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SBI Home Loan Insurance

SBI Home Loan Insurance is one of the most important insurance policies that home buyers are recommended to obtain when they have used a home loan to buy their desired home. A large number of home buyers are unable to pay the overall purchase price when they buy their home. Many of the buyers take the help of home loan to finance their dream home. Here comes the importance of taking an SBI home loan insurance policy when getting a housing loan. Obtaining a home finance loan may be convenient for the borrowers but the fine print states that the borrowers own as much of the property for which they have made the principal payments.

On the other hand, making payments for all the principal loan amount may take from 5 to 10 years and even more. Life is totally uncertain and anything can happen to a borrower during the period of his home loan repayment. If something happens to the borrower than his family will be put into charges for the payment of the loan installments or the house will have to be surrendered to the home loan lender if the family is not able to make the payments. This will create a lot of problems to the family members of the borrower. But with SBI home loan insurance cover, all the monthly payments of the loan amount will be covered by the insurance policy joined by the borrower.

State Bank of India brings a broad range of insurance schemes for individuals as well as family and groups. The bank provides life insurance policies that could be used to payoff home loan amount when the borrowers fall victim of some unfortunate events or circumstances. Finance companies and lenders usually expect the borrowers to provide some kind of security while taking a home loan. In most case the security provided is the house itself. However, with a life insurance policy of same amount to the home loan term, the benefits of the life insurance plan can be assigned as security for the home loan program. In case of death or financial inability of the insured within the term of the loan, the balance amount of the home loan will be paid by the proceeds of the life insurance scheme.

SBI home loan insurance premium is considered as one of the most affordable however, there are certain factors that determine the premium of several policies. Some important factors such as the age of the insured person, the amount of insurance coverage, period of maturity, and the present health condition of the insured person plays important role in determining the premium of the insurance policies. It is advisable for the home buyers to use the home loan insurance calculator offered by the bank before taking any insurance scheme.

SBI Bank brings a wide variety of insurance programs including home loan insurance policies. Check the features of the insurance policies at the website of the bank.



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