Hi MAnish and team ,
I need and inquired for Home loan of 21 Lakh from SBI .They told me about 1 time premium payment of General Home insurance and RINN Raksh life insurance.I want a help for following questions :
1) How much amout i needto pay for general Home insurance for above mentioned home loan and 20 years tenure?
2) Should i go for Rinn raksh Life insurance? they are telling me the inusrance premium as Re 50000 of 5years?
3) If itake Loan for 25 years then my EMI amount comes down.However RInn raksha policy pemium which adds in EMI shoots up by minor amount.In case of no prepayment penalty is it good to take loan for longer tenure and reduce have reduced EMI??
Thanks for your cooperation.