What is EMI full form?
What is EMI full form?
An equated monthly instalment (EMI) is a set monthly payment provided by a borrower to a creditor on a set day, each month. EMIs apply to both interest and principal each month, and the loan is paid off in full over some years. Oct 1, 2021
Is insurance compulsory for HDFC home loan?
No, it is not mandatory to buy home insurance with a home loan. But it has become a common practice for banks to insist on this policy to secure their collateral. Banks may also require that you get their name endorsed in the policy as a financier.
Is general insurance mandatory for home loan?
“”It is not mandatory to purchase home loan protection plans. Neither the law nor the regulatory bodies such as RBI or IRDAI have made the purchase of home loan protection plan with a loan mandatory. Jun 21, 2018
Is home loan insurance tax exempt?
Premiums paid for a home loan protection insurance plan are tax deductible under section 80C of the Income Tax Act, 1961 only if the borrower makes repayment. Under specific circumstances, where the lender finances such an insurance plan and the borrower repays via loan EMIs, deductions are not allowed.
How much does home insurance cost in India?
The costs can vary from Rs 1,800 per sq ft for a basic no-frills structure to Rs 3,000 per sq ft for a premium construction. So, a 1,000 sq ft house should be insured for Rs 18-30 lakh and the cost will be Rs 800-2,400 a year. What’s covered: Structure and contents against fire and other perils, burglary and damage. Oct 24, 2016
