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Insurance

 

Life Insurance of the Key person – repaying borrower and insurance of the house shall be done prior to loan disbursement.


MRHFL may directly arrange the insurance at a subsidized rate for the convenience of the Borrower (This is a term insurance valid for the period and amount of the loan with a one time premium payment upfront) and will be provided subject to the terms and conditions of the Insurer.


THE TWO TYPES OF INSURANCE REQUIRED ARE:

  • Life insurance of the principal income earning Applicant or Co-applicant who’ll be responsible for the repayment of the Loan

a. Insurance will be valid till the full closure of the loan

b. The life will be insured for an amount equal to the loan amount sanctioned

  • The house property being financed has to be insured for

a. An amount not less than the cost of the property

b. For a minimum period equivalent to the tenure of the loan.

 

Borrowers may arrange the Insurance on their own or MRHFL may arrange the Insurance at a subsidized rate for the convenience of the Borrower.

 

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