Home Loan Insurance Premium Calculator Online

• Accuracy: It provides precise calculations based on user inputs such as loan amount, tenure, etc.
• Convenience: Saves time by offering instant results.
• Comparison: Allows you to change various inputs in order to compare the impact of different variables on the home loan insurance premium payable.
• Financial Planning: Helps in better budgeting by giving a clear picture of the insurance cost, so that you can optimise the cover amount based on your finances as well as outstanding home loan amount.

• Loan Amount: The principal amount borrowed as a home loan
• Loan Tenure: The duration for which the home loan has been taken
• Borrower’s Salary: The current salary of the borrower helps determine the appropriate premium amount
• Age of the borrower: The age of the borrower can impact the loan tenure as well as increases the chance of the borrower’s mortality resulting in an increase in the premium payable

Apart from the above, other factors that might impact the borrower’s ability to repay the outstanding loan in a timely manner includes the occupation of the borrower – salaried or self- employed, as well as the lifestyle choices of the borrower – whether the person seeking home insurance uses tobacco. These also impact the perceived risk for the insurer which can lead to an increase in the premium payable.

• First-Time Home Buyers: Home loan insurance provides a safety net for those purchasing their first home.
• High Loan Amount: Home loan insurance can reduce the risk of unpaid debt and potential loss of property, if the loan amount is substantial.
• Unstable Income: Borrowers with fluctuating income sources such as those involved in seasonal businesses can benefit from the security offered by home loan insurance.
• Multiple Dependents: Borrowers with multiple dependents be it dependent children, parents, spouse, etc. should opt for home loan insurance. This will decrease the potential financial burden on the loved ones in case of unforeseen circumstances.

• Ease of Access: Available 24/7, allowing you to calculate premiums at your convenience.
• Instant Results: Saves the time of the user seeking to calculate the premium payable in order to cover outstanding home loan amount.
• Eliminates Errors: Using the home loan insurance premium calculator eliminates the need to manually carry out complex calculations which eliminates the possibility of calculation errors.

• Policy Purchase: The borrower purchases a home loan insurance policy at the time of availing the loan.
• Premium Payment: The borrower pays a one-time premium, which can sometimes be added to the loan amount.
• Coverage Duration: The insurance coverage typically lasts for the tenure of the loan or until the loan is repaid.
• Claim Process: In the event of the borrower’s inability to repay due to death, disability, or job loss, the insurance policy kicks in to cover the remaining loan amount.

• Sum Assured: The sum assured should be sufficient to the outstanding home loan amount. However, opting for too high a cover will lead to higher premiums payable during the policy term.
• Premium Payment Options: Check if the policy offers flexible premium payment options, such as single pay, pay till 60, limited pay and/or regular premium payment.
• Additional Riders: Look for policies that offer additional riders and add-ons such as critical illness cover, accidental death benefit, terminal illness benefit and disability cover.
• Claim Settlement Ratio: Opt for insurers with a high claim settlement ratio to ensure reliability.