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Is it compulsory to take insurance on home loan?

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Isadore Labadie

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4y ago

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Q: Is it compulsory to take insurance on home loan?
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Do you have to have insurance before you can take it home when you buy it from a dealer?

Yes. The dealer will require proof of insurance prior to letting you take it home. Especially if there is a loan on the vehicle.


Do you get a 1099 if you take out a loan on a life insurance policy?

No. It is a loan, not income.


Need auto insurance to be able to get a drivers license?

Car insurance is compulsory in order to take a drive test.


How would one get a loan for insurance?

One can get a loan for life insurance from a few locations. There are a few banks that will allow you to take out a loan using your life insurance payout as collateral.


Can you take a loan out of your insurance policy?

yes you can


Whats loans insurance and how will it benefit your life?

Loan insurance protects you in event of something happening. If you die, your relatives are not responsible for making loan payment. I highly suggest loan insurance to everyone who wishes to take out a loan.


If you take out a loan and then you die who pays for it?

Either insurance or the estate. Some lending institutions provide "credit life insurance" which pays off the loan. If that is not part of the loan, the estate will be required to sell assets to cover the loan.


How do take a loan on your life insurance?

when u first get loan , it has insurance on it, been paying on it til loaner has passed away. does that insurance expires before loan paid off or til it paid off. loaner died jan 30 2012 and loan is paid off 2/14/2014


Can a bank add insurance to a loan?

Yes. If you do not have insurance on a car or house that is used as collateral for a loan the lending institution can take out insurance and charge you for it. The insurance THEY use will be far more expensive than what you can purchase privately, and will not protect YOUR interests, only theirs.


Can you take out a loan for the loss on the sale of a home?

It would depend on your credit worthiness. Also, if you have been paying for mortgage insurance, it may be worth checking into to see if there is some relief there.


Which healthcare agencies will take insurance for procedures done at home?

Most healthcare agencies will take insurance for procedures done at home. Whether or not home insurance procedures are accepted depends on you insurance provider and if its included in the policy.


Can they take income tax check if get repossession in Arizona?

They can take whatever the security for the loan was. For example, if you have an auto loan, they can repossess the auto. If you have a home loan, they can repossess the home. If the loan was a recourse loan and the value of whatever was repossessed was less than the amount still owed on the loan, they can get a deficiency judgment in a court of law. If the court grants a judgment, they can they take other assets.