The Need for Homeowner’s Insurance

You might think “why do I need a homeowner’s insurance policy?” well you need one for the same reason you have a car and a health insurance. That is if something like an earthquake or natural calamity were to occur, you would be reimbursed for the exact value of your home. The major reason to have a homeowner’s insurance because it helps with the financial support in order to buy a new or repair the current house.

While buying a homeowner’s insurance there are several factors you need to consider ensuring that you would actually get your money’s worth and not just wasting your finances on premium amounts that are just using up your money for absolutely no reason. So, here are certain factors that you must ensure are covered under your home insurance policy.

Hazard Insurance

Having a hazard coverage ensures that your house repair costs are taken care of in case it were to get destroyed due to certain instances like fire, storm, theft, vandalism and similar threats. The hazard insurance policy ensures that you are covered for the cash value of the damages or the replacement value of the damaged objects.

Liability insurance

The liability insurance policy is not specifically for you, but for the damages caused to others. For example, if someone were to get hurt due to the design of your fence or door the liability insurance would cover all the medical expenses required for them.

Mortgage Requirement

The is one of the biggest reasons that you should a homeowner’s insurance policy. It is not for you, but for the mortgage companies that require it. This is if you have taken any sort of loan on the house. Remember to use the home loan EMI calculator and tally with them and check to it that all the amounts are justified.

Quick Tips to Avail Tractor Finance for Agricultural Purposes

Tractor finance for agricultural purpose is extremely useful for people whose primary mode of occupation is farming. In earlier days, this occupation was conducted by making use of bullock carts and ploughs but with the advent of technology, things have taken a rapid turn, for the better. The productivity has definitely increased with the usage of tractors and they are useful to simplify the complicated farming process.

The main issue here is the affordability of these machines. Purchasing this machine becomes difficult for some; therefore, quite a number of banks launched flexible tractor loans in order to realise the dreams and ambitions (of the farmers) of owning a tractor and multiplying the output.

The following tips will help you obtain a tractor loan:

Look out for a financer

This is one of the most important tasks because quite a number of financial institutions will offer you varied rates and you need to select one that suits your needs best. This can only be possible if you read the loan documentation carefully of every institution you approach. This will help you decide what is perfectly suited to your requirements.

Apply for the one offering you best interest rates

The interest rates always depend upon the amount you intend to borrow, the duration of the loan (also known as the tenure) and other similar factors. Hence, you should keep that in mind before availing tractor finance for agricultural purposes.

The documents required

In order to avail tractor finance for agricultural purposes, you are required to produce the following documents:

• Documents pertaining to land ownership
• KYC documents (that include your name, age, address and DOB)
• Encumbrance certificate
• Your guarantor’s KYC and ownership documents

You can avail the facility of a foreclosure

You can also avail a provision where you can foreclose the loan before the closing date. This is for all those people who do not wish to remain under the debt of a loan (for a long term). This provision is allowed after the completion of 6 months (commencement) with an additional fee of about 5 percent on the outstanding loan.