Even I had the same doubt, so I asked my banking friend is property insurance mandatory for IDBI home loan. He said that IDBI Bank doesn't require you to get property insurance as a rule, but they strongly recommend it. This is because they want to make sure that if something happens to your property (like fire, flood, or damage), the value of the property is protected. He also shared some additional information, which I will tell you below.
Is Property Insurance Mandatory for an IDBI Home Loan?
While it’s not strictly mandatory, the bank typically requests or strongly recommends it to protect both your property and their loan. The bank wants to ensure that your property remains safe during the loan period, and insurance helps protect against any potential accidents or damage.
IDBI Property Insurance Benefits
Here are a few benefits of taking property insurance from IDBI Bank.
IDBI insurance covers medical expenses for you and your family. If anyone needs treatment or a hospital stay, it takes care of the bills.
If your car or bike gets damaged in an accident, this insurance pays for the repairs.
If your home is damaged by things like a break-in, fire, or earthquake, this insurance helps pay for repairs or replacing your property.
After getting his advice, I applied for a home loan with IDBI and it got approved. I hope this information will help you.
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Is Property Insurance Mandatory for IDBI Home Loan?
Bejay34
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10 months
2025-04-03T18:28:18+00:00 2025-04-03T18:28:19+00:00Comment
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