Insurance

1. Do I require any insurance if I take a mortgage loan?
Life / property insurance is mandatory but some banks may not require it.

2. Can you assist in completing my insurance formalities?
Yes, the Mortgage Advisory will direct you to the respective bank personnel who will help you with the insurance formalities, from an insurance company empanelled with them.  

3. What is the extent of insurance?
The extent of insurance should necessarily cover your mortgage borrowing.

4. Do I need to assign the insurance?
Yes, the insurance must be assigned in favour of the bank. 

5. What amount can I expect to pay as premium?
Insurance is subject to your age and medical condition.
An indicative cost of premium for life insurance ranges between AED 400 – 500 per month.
For property insurance, the indicative cost of premium ranges between AED 400 – 500 per annum.