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Free insurance with housing accumulation fund loans

By Li Huayu (chinadaily.com.cn)
Updated: 2009-04-01 18:15

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People buying houses in Beijing with loans from the housing accumulation fund, a provident fund that grows through contributions from employees, can enjoy free credit insurance, according to an official with the Beijing Housing Loan Guarantee Center.

The official said that to diversify risks of housing accumulation fund loans, the center launched a guarantee program in 2003, under which borrowers can enjoy exemption or reduction of loan repayment in case of personal accidents or losses of their purchased homes.

The specific amount of reduction or exemption will be determined according to the degree of property losses and personal injuries as well as the borrower's ability to pay back the loan. From 2003 to 2004, the guarantee center executed 125 exemptions and reductions ......

The full text is available in the March Issue of China Insurance. Please visit publications for more subscription details.