Does the property need to be insured for availing the loan?
Mostly HFCs make inbuilt provision for the property to be properly insured for and other appropriate hazards, including death of the borrower during the period of the loan. Note: The above mentioned information is subject to rules, procedures / guidelines etc. of the concerned Bank / Housing Finance Company.
Related Questions
- Does a mortgage broker or lender need to be a FHA approved lender to originate a single family loan that is subsequently insured by FHA?
- Can sale proceeds of residential property acquired by availing a rupee loan be repatriated?
- Can nonresidential (storefront) property be eligible for a 203(k) insured loan?
