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Shanghai loans: what is mortgage insurance

Mortgage insurance is an insurance, its basic mode of operation is: real estate home sales to owners of in need of a loan, the owners to get loans from banks, mortgage banking require owners to purchase houses and to buy mortgage insurance from designated insurance companies. However, five years, and ten years even 20 or 30 years of premium must once make clear; premium by all room paragraph and not by loan amount calculation; insurance amount is by purchase price and not housing of heavy reset price, put not out lost of land, of value also calculation zainei, to improve has insurance amount also improve has premium; purchase people buy has insurance, but Bank is is mortgage insurance of first beneficiaries; insurance company by Bank by specified, and not buy mortgage insurance not loan and so on. The controversial mortgage insurance. Perhaps because of mortgage insurance is the consumer no choice, is no full competition in the mortgage market, while consumer loans had no choice under terms for surrender with the banks. Some commentators believe the mortgage insurance violated consumers ' rights and the right to freedom of choice.
mortgage insurance is guaranteed a duplication, since there is already housing mortgage as security for loan applicants to meet repayment obligations, further require loan applicants to buy mortgage insurance, the aim should be for the safety of houses, once the housing has been damaged to receive insurance compensation to ensure the security of loans. But careful study of housing mortgage loan insurance provided for under the terms of insurance liability, emits almost no risk to security questions.
mortgage insurance insurance is basically three: 1, fire and explosion; 2, mud-rock flows, landslides, ground suddenly collapses, and more; 3, run falling objects in the sky.
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