Home loan insurance is a type of insurance that protects the borrower family or dependents in the event of the borrower death or disability. It ensures that the outstanding home loan amount is paid off in the event of an unfortunate event, reducing the family financial burden. The insurance premium can be paid in advance or added to the loan balance. It is also referred to as a home loan protection plan (HLPP). Borrowers can have peace of mind knowing that their family will not have to bear the burden of repaying the loan in their absence if they purchase home loan insurance.
