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Is it necessary to get property insurance, while availing a home loan ?

April 26, 2017availing home loan necessary property insurance

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Is it necessary to get property insurance, while availing a home loan ?

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Most lenders do not insist on a property insurance when disbursing a loan. However, it is strongly advised to buy an insurance as your home would be one of your most valuable assets. The home insurance rates are very affordable especially when bought for a long duration say 10 years. It would cost close to Rs. 50 per lakh of property value per year.