I would advise you to take a term insurance instead of home insurance as it will cover your home loan plus it will also take care of your family too with surplus amount. Home insurance is mandatory because the banker takes a precautionary measure thinking of uncertain event so that the loss can be recovered. When you apply for a home loan and already have a term insurance to show them they wont ask you to take home insurance and you can definitely save money in it.I would advise you to take a term insurance instead of home insurance as it will cover your home loan plus it will also take care of your family too with surplus amount. Home insurance is mandatory because the banker takes a precautionary measure thinking of uncertain event so that the loss can be recovered. When you apply for a home loan and already have a term insurance to show them they wont ask you to take home insurance and you can definitely save money in it.

His age would be a factor where his application can get rejected. Why dont you take a loan and make him a guarantor on your loan.His age would be a factor where his application can get rejected. Why dont you take a loan and make him a guarantor on your loan.

Yes indeed you need to have an insurance when you buy a property. But it need not be a home insurance always. You can have a term insurance instead which will have a high cover with less premium. By doing this you will cover the home loan as well as your loan amount will be covered.Yes indeed you need to have an insurance when you buy a property. But it need not be a home insurance always. You can have a term insurance instead which will have a high cover with less premium. By doing this you will cover the home loan as well as your loan amount will be covered.