Please tell me which bank is good to go for Hoam loan.
HDFC,IDBI,SBI,LIC,or ICICI .As I heard lot of compaliants for home loan form home loan player and servie.Also extra processing fees and afterward transaction fees afterward.
I feel it is better for the individual to take a term insurance, unless the premium amount is more in case of term insurance. The insured amount can be equal to the house loan amount. That way, even if the house loan is prepayed, there will be no issues. Also, premiums need not be paid in bulk and can be paid yearly.
Hey ! guys wll i have something to clarify...can some body do it for me...
Well i bought a flat at 6.7lakhs 18 months back, well i paid an upfront premium of some 5500/-as insurance then. Now i need to clarify if guess some thing happens, will the insurance cover the entire 6.7 lakhs...............
RE:Clarification:
by Rajesh on Sep 14, 2005 05:52 PM Permalink
I took a home loan for 9 Lakhs just 3 months ago and the Bank informed me that the loan has been insured and that should something happen to me my wife would not be on the road, nor would she have to pay any EMI thereafter. This is most reassuring - but I do not have anything in writing and now after reading all your letters - I am going to clarify with the bank and would like to get the same insurance in writing.
It is all lie what ICICI Bank syas. Recently I have got a very bas experience. I an executive in in PSU about to retire nest month. I have taken Housing loan from my employer. As the representives of the ICICI Bank persistanly after me on phone, I have requested them to inform me whether I can be given yje facility of balance loan transfer. They have given me a positive reply. I have informed them that I am goping to retore next month, but I have opted for pension and my spouse also is in Govt. Servive with a take home pay of RS.15000/- and her balance period of serive is about 8 years. They agin given a positive reply and collected all documents including letter from my emplyor about my salary, option for pension, expected amount of pension, balance amount of loan, form 16 of myself % wife, my investmet proof which is almost eual to my applied loan amount, cheque for processing charges etc. and they informed me that the post dated cheques for EMI so that nect day my cheque/pay order for the loan can be released after signing the loan ageement. But,they developed a cold feet there after and started giving vague answers and refused the loan. c.radhakrishnan
The article was informative, but would like to say that the author could have done a little more research into the topic. Actually ICICI along with ICICI Lombard offers a comprehensive cover, which not only cover the Home Loan but also the property built using the loan availed. It covers you for critical illness factors and even covers your risk of Loss Of Job.
RE:home loan insurance
by Indian Rediff on Sep 13, 2005 11:25 PM Permalink
I had spoken with ICICI too regarding their home loan insurance facility.
MY loand would have been a 10 year one. Their insurance was only for the first 5 years - but the premium payments were spread over 10 years - meaning after year 5, you are paying for insurance that you don't have.
Also, they did mention disability insurance. However I don't remember if they would pay for accidental death.
Not true for ICICI because I confirmed from the bank that they do not have such facility for accident insurance. Wonder if this is going to be forwarded to the respective bank.
RE:ICICI
by Rishi on Jul 14, 2007 09:05 AM Permalink
That is correct guys. If you have a existing Home Loan from ICICI make sure that it is Insured by calling the customer care. Even I would say the customer care reps do not know much about it. Looks like there is no transparency from ICICI regarding if Home Loan is insured or not. Definitely go for a written confirmation from them if they tell you that yes it is Insured. I have also taken a Home Loan from ICICI way back in 2003 but I do not have any of the Docs that tells me if it is Insured or. I am sure it is not as I do not have any written confirmation on it and thus would be engaging Lombard on it (better to pay a small amount per month to cover your mammoth Home Loan EMIs, at least you are assured that ur family does have a roof and need not to pay when u r not there with them...)
