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PNB Home Loan Insurance Policy
Loans And Credit
All of us can see that prices of real estate property are going higher and higher, not to mention out of reach. This has resulted in raised need of an individual to own a house at a young age. In this regard, home loan facility has been extended by most of the financial institutions or banks, which has enabled many to acquire their house.
Like any other financial solution, PNB home loan is also one of the best deals that can be availed at affordable interest rates coupled with attractive loan scheme. Have so many other beneficial factors coupled with the housing finance scheme.
However, life is indefinite for any one, so anything can happen in the life. Unforeseen circumstances (either good or bad) can strike without warning, like event of death of the loan applicant, which can result in default in payment of loan. Further, if the borrower was the only bread winner of the family, then, the security will be taken in possession by the lending authority due to non-payment of installments.
Such kind of situation may lead you to the biggest financial crunch to deal with, you have ever witness. In order to save this, a home insurance policy, which can provide cover against home loan on event of death of borrower, becomes a requirement. This kind of specific policy will pay off your debt to save your family from the worst fate to loss their house of comfort.
Technically, availing home insurance in order to cover the borrowed loan amount in individual’s capacity often becomes an expensive affair to deal with. This decision might bring financial crunch in the life of home loan borrower, who is already incurring the expenses towards unmanageable home loan emi (equated monthly installment). This is the downside of taking a home insurance.
In such kind of situation, a group insurance loan cover against death of borrower is one of the best solutions one can think of. Further, the cost of taking such cover is also reduced considerably. Punjab national banking (PNB) in association with tata aig life insurance, is offering a home loan insurance plan.
In order to avail this back-up plan, you can always consult your bank in the same regard. If your lender does not offer such facility, then you can also avail this on your own. You just have to inform about this change to your lender, so this can be included into the loan agreement.
Self-owned house is a dream that fancies everyone, but everyone cannot afford to buy a home with all hard cash.
PNB home loan
are being introduced as the solutions for you finance problems. PNB home loans in India are offered at competitive rate of interest coupled with most appealing