Demystifying home loan insurance for borrowers Premium
The Hindu
Explore affordable and transparent home loan insurance options to help borrowers make informed choices and save money.
It’s no wonder that home loan borrowing in India is growing at a 14% pace, as per official data. Owning a home is one of the most sought-after dreams in India, especially for the middle class income group. But what usually follows this dream is taking a loan to fulfill it.
Most homebuyers in India are all too familiar with the usual drill that follows once you decide a buy a home.
Navigating the sky-high property prices has most of them knocking the doors at banks for a loan.
And once that happens, they are usually handed the bundled insurance deal along with the loan.
While there’s no doubt that home loan insurance is a valuable product which protects homebuyers’ largest liability if the borrower is no longer around, the way it is sold is often opaque and rigid.
Despite its importance, the product has remained poorly understood, rigidly structured and largely sold as an afterthought, bundled with loans, explained inadequately, and rarely revisited once signed.
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