Know About Home Loan Insurance And It's Pros And Cons

Have a prior home loan knowledge before availing

insurance agents pressurize you to take a policy all time, but you should be aware of the plans and benefits that the insurance offers you. have clarity on the home loan insurance and home insurance. do not confuse while availing it. Know your requirement and go for the policy.

Home insurance protects the home buyers from the loss of damage on the property in case of fire or any such accidents. Home insurance covers the risk of loss of homes or Loss of personal belongings. home insurance is of comparatively lower cost.

Home Loan Insurance

Home loan insurance ensures the loan which you borrow to buy the property. Home loan insurance helps the family repay the outstanding loan amount if in case the applicant is unable to pay the loan by the unforeseen event. if the home loan is insured the lender is not burdened with lending the amount with additional risk.

Know More About The Home Loan Insurance

Experts say that Home loan Insurance is an essential part of home buying since it covers the huge risk of the loan in case of the sudden demise of the applicant and saves the family by covering the outstanding loan amount. It helps the dependent family members from the burden of home loan. As you pay the loan every month the home loan insurance policy coverage decreases as the loan amount comes down.

Before applying for the home loan insurance know:

·       The risk coverage of the entire policy  like any other insurance, the regular premium should be paid on this insurance too

A premium of the home loan insurance depends on:

·         Applicants age

·         Total loan amount

·         Tenure

·         The medical health of the applicant

Other benefits of the home loan insurance

Tax benefits under section 80C of Income tax act can be claimed by the premium is paid by the borrower himself. it cannot be claimed if the EMI's are paid by the lender.

you can opt for other riders in the home loan insurance policy, the loan amount will be covered not just in case of death but also in the case of critical illness, disability or loss of the job.

Disadvantages of Home Loan Insurance

if the applicant increases the home loan tenure due to the increase in the interest rates, the insurance premium may not be able to fully cover the home loan.

In the case of foreclosure, the applicant may lose the entire part of the premium

Under the home loan protection plan (HLPP), the insurance offered under the home loan insurance policy progressively reduces as the loan is repaid.

Since the policy is of the third party, banks earn the commission for selling the policy

It is advisable to buy the property with the proper home loan facility and eligible for the insurance coverage. Concorde Mayfair residential project is the top-class property with all the amenities and risk cover. Concorde Mayfair is located in the aggressively developing locations of Medahalli in Bangalore with excellent infrastructure and civic amenities.

Opt for the home loan insurance while getting the home loan!!

Save In Order To Capitalize On Your Dream Shelter

Investing in home buying with savings

Home buying is the major outlay in one’s life which is expensive as well as a worthy asset. If you are not aware of certain background preparations before investing in home buying, then the whole investment will turn up as a real financial burden. It is advised to save a good chunk before proceeding to avail the home loan. Saving to pay the down payment of 20% of the actual worth of the property is the most essential part while buying your dream shelter. Saving saves you from the massive financial crises that are unforeseen.

Tips to Save Money for buying the dream Home

Have control on spending and save for down payment: 

Have a check on the money outflow from the account either it is an online transaction or direct cash dealing. Maintain a self-record and enter the transactions to keep a track on spending. Cut unnecessary buying and stress upon the saving for big investment coming up.

Have a separate savings account: 

as soon as you receive your salary, divide the salary for saving and another for the general expenses. Use only the amount reserved for the expenses. Do not disturb the saving account unless you really need it.

Buy a less expensive home than that you can afford:

buy a smaller and smarter home than your capacity so that you can have some savings in hand and can finish of the home loans. Buy a home with good land appreciation so that it turns out to be a great deal.

Stretch a little extra: 

Pay off your home loans bit extra than the fixed EMI’s. Extra amount adds up and turn to be a big figure that help in the early closures of the loans so that you can save on the unnecessary interests being paid.

Check the property taxes: 

ensure you are paying the right amount as tax on your property. In some cases, you can find the listing mentioning your home having extra bedrooms or living space than it actually contains, this increase the tax amount. To avoid these type of situations always get the survey of the land and match with the information on your property tax file.

Explore the property before investing: 

make a detailed inspection before buying or making the down payment to the property. Investigating the property before buying saves you from the unexpected surprises of repair and renovating.

Bid: negotiate and invest in the property. Do not opt for the higher-end costly property since it does not turns into a fair bid or might not be a worthy investment in a long run.

Concorde Mayfair is one of the outstanding residential marvels to invest your saving to buy the dream home in the prominent area of Bangalore.

Save your money and have a spectacular home in Concorde Mayfair

Concorde Mayfair is a top-notch luxurious enclave located in Medahalli Bangalore that comprises of Vaastu complaint 1 BHK, 2B HK and 3 BHK units with the plethora of amenities for a fantastic modern living. Concorde Mayfair Medahalli project clutches 200 luxurious units in the premises spread across the triple tower. The project is spread over the vast land of 5.5 acres and is all set amidst lush green atmosphere for the calm and healthy living. Concorde Mayfair Medahalli property is perfectly planned to have outstanding access to prominent schools, colleges, IT hubs, hospitals,restaurants, Banks and recreational centres for ease of access.

Buy a unit today in Concorde Mayfair Medahalli and give a meaning for your hard-earned savings!!

Invest today and enjoy the living in Concorde Mayfair!!