Must Know Facts Before Taking a Home Loan
3. Insure your property
Loaners are required to insure their mortgaged house against fire and other natural calamities but very few borrowers take this clause seriously, which could be a costly mistake. In such cases, the bank reserves the right to debit the borrower’s account to insure the house and charge interest for the same as well. But it is best if you insure your home, because in or any case you will be safe and left with a home loan despite the factor that you become deprived of a shelter.
