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New Contributor
SK
Posts: 2
Registered: ‎05-10-2020

If home loan amount is cleared, do I still have to pay insurance.

 
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Occasional Contributor
W@L
Posts: 15
Registered: ‎30-08-2021
Solution

Re: If home loan amount is cleared, do I still have to pay insurance.

Most of the loan insurance are provided by financiers as they have financial interest. However if you have cleared the home loan/ closed the loan or pre-closed the same then you will not have to pay for the insurance and you may cancel the same. 

But it is advisable to cover your assest, so it is better to take a separate home insurance.

View solution in original post

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Occasional Contributor
W@L
Posts: 15
Registered: ‎30-08-2021
Solution

Re: If home loan amount is cleared, do I still have to pay insurance.

Most of the loan insurance are provided by financiers as they have financial interest. However if you have cleared the home loan/ closed the loan or pre-closed the same then you will not have to pay for the insurance and you may cancel the same. 

But it is advisable to cover your assest, so it is better to take a separate home insurance.

View solution in original post