Until the economic renaissance that took place in the early 1990s in India, the companies under Indian mortgage insurance sector were categorized as unorganized sector. The mortgage insurance companies perform the task of facilitating financial loans to borrowers against any valid insurance bought by the borrowers. With the growth of infrastructural industry in India during the early 1990s, the mortgage finance companies went through a tremendous stage of growth.
The growth of mortgage insurance sector in India was further fuelled by the growth of real estate business in India. Till the year 2000, there were only few mortgage insurance companies in India and after that with the growth of insurance sector as a whole, brought about tremendous improvement in the mortgage sector as well. The names of top mortgage insurance companies in India are given below:
Top 6 mortgage insurance companies in india:
• HSBC Bank• Standard Bank• Kotak Mahindra Bank• United Bank of India• SBI Housing Finance• HDFC Bank
Some of the details regarding these top players in the mortgage insurance sector in India are given below:
Mortgage insurance is one among the different financial services offered by HSBC, which is an insurance policy meant for the purpose of protecting the money lender from any default done by the borrower. This type of insurance is commonly used by the bank for loans with a loan-to-value ratio of over 80% and it is employed in the event of repossession or foreclosure.
Standard Bank is working as an active player in the insurance market through two of their subsidiaries namely Standard Bank Insurance Brokers and Standard Insurance Limited. Under the mortgage related insurance, these companies are offering different types of policies like business mortgage insurance, dreamstart comprehensive insurance and homeowner’s comprehensive insurance.
Kotak Mahindra Bank:
Kotak Mahindra Bank belongs to the popular Kotak Mahindra Group, which came into existence in the year 1985. Mortgage insurance is one of the various financial services offered by the bank and this policy eliminates the worries of the lender when the borrower is unable to pay 20% of the borrowed amount as down payment.
United Bank of India:
The mortgage insurance scheme followed by United Bank of India offers a wide range of policies to meet the mortgage insurance requirement of different types of customers.
SBI Housing Finance:
The mortgage insurance policy offered by the SBI Housing Finance is specially meant for the home loan applicants with a view to consolidate the insurance premium along with EMIs. This company being a top player in the housing finance industry offers accident insurance as well to the customers availing home loans to protect the customers from any financial problem if they meet with an accident in the future.
HDFC is one of the popular names in the banking sector in India and they offer the best mortgage insurance service to their customers, who are in need of home loans.
In addition to these companies there are also other mortgage insurance providers in India like ICICI, National Insurance, etc