Need help to choose a property insurance while taking home loan from SBI ?

POSTED BY rameshbitra ON August 17, 2014 6:40 pm NO COMMENTS

Hi,

I am planning to shift my home loan from Axis to SBI maxgain. I have not taken any property insurance so far . While going through SBI maxgain home loan thread and also by speaking to SBI home loan department, got to know that property insurance is mandatory.

My apartment is still under construction. Do insurance providers give property insurance for under construction property? The reason is when I tried with policy Bazaar,  I was informed that no one is providing an insurance for under construction property but however I do see many people have taken property insurance while taking loan.

Would anyone please suggest best property insurance which I can select. Also should I go for one time premium payment or monthly premium? 

Appreciate your responses.

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