Home insurance along with home loan module has become mandatory for the borrowers. It is not to sell home insurance but to introduce new owners to the protection for the shelter that has been purchased. Nowadays most of the banks have merged their business with another insurance company of repute. The trend of premium pay is one time in case of home insurance along with the life insurance of the borrower in a single premium policy. The single premium is charged with the loan amount and it is added to the loan amount of the home. Instead of paying a lump sum amount at a time, there is a provision to pay the premium by EMI along the home loan EMI.
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