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