Property insurance in home loan

POSTED BY Donald Dsouza ON June 4, 2013 7:42 pm COMMENTS (5)

Hi

I am planning for home loan from SBM(State bank of Mysore). When i checked with them they told Property insurance is mandatory. Is property insurance is mandatory?

Regards

Donald D’souza

5 replies on this article “Property insurance in home loan”

  1. Dear Donald, property insurance is mandatory but purchasing it from HDFC Tie up (HDFC ERGO) is not at all mandatory. 🙂

    Thanks

    Ashal

  2. Dear Donald, not much difference in the over all practices & working styles. There is not much to differentiate among property insurers.

    thanks

    Ashal

    1. Donald Dsouza says:

      Thanks Ashal One more query if I go with HDFC is the property insurance is mandatory?

  3. Donald Dsouza says:

    Thanks Ashal

    Can you suggest some best property insurance policies/ vendors.
    Also except interest rate what is the difference if I take loan from SBM instead of SBI?

    Regards
    Donald D’souza

  4. Dear Donald, yes property insurance is mandatory but purchasing it from SBM is not at all mandatory. You can purchase it from any insurer of your choice.

    Thanks

    Ashal

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