Is general insurance mandatory for home loan?

It is not mandatory to buy a home insurance policy from a bank in order to get a loan. Contrary to the bank’s claims, there is no compulsion by the Reserve Bank of India (RBI) or the Insurance Regulatory and Development Authority (IRDA) for home loan applicants to buy any kind of insurance from the bank.

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In respect to this, can I restructure my personal loan in Axis Bank?

As per RBI guidelines, Axis Bank is now offering the option of personal loan restructuring to eligible borrowers who have been severely impacted by the pandemic. Opting for this restructuring framework is optional and it is advisable that borrowers should continue making their regular EMI payments if possible.

Also question is, do I need insurance for a loan? Most lenders will require you to carry full coverage on a financed car. This protects their investment in the event that you are in an accident and the vehicle is totaled, or if it is stolen, and you can no longer afford to make the monthly payments.

Regarding this, how can I cancel my Axis bank loan?

Axis Bank personal loan preclosure is as simple as the process of loan application. You can close your personal loan account by paying the remaining amount as calculated by the bank. To initiate the process, you need to call the Axis Bank personal loan customer care and know when you can close the account.

How can I complaint against Axis Bank consolidated charges?

Reach us if you have a concern !

  1. Customer Support:
  3. Call Centre numbers:
  4. 1-860-419-5555*/ 1-860-500-5555*
  5. *Charges applicable as per the service provider.

Is home loan protection insurance tax deductible?

You can avail of tax deductions under Section 80C of the Income Tax Act 1961 on the premium you are paying for a home loan protection cover.

Is insurance mandatory for personal loan in Axis Bank?

NO! It is not mandatory to take insurance for a personal loan.

Is it mandatory to take property insurance?

Although it is essential to buy an insurance cover while taking a loan you are under no obligation to do so, not from any bank nor non-banking finance company. “It is not mandatory to purchase home loan protection plans.

Is zero balance account available in Axis Bank?

Axis Bank’s zero balance account offers a zero balance facility, a free debit card and unlimited free cash deposit. Axis Bank’s zero balance account allows you to access more than 12,000 Axis Bank ATMs, over 2,500 Axis Bank branches as well as internet, mobile and phone banking services.

What are the two types of property insurance?

There are two types of personal property coverage: replacement cost and actual cash value. A replacement cost policy typically pays the dollar amount it will take to buy a new item at the time of a claim. An actual cash value policy factors in depreciation to provide reimbursement based on the current value of an item.

What is mortgage charges in home loan?

In a registered mortgage, the borrower has to create a charge on the property with the sub-registrar through a formal, written process, as a proof of transfer of interest to the lender as security for the loan. … A registered mortgage meets all the necessary legal requirements to create a mortgage or a charge.

What is property coverage insurance?

Property insurance provides financial reimbursement to the owner or renter of a structure and its contents in case there is damage or theft—and to a person other than the owner or renter if that person is injured on the property. … Personal property is usually covered by a homeowners or renters policy.

What is property insurance in home loan?

Home loan insurance is a plan that covers a borrower’s outstanding loan liability to hedge the risk of loss in case he/she dies during the loan re-payment term. In the event of the death of the borrower during the tenure, the insurance company will settle the outstanding loan with the bank. …

What is the difference between insurance and loan?

A home insurance policy protects home owners against the loss of home or personal belongings. Compared with home loan insurance, home insurance policy rates are lower. Under a home loan insurance policy, the loan you take for buying the property is insured.

What is the processing fee of Axis Bank?


Processing Fees 1% of the loan amount (minimum of Rs.10,000)
Interest Rate 6.90% p.a. onwards
Maximum Tenure 30 years

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