Hi
I am planning to take 30L home loan from SBI – Maxgain (Jointly Me and my wife). My loan tenure is 15 year and loan interest rate is 10.15%. My flat is under construction and possession by March 2015. I have two following questions:
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DO I need to take home loan insurance? (.Like SBI RiNn Raksha)
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Do I need to take home insurance? (As per SBI home loan term and condition – The house/flat shall be insured comprehensively for the market value covering fire, flood, Earthquake etc. in the joint names of the Bank and the borrower. Cost of the same shall be borne by the borrower)
I have already take few life insurance policies from LIC (total sum assured mine 10.5L and my wife 4.75L) and one term insurance plan of 50L (mine)
Please help me for this