Insurance

You will be requested to purchase a comprehensive property and personal accident/life insurance coverage for the entire life of your mortgage loan. Our loan officer will assist you to fill in the insurance application forms. We work with insurance leaders in the market which would offer you the best insurance rates for your property.

The First Mortgage will be named as the prime beneficiary on all insurance policies.

The cost of each insurance coverage is determined considering:

For Life/Personal Accident Insurance

• Your age
• Your gender
• The size of the loan

For Property Insurance

• The appraised value of your property
• The size of the loan

All insurance policies are issued for one year and are renewed annually for the entire life of the loan. The insurance company will reimburse the outstanding premium in case the loan is pre-paid in advance of the loan schedule.

The fee for the property insurance is estimated by the insurance company considering the size, the value of the property and the size of the loan. The life or/and personal accident insurance fee is estimated based on the age and gender of the insured.