When a Housing Loan is granted, the respective financial institution requires the borrower to obtain private insurance for certain basic but necessary coverage. Home insurance for the risks of fire and earthquake is mandatory, while life insurance is optional but equally necessary for the protection of the borrower’s assets.
Home Mortgage Insurance
The home insurance or mortgage insurance is one of the most important actions you will be asked to take when buying a house with mortgage loan. Home insurance is compulsory to cover specific risks, so that the banking institution is assured that in the event of a disaster, it will secure its money, while the borrower will be compensated for the value of their home in the event of a total disaster. Home insurance, supports multiple payment methods:
Mandatory coverages
- Fire Coverage
- Earthquakes Coverage
Borrower's Life Insurance.
The majority of Greek banks do not require the borrower’s life insurance obligation. However, life insurance is a valuable ally for every borrower. The usual option is life insurance, to which permanent total disability coverage can be added. These coverages secure a portion or the entire remaining balance of the loan, protecting the borrower’s family members and ensuring their financial stability. Life insurance supports multiple payment methods:
Why you should get a borrower's life insurance?
- Repayment of loan
- Payment of insurance capital to beneficiaries
In order to obtain a housing loan, the bank requires mandatory insurance of your property against the risks of fire or earthquake. The insurance must be completed before disbursement and you have full freedom to choose your insurance company. Life insurance is optional for the borrower. However, it is an insurance ally, as it protects in case of death or total disability, for the repayment of the loan to be completed through the insurance company. The Real Finance takes on without any burden the application for insurance of your residence, while we are always at your disposal for any other insurance program.
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