Programs of mortgage insurance and personal insurance of borrowers
After completing all necessary insurance contracts, in accordance with the terms of the loan agreement and the mortgage / mortgage contract, they, together with the documents confirming the payment of insurance payments under the contracts, must be provided to Raiffeisen Bank Aval.
If the borrower does not provide insurance contracts, the conclusion of which is a condition for the provision / maintenance of a loan that meets the requirements of the bank, before the expiry of the previous insurance contracts, the bank has the right to apply to the borrower the penalties provided for by the terms of the loan agreement (pledge / mortgage contract) for violations taken on obligations for the insurance of mortgaged property (and other types of insurance stipulated by the terms of a loan agreement, a mortgage agreement / mortgage).
The Borrower has the right to choose an insurance company not listed in the above list only after obtaining positive results of its verification for compliance with the bank's requirements in accordance with paragraph 2 of the Raiffeisen Bank Aval's audit / selection of insurance companies.
The procedure for Raiffeisen Bank Aval inspecting insurers which requirements and documents required for such verification are indicated in the following documents: (I provide the archive file).