Aug 10 2012, 10:45 PM
QUOTE(Gr1mlock @ Jul 23 2012, 11:59 AM)
Hi guys, i've got a question on "Home Building Insurance". This is over and above MRTT insurance. My property is a condo which is still under construction till 2014.
I've got LO from bank, and when i was reading the Annexure, it says "the Bank requires this dwelling/non-dwelling/building in the course of contruction, property to be protected by a Home Building Takaful".
Isn't all under construction development insurance been undertaken by Developer? Will the insurance policies from Developer sufficient to cover this requriement?
Would like to getsenior sifus advise on whether is this requiremen normal in dealing with your home loan agreement?
Nowadays banks are very cunning. The force un-suspected buyers to buy House Insurance Policy when the construction progress reach 80% as stated in the loan agreement. This effectively equal to 0.50 to 1% additional interest every year.I've got LO from bank, and when i was reading the Annexure, it says "the Bank requires this dwelling/non-dwelling/building in the course of contruction, property to be protected by a Home Building Takaful".
Isn't all under construction development insurance been undertaken by Developer? Will the insurance policies from Developer sufficient to cover this requriement?
Would like to getsenior sifus advise on whether is this requiremen normal in dealing with your home loan agreement?
Banks that are practising such tricks are :
1.RHB
2. ??
Quote
0.0720sec
0.49
7 queries
GZIP Disabled