-
Eng
Homebuyers or those planning to buy a property often hear the word ‘title’. ‘Title’ is a legal term. It is used to identify the rightful owner of a property. Often the biggest concern among home buyers is the legality of the property. The Insurance Regulatory and Development Authority of India (IRDAI) has asked general insurance companies to launch a new title insurance product for each homeowner.
Recently, IRDAI has given instructions to bring title insurance products to compensate for the loss due to the wrong title. Earlier, a working group was constituted for this, on the basis of whose recommendations these instructions have been given to the insurance companies.
According to the information, the concept of title insurance is in the initial stage. Experts say that after these new instructions from IRDAI, it can get a boost. According to them, due to the discrepancies in the title of the real property, often the owner has to suffer a lot at the financial level. This can be an exercise to save these losses. If we look at the current situation, title insurance is currently available in the country only for promoters or developers. Whereas after the new instructions, individual buyers will also come under its ambit.
(Follow Money9 for latest Personal finance stories and Market Updates)
These nudges may seem insignificant at start, but once applied may prove powerful enough to achieve the impossible
Govt must procure just as much as it needs to meet requirements of consumers entitled to rationed grains plus a buffer for contingencies like Covid-19
One of the key issues with MSPs is that they distort production decisions as many farmers grow wheat because of the assured returns on its cultivation
Small savings banks & their participation will most certainly lead to greater competition in the space — and this competition may lead to consequences
