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, 3 months ago.

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  • #46855

    Ram Gaikwad
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    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.

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