Are cheap home improvement loans available in January as well for Chennai flood victims?
Many banks including SBI and HDFC are offering quick home improvement loans without any processing fee. Most banks relaxed the charges for home improvement loans including a waiver off of processing fee charges till 31st December 2015. You will have to talk to your bank and find out whether they are extending the scheme in January 2016.
A bunch of insurers have come forward and stated that they have relaxed their rules in order to provide insured victims a hassle-free process to make their claims. Insurance companies have also announced that most claims will be settled within 48 hours with minimum documents. They have also extended the grace period from 30 days to 90 days.
Also the mandatory submission of a death certificate will not apply during a natural disaster. Some insurance companies are even accepting a certificate from the hospital, police or the armed forces if victims cannot get a death certificate on time. As per the Indian Evidence Act, the claim for a missing person can be settled only after a waiting period of seven years from the date of filing an FIR. However, in case of a natural disaster this rule is waived.
Here is the complete list of documents needed to settle a Life Insurance claim:
Death Certificate issued by Municipal Corporation or any competent Government authority like the local authority, armed forces, Government hospital or Police authority
Filled out death claim form or claim intimation form
Claimant ID and residence proof
Claimant bank account details
Photo ID of the nominee or beneficiary
This post can help you understand the claim process for the flood affected victims of Kerala & Kodagu.
Are cheap home improvement loans available for Kerala flood victims?
Yes, SBI and HDFC, among other banks have made cheap home improvement loans available for Kerala flood victims. SBI offers a loan of up to Rs. 10 lakhs at a reduced interest rate of 8.45% p.a along with a processing fee waiver. This special rate will be applicable to loan applications for repair and renovation submitted on or before November 30th 2018.
HDFC also offers home improvement loans at an 8.50% interest rate with no processing fee.
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