Definition: The word 'home loan with life insurance' refers to a type of mortgage where a borrower provides collateral for their home purchase, in exchange for a portion of the monthly payments made by the lender on behalf of the borrower. A home loan with life insurance typically includes both a fixed-rate mortgage and an optional life insurance component. The fixed-rate mortgage provides a fixed payment schedule for the borrower, while the optional life insurance covers the borrower's entire debt load should the borrower pass away during the term of the loan. If the borrower chooses to take out a life insurance policy on their home, this can provide peace of mind and financial security. The word 'home loan with life insurance' is used in conjunction with mortgage lending or personal finance, where borrowers are required to make a down payment and secure a portion of the monthly payments made by their lender.
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