Sanima Bikas Bank Ltd has introduced home loan scheme with free life insurance coverage for the first time in the country's banking industry`. The scheme provides free life insurance coverage until tenure of Home Loan which includes purchase of land & building, house construction and equity financing against land & building. The scheme provides insurance coverage up to 50 per cent of the loan amount or Rs 25 lakh whichever is lower.
In case of death of the borrower during tenure of loan, insurance coverage amount shall be reimbursed by the Insurance Company which shall go towards settlement of Home Loan.
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