Buy insurance for your liability

I am a retired employee, looking for a home loan. Is it possible to get a `15 lakh loan? C. Niranjan Reddy

Hyderabad Most banks have a maximum age limit of 60 years — since that is the retirement age generally — for salaried individuals.

The maximum tenure is also restricted by the borrower’s age at the end of the tenure, so as to ensure that the repayment ends on or before the retirement age. Hence, getting a home loan post-retirement sounds a bit difficult, unless you have any other regular source of income that can support repayment.

I have a home loan out- standing of `12 lakh. I want to insure this outstanding amount. What are the good offers for this? Can I take a term plan or are there some specific covers for home loan?

Ajay Singh Chandigarh

It is always advisable to insure your liability. As loan protector plans are not available online, it is advisable to buy online term plans for the balance outstanding for the remaining term of the loan. You have not given your age, so it is not possible for us to give specific recommendations but Kotak’s eterm is a good option for policies below `25 lakh of sum assured.

We also advise you to disclose all facts correctly, while applying for the fresh insurance including health history and existing insurance policies.

(Harsh Roongta is CEO of Apnapaisa.com. You can send in your queries to movingmoney@eccanmail.com)