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As important as a home loan is for you, it is also important for you to keep in mind some of the safety tips, as mentioned below:
• Keep a handy list of all documents required for the application filling.
• Prepare the required documents with attested photocopies ready.
• Make sure every photocopied page is signed by you before you attach it to your application.
• Ensure to ask the bank executive you are dealing with for proof of his/her identity.
• Check and read the Terms and Conditions before signing the loan application document.
• Check all the details filled in carefully before you finally hand over your application to the bank executive.
• After you’ve submitted the documents, if you decide not to avail the loan, inform the bank immediately.
• Avoid giving original KYC documents to the executive.
• If you issue any cheques for any charges or fee, remember to issue them in favour of your bank. The cheque should never be in the name of any individual.
• Do not ever handover original / copy of property documents to unknown person.
Types of Home Loan Protection Plans
Home Loan Protection Plan (HLPP) is an insurance plan to insure your home. Under these plans, insurance companies settle any outstanding amount on the home loan with the bank/lender in the event of death of the borrower. The policy term is usually the same as the loan tenure.
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