Need A Financial Product Forums Loans Can I be forced to purchase insurance policy with loan

This topic contains 1 reply, has 2 voices, and was last updated by  Ram Gaikwad 2 years, 9 months ago.

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • #46855

    Ram Gaikwad
    Member

    I am applying for joint home loan with my wife from SBI. But the bank manager is forcing us to purchase an insurance policy from them then only they will disburse the loan amount to me. Can a bank force me to purchase this insurance policy? What are the alternatives available to me?

    #46856

    Bank cannot force you to purchase insurance policy other than property insurance from them. Read about free look up, then again go to the branch manager and explain him that you are aware of the complete details of no necessity of purchasing insurance policy with home loan.

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