HSBC Malta announced the launch of a new credit insurance policy to cover home loan repayments. This new home loan insurance product is another new proposition from HSBC and the first for Malta.

When an individual takes out a home loan, it is essential to take into consideration the monthly repayments, should life circumstances change. This optional insurance cover can be taken out by a borrower in order to provide some cover for unforeseen circumstances such as unemployment, accident or sickness. This cover is optional and the customer may opt to take up the policy through the payment of an additional small monthly premium.

“Unseen circumstances may make monthly repayments on a home loan difficult to meet. HSBC’s new credit insurance cover gives customers peace of mind,” said Shaun Wallis, Chief Executive Officer, HSBC Bank Malta plc.

This policy is available for all home loans and can be taken out when applying for a loan. The cost of insurance is expressed as a percentage of the loan repayment amount, and is payable on a monthly basis. One can take out this cover either as a complete Accident, Sickness and Involuntary Unemployment Insurance, or as an Accident and Sickness Insurance.

To offer this product, HSBC Malta has again teamed up with four leading, long established local insurance companies – Elmo Insurance Ltd as the lead coinsurer, with Atlas Insurance PCC Ltd, Citadel Insurance plc and GasanMamo Insurance Ltd as the other coinsurers subscribing to the policy.

Further details on HSBC Home Loans and the HSBC Home Loan Credit Insurance are available from the website www.hsbc.com.mt, by calling Customer Service on 2380-2380 or from any branch in Malta and Gozo.