Skip to main content

What is Home Loan Redemption Insurance Facility What to do in Financial Crises with your home loan



Home loan redemption insurance is a very important facility which can help during any unexpected crises or untimely death of the borrower. The family does not have to face the financial pressure of repayment of the loan. This is also a type of insurance taken during the purchase of home and applying for a loan.
One does not understand the importance of this insurance and many of individuals shy away from this topic due to the increasing total amount of repayment along with the insurance amount. This  does not allow the individual to think about such circumstances that happen unexpectedly during the repayment tenure.
Home Insurance Home Loans
Due to any unexpected circumstances of financial crises, sudden death or accident of the home owner a home loan may bring the family in a tight financial crises. Loan repayment may become impossible for the surviving spouse and may also lead to vacating the present home due to non-payment of loan amount. The lending financial  institution may have the option to sell the property or other means for loan recovery. If this is not possible the family may have to vacate the house.
Here a presence of mind on part of the earner and borrower counts. If there is only one income earner in the family it is best to go in for a home redemption insurance. A small amount is increased for payments every month and though it may give a pinch to the pocket it goes a long way in securing the safety and security of their family. Monthly payments of the insurance are cut along with the loan repayment EMI’s. The benefit of this insurance is that on untimely death of the borrower the insurance company pays the remaining loan amount and the other spouse and family may not have to let go the house.
Even though most of the times it is not required but it is always advisable to keep in mind the changing situations in our lives. Nothing is stable and economy also keeps changing. The priority of every individual must be safety, security and peace of mind of family members. Taking a home redemption insurance policy goes a long way in keeping life stress free and covering the aspect of the unexpected future.
All the Best from Rizwana!
Read more on-
Preapproval and home loans
Get easy tax concessions on Home Loans
Feng Shui Energy of Empty Houses
Why the Down payment
Simple Feng Shui Rules for Money Luck
Labels:

Comments

Post a Comment

Popular posts from this blog

Used car loans tips

It is really a tough deal for loans of buying a used car (second hand) comparing to other types of loan in case of purchasing a new car. But if we look forward, it will make some possibilities also. The procedure is almost same like any other car loan facilities. The main difference in this kind of loan is that you can save cost, which you cannot do in other car loans. That is the biggest benefit you can have while getting used car loans. However, the problem is always there, so while you want to have used car loan facility you have to be aware of making your every step. Every step is vital otherwise you may be in bad credit reputation and big chances to be ripped off. Be positive in getting the source of used car financing and do shop around the whole market. Try to do the credit check to be assured that the given information is correct in your credit statement. After choosing the car you are going to purchase, look into the whole payment procedure of the purchase money. Always...
Post a Comment
Read more

Washington Home Loans

An interest-only loan has become a very popular choice of the many Washington home loans that are available.  What is making this type of loan so popular?  What other options are available to potential Washington home buyers. If you have a desire for a lower initial monthly payment, lower payments over shorter period of time, the possibility that if rates improve your rates could go down giving you lower payments, the fact you may qualify for even an even higher loan amount which would allow you to purchase a larger house than originally you thought this may be an option you should investigate.  There are a couple of other things you may need to consider.  Your payments may change over time.  There is also the potential for higher payments if the rates go up.  These interest-only loans normally interest only for a specific period of time.  The normal time is 4 to 11 years then the payment is raised to a normal level.  This type of an option c...
1 comment
Read more

Get Easy Tax Concessions Bonus on Home Loans

Easy tax concessions are a added bonus with your home  loan. Purchasing a home has become the most sought   after   dream today. Our major salary can go in terms of repaying home loans. With property rates increasing day by day it is becoming more and more difficult to purchase a home even on loan. The principle amount is increasing and also the interest rate added puts a tight crunch on our monthly salary. Tax concessions and rebates come as a boon to lighten this burden a little bit. Is it possible to get tax rebate on the loan amount? Many of us are not aware that this is taxable income money and one can avail rebate on a certain amount. If all returns are filed regularly and all criteria for applying for a home a loan fulfilled then one can avail on tax rebate for a certain amount of the money taken as loan. The main criteria would be the loan has to be taken in the prior financial year and the project has to have a fixed date for completion. The possession of th...
Post a Comment
Read more