Govt favours cheap Home Loan Rates

Union Development Minister Favours Cheap Home Loan Rates

June 29, 2009: In order to revive the demand in the real estate sector, Urban Development Minister Jaipal Reddy today favoured cheaper loans for buying houses. "Real estate is facing a slowdown. So, we should make an arrangement for giving loans at 6.5 per cent for houses in the below Rs 5-lakh category to the poor," he said after his meeting with Finance Minister Pranab Mukherjee here. "It was a pre-Budget meeting and we discussed budgetary issues with the finance minister," he told reporters. Reddy suggested extension of housing loan at 7.5 per cent presently available for flats up to Rs 20 lakh to those priced at Rs 30 lakh in cities.

"The revival of real estate is the key for generating employment. The existing 7.5 per cent interest scheme should also be extended beyond June to motivate more buyers," he said. Reddy sought more budgetary allocations for Commonwealth Games projects, DMRC extension and JNNURM projects. "Keeping the ongoing Games projects in mind, we have sought more budgetary provisions," he said, adding that more funds for Delhi Metro extension programmes were also sought. "Our JNNURM programme is the most successful one and now, more and more states are seeking projects under the scheme. So we have asked for more budgetary allocations for it," he said.

Home Insurance Claims

Your home is a fruit of your labour, it is your pride and provides you with immense joy. Insurance companies have come out with unique home insurance policies to protect it from various natural and man made disasters. Home insurance protects your house against burglaries, theft, fire, earthquake, explosion etc.


Calculation of Home Insurance Amount/Premium:

Companies provide its customers with instant home insurance quotes. The amount of home insurance cover needed is calculated keeping a number of factors in mind. Area of house (in sq.ft.) , location of property, approximate rate of construction (in Rs./sq.ft.) are generally considered by insurance companies. A property more than 50 years old is not insured. Another point considered while insuring a home is that companies only consider 'Pukka/Permanent' construction. Keeping the above factors in mind, an individual has to pay the premium every month/quarter/six months according to the sum insured.

Insurance companies come out with different home insurance policies to suit the unique needs of its customers. While some policies have a standard/fixed cover, others are flexible package, including a basket of coverages. The premium for such covers is higher than the standard cover. This is because the risk of the company insuring is more


Home Insurance Claim Procedure:

In the event of some burglary, theft, fire, the claims of individuals are settled fast by companies. Leading insurance companies are launching 24 hours helplines and call centers to fasten the claim process and provide better service to customers.
The call center registers the claim request after the individual furnishes all personal details and details of the policy taken.
A company appointed surveyor inspects the site and submits the loss report.
In case a surveyor is not appointed, an individual must submit documents to be insured to the company.
The claim is processed by company within 7-15 days.
On approval of the claim, a letter is sent to the insured giving the approved amount of settlement.
Payment cheque is released.


Documents Required for Home Insurance Claim:

1.Duly completed and signed claim form
2.Copy of FIR
3.Final Report from police
4.of all invoices, price lists
5.of Indemnity from Insured


For Third Party Claims:

1.Claim form duly signed
2.RC copy of the vehicle
3.license copy
4.policy copy
5.Original FIR copy
6.transfer papers duly signed, mentioning that the vehicle cannot be located
Articls source : http://www.surfindia.com/finance/home-insurance.html