Is Insurance Mandatory for Home Loans in India?
In India, home loan insurance is not legally mandatory, but lenders often strongly recommend it. Here’s a breakdown of the types of insurance tied to home loans:

Home Loan Protection Plan (HLPP): Covers the outstanding loan in case of the borrower’s death, ensuring the family is not burdened with repayment.
Property Insurance: Protects the house against natural disasters like fire, floods, or earthquakes, often required by lenders to safeguard their collateral.
While no law mandates insurance, banks encourage it to mitigate risk and ensure loan repayment. It's not compulsory, but it offers financial security to both the borrower’s family and the lender. Borrowers can choose policies from any provider, not just the bank's partner, and some may prefer term life insurance as an alternative. Evaluating your options and costs is key to making an informed decision.
Know More About Home Loans: https://www.investkraft.com/ho....me-loan?utm_source=s