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POSTED BY ON March 27, 2013 1:43 am COMMENTS (9)
Hi Ashal,
This site is a realy saviour thanks for this wonderful work and great solutions.
I am in another fix this time around.
I had applied for 30 lac loang, further I got a call from the SBI person asking to go for a personal insurance cover failing which loan will not be sancitoned, I understand property insurance is mandatory as it protects against natural calamity, but y is personal insurance with a sum assured of 30 lac (the same being my loan amount)?
Please advice what can I do ? is it really mandatory ? as I think till the time I repay back the loan house is mortgaged with the bank and this takes care of it so in case of any unnatural thing occuring the property is with them as it is
Waiting for your kind reply
Sanjeev
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Dear Sanjeev, banks may consider gross but for you own good, limit your EMI paying capability upto 35% of Net income. Anything above 35% of net income is a sure shot recipe for disaster.
Thanks
Ashal
thanks a ton ashal got this 🙂 will opt for a high assured insurance, thanks for a wonderful guidance,
Ahsal also could you let me know on that basis loan eligibility is calculated
a. property value (under constructed) is 62lac and my gross pay is 45K and net in hand comes to 41k after all deductions.(how much loan can I avail cuz the bankers are not giving a proper figure)
b. is the eligibility calculated on gross or the actual net I get in hand after tax and other deductions
Please do let me know will really help
Regards
Sanjeev
Dear Sanjeevac, Please answer a simple question, if after purchasing a 30L cover for your home loan, you die, the loan ‘ll be repaid but in your absence & specially your income’s absence, how your family ‘ll survive?
Thanks
Ashal
Hi Ashal,
No i didn arrive to any figure this was the amount which the sbi guy has asked to go for incase of the insurance cover as my loan is amounting to 30 lac so a 30 lac sum assured insurance cover, so I wanted your suggestions on it. if this figure ok to go ahead with or will you suggest 50lac min policy that wud benefit me. also smart shield is it a good plan ?
Dear Sanjeevc, why only 30L & not 50L or 1Cr? How did you arrived at the figure of 30L? Any calculation or just your comfort no?
Thanks
Ashal
Hi Ashal / Abhi,
How good is the smart shield plan, that guy from SBI has offerred this plan with insurance cover of 30lac, what will you suggest. ? shall I go for this or go for Eshield plan with cover of 1 cr. also kindly let me know the advantage in such case of high cover.
Thanks
Sanjeev
No, it’s not mandatory. When I took loan SBI informed me that either guarantor or insurance, any one is mandatory.
Dear Sanjeev, having life insurance to service your loan in your absence is mandatory but purchasing it from SBI is not at all mandatory. If you are already having Say 1-1.25Cr. Rs. term cover, please quote it to SBI people & refuse to accept the bundled life insurance. In case you are falling short of life insurance, please purchase SBI Life’s E-shiled plan for a high sum assured say 1Cr.
In case your branch staff, do not co-operate, do not worry, complain the same to the AGM of your concerned RACPC & you ‘ll get the things in order.
Thanks
Ashal
Thanks ashal and abhi this really helped 🙂