All You Need to Know About Insurance with Home Loan

 All You Need to Know About Insurance with Home Loan

Aspiring homeowners often take home loans to fulfill their dream of owning a house. While home loans can be a lifesaver but also have a significant financial burden. A crucial factor that borrowers often overlook is insurance coverage. The right insurance plan can protect your home and finances in case of unexpected events. In this article, we will discuss everything you need to know about insurance with home loans.

Why is insurance with home loan necessary?

When you take a home loan, you become responsible for repaying the loan amount and interest charged. In case of an unfortunate event, such as the borrower’s untimely demise, the burden of repaying the loan falls on their family members. This can lead to financial instability and emotional trauma. Insurance with home loan helps protect the borrower’s family from such risks and provides financial security.

Benefits of insurance with home loan:

Insurance with a home loan offers various benefits, including:

  1. Protection from financial liability: In case of the borrower’s untimely demise or permanent disability, the insurance cover covers the outstanding loan amount. This protects the borrower’s family from the burden of repaying the loan.
  2. Affordable premium: Home loan insurance offers affordable premiums compared to standalone insurance policies.
  3. Tax benefits: The premium paid towards insurance with a home loan is tax-deductible under Section 80C of the Income Tax Act, 1961. Additionally, the claim amount received by the borrower’s family is tax-free under Section 10(10D) of the Income Tax Act.
Location: New York, NY, USA

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