In case of Home Loan from LICHL – Is it necessary to take atleast 1 LIC policy ?

POSTED BY bankwith ON August 17, 2014 6:48 pm COMMENTS (3)

I have applied for a loan of 19 lakhs for 25 years from LIC under Griha Prakash Scheme @ 10.10% interest. I have an equated EMI of Rs 17,400 per month. Now, when my loan is sanctioned the sales head of LIC is forcing me to buy LIC policy (Term Plan) saying it is compulsory. Please let me know is it necessary to buy this or he is just trying to sell his product.

3 replies on this article “In case of Home Loan from LICHL – Is it necessary to take atleast 1 LIC policy ?”

  1. Anand says:

    I have a home loan from LIC housing finance and I do not have any property insurance or LIC policy.

  2. rockingguy says:

    The agent is just trying to sell the product and earn some commission

    It’s not necessary to buy policy, in order to avail home loan

  3. Credexpert says:

    Dear Sir,

    Although a lending institutions may require you to take a property insurance before disbursing the loan, it is not compulsory to take a term plan (LIC policy) with your home loan. In this case, it appears that the sales person is only trying to sell the product.
    Also, you need not take the property insurance from LIC, it can be purchased from any insurance company.

    Regards,
    Credexpert

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