Need A Financial Product › Forums › Loans › Is it mandatory to take house insurance for home loan

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  • August 8, 2014 at 11:53 pm #46751
    Sameer Kapoor
    Participant

    My home loan has been sanctioned with SBI. Bank is asking for house insurance for natural calamities. They are saying that it is mandatory to get a loan and the same finds a place in RBI circular. Further, as per IRDA, I will have to bear the cost of insurance. My point is when I don’t find a need for this insurance, why should I opt for it. Who is wrong ? I or SBI?

    August 10, 2014 at 7:19 pm #46752
    Sameer Kapoor
    Participant

    I am sorry to say that you are wrong. Being an owner of this house, it is your responsibility to cover bank’s risk against natural calamities.

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