A term insurance policy is the preferred option to cover mortgage liability
A home loan protection plan could be problematic if you want to change or cancel your loan
The subjects
Real estate loans | insurance cover
With house prices staying within a range for several years and mortgage interest rates also at a low level, now is a good time to buy a home. When you apply for a home loan, your lender may, while approving it, push you to purchase a Home Loan Protection Plan (HLPP).
But the liability for a home loan can also be covered by a regular term plan. Instead of giving in to pressure from the lender, understand the pros and cons of both options and make an informed decision. What is HLPP? Lenders insist borrowers get home loan insurance coverage so that they are …
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First published: Tue, February 16, 2021. 6:10 a.m. IST
