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, 5 months ago.

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    Saremal Jain

    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?


    Bhumika Kaul

    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.

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