Insurance on Home loan

[Hafsa Khan]

I have taken loan from Union bank for house construction. There those bank people were talking about taking insurance, later they said you have already taken an insurance, but i never did, i haven't paid any premium on it

Its totally confusing
Can u tell me when r we supposed to pay premium on such insurance
And what is its claiming procedure once we repay all the loan back

 

[zacobite]

I have taken loan from Union bank for house construction. There those bank people were talking about taking insurance, later they said you have already taken an insurance, but i never did, i haven't paid any premium on it

Its totally confusing
Can u tell me when r we supposed to pay premium on such insurance
And what is its claiming procedure once we repay all the loan back

u will get nothing back.. insurance is not mandatory.. can be bought only after house is built.. by u directly