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

Home Insurance

HOME INSURANCE IN INDIA

▪ Importance of home insurance
▪ Types of home insurance


The Home insurance sector in India is at a nascent stage as compared to other insurance sectors in the country. With the real estate boom at its prime in India, home finance has become an indispensable part of real estate functioning. Moreover, the housing finance companies (HFCs) are also playing an important role in the evolvement of the home insurance company in India.


Due to the new regulations by the finance companies making home insurance mandatory for seeking home loans in India, the home insurance sector has recently seen massive revival in business. Industry analyst say that, if the home loans and insurance sector continue to facilitate each others growth, then the insurance segment is soon set to achieve a 100% growth. The latest growth curve shows the home insurance premium touching the Rs 150 crore-mark, registering a growth of 25% in the last
financial year; and if the situation prevails, the trend is predicted to continue.


As the growth curve of investments in Indian real estate sector escalates, more and more insurance companies are making their foray into the home insurance sector. This has also initiated a trend of insurance companies from across the globe making their foray into Indian market either as individual entity or in joint ventures with the
local existing insurance companies.

Home insurance and real estate has of late become conspicuous of the buzz it has created in the realty industry in India. Adding to the list of leading and existing public sector companies in the home insurance business like New India Assurance, Life Insurance Company of India, United India Insurance, Oriental Insurance and National Insurance Company; is a list of private insurance companies which are set to play a pivotal role in the growth of the sector.

The most thriving amongst those are mostly joint venture companies like ICICI Lombard General Insurance, Bajaj Allianz General Insurance, Tata AIG General Insurance Company Ltd, IFFCO-TOKIO and Royal Sundaram Alliance to name a few. Considering the feasibility of a largely huge and growing market, the home insurance sectors has lately expanded its business beyond the metros to the Tier I and II cities where real estate development is expected to flare up in the years to come.

The booming real estate sector in India is considered to be one of the most encouraging factors in the resurgence of the home insurance sector. However, apart from the real estate factor, the recent spate of calamities that has hit the country like the earthquakes, tsunami, the consistent flood every year in most parts of the country and the exceptional cases of 'deluge' in Mumbai in 2005 has made people opt for home insurance like never before. Besides that, the home insurance companies are also providing their customers with attractive policy plans to suit their needs and budget.

Home Insurance Basics

If you plan to invest in home or property, you must have basic knowledge in home insurance basics or you should know how to choose the right home insurance. Home insurance is undisputedly the best way to keep your house and valuables covered and secure for a long period of time.


HOME INSURANCE BASICS

▪ Home insurance claims
- Procedure
- Documentation
▪ Choosing the right insurance


Before applying for Home Insurance, you should read up some Home Insurance FAQs that can provide loads of home insurance information. It not only provides you peace of mind but also secures your property from future financing loss if any, due to a number of reasons.There are many public and private sector home insurance providers in the Indian market offering different plans for home insurance. General Insurance Corporation of India through its subsidiaries like United India Insurance, Oriental Insurance, the National Insurance Company, New India Assurance, etc, are few of the known names present in this insurance sector to provide you guarantee for your coveted property.

Also there are several companies in private sector which offers Insurance schemes such as Royal Sundaram Alliance, ICICI Lombard, Tata-AIG, Bajaj Allianz General Insurance Company etc. They provide their customers with instant home insurance quotes. You can even compare them to arrive at a decision.

There are lots of schemes available in home insurance depending on the coverage options available for 10 sections. This coverage in sections varies from private to public sector insurance firms as per their clause.

House holder's policy has to be renewed every year. If you take 5-6 sections, you are entitled to a 15 per cent discount on the premium on the optional sections and for taking more than seven sections, you get a 20 per cent discount on the premium.

