Need A Financial Product Forums Loans Bank forcing me to purchase sbp surakasha for home loan

This topic contains 1 reply, has 2 voices, and was last updated by  Saremal Jain 3 years, 3 months ago.

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • #47107

    Saremal Jain
    Member

    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?

    #47108

    Bhumika Kaul
    Member

    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.

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic.

About Us

Simplypaisa, a web initiative by Elite Wealth Advisors Ltd, has the primary objective to help readers make smart financing decisions. What is smart finance? How to make smart financing decisions to procure assets or to meet one’s personal needs? Information is critical to make smart financing decisions: be it to purchase your dream house, a car, to start a business or to enable an entrepreneur to meet his/her working capital needs.Read More...

GET IN TOUCH WITH US

Elite Wealth Advisors Ltd.
S-8, DDA Shopping Complex,
Near Jeevan Anmol Hospital,
Mayur Vihar Phase-1, Delhi-110091.
Phone No: 011-42445800
Email : connect@simplypaisa.com

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.