When the new buyers of a property in Panama are in the process of mortgage loan approvals, almost all of them reach the point where the agent approving the loan for the purchase of their property asks them to contract a life insurance policy. This is the moment when the buyer has many questions: It is necessary to acquire a policy of this type …
To clarify these doubts, today here in MLS ACOBIR we are developing this article that we know will be very useful for you (the future property buyer).
It is important that you know that it is not mandatory, but it is logical that as a rule, the bank agents require guarantees to be able to approve a bank loan for the property purchase, since there are sums that they must ensure in order to grant the payment of the money for the property purchase.
Apart from life insurance, it must be taken into account that bank agents also request fire insurance as a guarantee.
Both insurances must have an amount equal to the cost or total value approved by the bank for the purchase of the property, if they do not have these sums insured they will not approve the loan.
Now, the house buyer in Panama can decide in which place he wants to buy his policies, since he does not necessarily have to take them out with the banking agent. Therefore, when purchasing this service, it is important to analyze costs, advantages, benefits, coverages of the companies, in order to make an accurate decision.
The importance also of these insurances is that apart from serving as a guarantee for the banks in case of loss, you insure the property to your loved ones.
For more advice on this type and choose a property for purchase consult with our real estate experts here at MLS ACOBIR.