Bank forcing me to purchase sbp surakasha for home loan

[samkapoor77]

I have borrowed Rs. 26 lakhs home loan from SBI for 20 years tenure at 10.50% per annum rate of interest. Now the bankers are forcing me to purchase sbp surakasha and to bear its premium. I am not interested in taking this insurance cover at least the one suggested by bank. Is it mandatory to purchase insurance policy from them?

[Sameer Kapoor]

Purchasing an insurance cover for loan is a good idea and in fact borrowers must buy property insurance. However, bank can not force you to purchase a specific policy. You have a right to purchase it from any insurer.

[Author]

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