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UAE Home Loans

Summary of Insurance Changes Under HSBC UAE Home Loan Terms & Conditions


Amendments to the HSBC Home Loan Terms and Conditions are set out below. For ease of reference, additions are underlined

Terms and Conditions
This name of the document can be found on the first page of your Home Loan Terms and Conditions

Existing Clause
This will be the existing clause under your Terms and Conditions

New Clause
The Existing Clause will be amended in the manner illustrated below with effect from 10 June 2017

HSBC Bank Middle East Limited Home Loan Terms and Conditions (November 2009 – January 2014)

9.3 If you fail to maintain the insurance policies referred to in 9.1 and 9.2, we may (but are not obliged to) take out policies to cover these risks and we will be entitled to add the cost of these policies to the Loan. For the avoidance of doubt, the costs will include not only the premium due to the insurance company but in addition a service charge due to the Bank. These policies will be for the benefit of the Bank and will only cover the value of the Loan.

9.3 If you fail to maintain the insurance policies referred to in 9.1 and 9.2, we may (but are not obliged to) take out policies to cover these risks and we will be entitled to collect the cost of these policies from an account you hold with us. For the avoidance of doubt, the costs will include not only the premium due to the insurance company but in addition a service charge due to the Bank. These policies will be for the benefit of the Bank and will only cover the value of the Loan.

HSBC Bank Middle East Limited Home Loan Terms and Conditions (February 2014 – February 2015)

9.4 If you fail to maintain the insurance policies referred to in Part A Clauses 9.1 and 9.2, we may (but are not obliged to) take out policies to cover these risks and we will be entitled to add the cost of these policies to the Home Loan Debt. For the avoidance of doubt, the costs will include not only the premium due to the insurance company but in addition a service charge due to us. Any life insurance policy taken pursuant to this clause 9.4 will only cover the value of the Home Loan Debt. Any buildings insurance policy taken pursuant to this clause 9.4 will only cover the full replacement value of the Property. These policies will be for our benefit and we will use the benefits of such policies to repay the Home Loan Debt.

9.4 If you fail to maintain the insurance policies referred to in Part A Clauses 9.1 and 9.2, we may (but are not obliged to) take out policies to cover these risks and we will be entitled to collect the cost of these policies from an account you hold with us. For the avoidance of doubt, the costs will include not only the premium due to the insurance company but in addition a service charge due by us. Any life insurance policy taken pursuant to this clause 9.4 will only cover the value of the Home Loan Debt. Any buildings insurance policy taken pursuant to this clause 9.4 will only cover the full replacement value of the Property. These policies will be for our benefit and we will use the benefits of such policies to repay the Home Loan Debt.



UAE Home Loans

Summary of Insurance Changes Under HSBC UAE Home Loan Terms & Conditions


Amendments to the HSBC Home Loan Terms and Conditions are set out below. For ease of reference, additions are underlined

Terms and Conditions
This name of the document can be found on the first page of your Home Loan Terms and Conditions
Existing Clause
This will be the existing clause under your Terms and Conditions
New Clause
The Existing Clause will be amended in the manner illustrated below with effect from 10 June 2017
HSBC Bank Middle East Limited Home Loan Terms and Conditions (November 2009 – January 2014) 9.3 If you fail to maintain the insurance policies referred to in 9.1 and 9.2, we may (but are not obliged to) take out policies to cover these risks and we will be entitled to add the cost of these policies to the Loan. For the avoidance of doubt, the costs will include not only the premium due to the insurance company but in addition a service charge due to the Bank. These policies will be for the benefit of the Bank and will only cover the value of the Loan. 9.3 If you fail to maintain the insurance policies referred to in 9.1 and 9.2, we may (but are not obliged to) take out policies to cover these risks and we will be entitled to collect the cost of these policies from an account you hold with us. For the avoidance of doubt, the costs will include not only the premium due to the insurance company but in addition a service charge due to the Bank. These policies will be for the benefit of the Bank and will only cover the value of the Loan.
HSBC Bank Middle East Limited Home Loan Terms and Conditions (February 2014 – February 2015) 9.4 If you fail to maintain the insurance policies referred to in Part A Clauses 9.1 and 9.2, we may (but are not obliged to) take out policies to cover these risks and we will be entitled to add the cost of these policies to the Home Loan Debt. For the avoidance of doubt, the costs will include not only the premium due to the insurance company but in addition a service charge due to us. Any life insurance policy taken pursuant to this clause 9.4 will only cover the value of the Home Loan Debt. Any buildings insurance policy taken pursuant to this clause 9.4 will only cover the full replacement value of the Property. These policies will be for our benefit and we will use the benefits of such policies to repay the Home Loan Debt. 9.4 If you fail to maintain the insurance policies referred to in Part A Clauses 9.1 and 9.2, we may (but are not obliged to) take out policies to cover these risks and we will be entitled to collect the cost of these policies from an account you hold with us. For the avoidance of doubt, the costs will include not only the premium due to the insurance company but in addition a service charge due by us. Any life insurance policy taken pursuant to this clause 9.4 will only cover the value of the Home Loan Debt. Any buildings insurance policy taken pursuant to this clause 9.4 will only cover the full replacement value of the Property. These policies will be for our benefit and we will use the benefits of such policies to repay the Home Loan Debt.