21 August 2011
The TATA AIG Home Insurance and Home Loans
When an borrower applies for a home loan one thing that comes up is the home insurance and this is compulsory for all home purchasers. TATA is a well reputed and well known company that has offers insurance cover for unforeseen circumstances and accidents at an affordable rate.
Well their promise for Rs. 7 per day and get the relief of insuring your property and home. And all this is very easy to handle with just a click of your mouse on the internet and they have their customer service associate who can guide you for the processing and application of home loans as well as insurance covers.
What does the TATA AIG cover as insurance and what things are excluded needs to be talked and discussed before hand by the borrower. There are many things that the insurance company covers, fires and unexpected calamities like earthquakes, floods, lightening and thunderstorms. One good point about TATA AIG is that they also protect and give an insurance cover for calamities like terrorism, riots and threat from man made crisis.
The TATA AIG also covers burglary and theft as well as baggage lost during travel outside the municipal limits of the city. With this insurance company , the TATA AIG you can also insure your electrical appliances as well as audio and audio visual appliances for theft, robbery or damage in electrical or mechanical. I do not know how much the cover will be and what will be their criteria for being eligible for the insurance cover and this will depend upon the cost of the equipment and the situation in matter.
The TATA AIG offers insurance cover at affordable rates and the insurance premium is a much smaller amount you pay to get the relief of your property being insured. This premium is added to your monthly EMI amount that you are paying for the repayment of your home loan.
With the insurance cover becoming compulsory for the approval of home loans the borrower has another payment to pay along with the regular EMIs. This will depend upon the total cost of your property or the loan amount offered by the lending institution. It is much easier for the salaried class to go in for a home loan with the reassurance of the insurance cover.
Though I do not know how much exactly this helps! this will only come to knowledge when someone actually comes to use this and has a tough time recovering dues.