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Many borrowers doubt whether it is necessary to insure an apartment when taking out a mortgage. It is easy to understand the reluctance to list to data spend money.
On insurance services in addition to the initial payment and monthly loan payments.
It should be understood
That providing loans of several million rubles for a period of up to 30 years is associat. With a serious risk for the bank that the money will not be repaid. That is why the lender not only takes the real estate purchas by the client. As collateral, but also requires it to be insur so that in the event of damage or loss. The damage is fully compensat by the insurance company.
But insuring a mortgag home is in the interests of both the bank and the borrower. Fire, gas explosion, heating or water supply we will be restocking, so please take a look failure, natural disaster, illegal actions of neighbors or other persons – any apartment in any apartment building can really suffer from all of this. If it is not insur, the owner runs a high risk of being left without housing, but with an unpaid mortgage.
So the norm of Law 102-FZ, Mortgage insurance
According to which apartment insurance is mandatory when taking out a mortgage, protects both parties to the mortgage agreement – the bank and its client.
Important: The other two types of insurance – personal borrower and title insurance – are voluntary by law. The bank has no right to oblige the mortgage borrower to purchase insurance against these risks.
But at the same time, the actions of fax list critors setting higher interest rates on mortgage loans in the absence of comprehensive risk insurance are absolutely legal. This explains whether it is necessary to insure an apartment and life with a mortgage every year – if you do not renew the personal insurance agreement, the bank will immiately increase the interest rate, and with it the amount of monthly payments.
Since many things can happen Mortgage insurance
To a client of a crit institution during the loan term, just like to property (traffic accidents, accidents, the same natural disasters, gang attacks, etc.), it is not recommend to refuse life and health insurance.