Topic: Is Home Insurance mandatory with Home loan??

Is home loan manatory with home loan. Actually i have applied for a loan from IDBI bank, before approval the loan they are assisting me to take home insurance. they are saying it's mandatory. IS IT SO?

Different banks have different conditions for their home loan product..

If it is not on the sanction conditions(offer Letter) then its not compulsory.

You have to look at it from your convenience / safety perspective. Life is very unpredictable & so, in my opinion, one should consider asking this question to oneself : "What happens to the home loan, in the event of my untimely demise?" Simply put, please consider evaluating your options to repay, in the event of any unforeseen tragedy/difficulty (need not be necessarily always death alone that needs to be considered!)
P.S - I'm not any insurance guy & neither am I an expert FA. But it's a vice, that life taught me in a harder way. Being in a similar situation like this, all that I can say today is, I'm indeed lucky to have survived a fatal accident.

Greetings To You. Welcome to kevin walter based in united kingdom as part of its welfare package is currently offering a floating loan at 2% interest rate without any collateral security.This is to help individuals and companies reach their financial objectives. * Personal Loan (Unsecured) * Business Loan (Unsecured) * Debt Consolidation Loan * Improve your home Please, provide us with the following: Full Name....... Home Address.... Phone:.......... Mobile.......... Country........... Occupation:........ Sex:............... Age:.............. Amount Needed...... Loan Duration:........... Need For Loan Application..... Have you apply before?......... All replies should be forwarded to Mr kevin walter Loan Facility Officer E-mail:benkoloan_agent@yahoo.com As soon as we receive the application, Then we will process your Loan application for approval Thanks and Best Regards.
Mr kevin walter

It is not necessary to have a home insurance with a home loan. In fact a home insurance is only purchased when you wish to protect an existing home against damage and destruction due to natural or man-made disasters. A colleague at our office recently took a home insurance from one of India's leading insurance service provider, Royal Sundaram.

No, its not at all important to have a Home Insurance along with Home loan .
If some wish to have a Home insurance with home loan he can have it easily because most of the formality are done itself by the loan provider , and 1 should get good Choices an schemes on Home insurance.

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No it is not necessary and mandatory to have home insurance with home loan.

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