The 10 Sections include Basic Policy (Fire Coverage) has two subsections- one covers the building and the other its contents against damage from fire and allied
perils, specifically structural and other damage from fire, lightning, riots, explosion of gas in domestic appliances, riots and natural
calamities such as floods and earthquakes. This policy excludes jewellery and valuables Cover for loss/damage due to Burglary excluding jewellery, gold and
silver articles, securities, cash-and televisions and bicycles which are covered under other sections.

Cover for 'all risks' against loss or damage to jewellery and valuables Cover for damage or loss to fragile items like glass ware including plate, glass etc.
Cover for accidental breakdown of electrical, electronic and mechanical gadgets like refrigerators, air-conditioners, microwave ovens, washing machines or motor pumps
Cover for loss / damage to television sets, VCDs/VCRs/VCPs and computers against all types of risk-fires and allied perils, theft and accidental breakdown.
Cover for loss or damage to a bicycle Cover for loss of or damage to baggage while you are travelling in India

Cover for personal accident

Covers your legal liability to a third party for personal injury or property damage
Besides the House holder's Insurance policy, there is also an exclusive Fire Policy for covering the building and contents against the perils of fire, lightening, floods, earthquake, storm etc. This policy can be taken for a period of five or ten years. The longer is the term of the policy, the more is the discount on premium.


Home Insurance Companies

Bajaj Allianz

Your home is our most valued possession, a haven of safety. But is it

really as safe as we would like to believe? We at Bajaj Allianz realize

your need to make your home as secure in reality as it is in your mind.

This is why we bring to you the House- Holders' Insurance policy

designed to cover various risks and contingencies faced by householders

under a single policy. Learn More


HOME INSURANCE COMPANIES

▪ United India Insurance Company
▪ ICICI Lombard General Insurance Company Limited
▪ New India Assurance Company Ltd
▪ The Oriental Insurance Company Ltd
▪ National Insurance Company Ltd
▪ Tata AIG General Insurance Company
▪ Bajaj Allianz General Insurance Company Ltd
▪ IFFCO-TOKIO General Insurance
▪ Royal Sundaram Alliance


ICICI Home Insurance

It is imperative that you secure your home from natural and man-made catastrophes. Our Home Insurance Plan ensures you peace of mind by protecting the structure and the contents of your home. Learn More

IFFCO-TOKIO General Insurance
Home Suvidha

Your home means everything to you. It is one of your biggest assets that reflects not only your dream but also a substantial investment of time and money. Although you cannot guard it from all possible risks, but nevertheless, you can always take steps to help you tide over unexpected ev
ents.

Learn More
National Insurance Company Limited

Personal effects and household goods belonging to individual householders can be covered under this Insurance. It covers under single policy a number of risks.

Learn More
The New India Assurance Co. Ltd.

Householders Policy. This is a package policy specially designed to meet the insurance requirements of a householder by combining under a single policy, a number of our standard policies usually taken by householders. Learn More

Quality Buildings Insurance from Royal Sundaram

Homeshield Classic is a comprehensive package of insurance benefits designed to cover the buildings and contents of your home against all possible kinds of perils such as fire, earthquake, terrorism, storm, flood, cyclone, burglary and breakdown of appliances. Your building cover can be arranged in conjunction with your contents cover or on its own.

Learn More
Tata AIG General Insurance Company Limited

"Home sweet Home" - a destination, any individual or a family feels very close to the heart. It is an investment of one's lifetime savings, emotional dreams and aspirations to realize their ideal home. Home signifies a set of emotions for any individual, be it pride, ownership, stability or be it a sense of belonging. It echoes the owners' sentiments "It's my house".

Learn More
The Oriental Insurance Co. Ltd.

The House holder's Insurance Policy is a comprehensive shelter that protects your house and the various contents in it against a variety of risks. It is a single policy that takes care of a number of contingencies.

Learn More
United Indian Insurance

House Holders Policy. We Cover Any loss/damage to Building and its contents
Jewellery and valuables Domestic appliances, TV, VCR, Audio Systems, PC etc.
Baggage while on travel Accidental injury causing death/disability.

Source : www.guide2homeloan.com