An amount of approx 21k is debited from my SBI Maxgain account against”SBI GEN PROPERTY INSURANCE”and that too without any intimation about the same. When I ask the Bank about the same, they said that it is mandatory to have property insurance if you avail the loan for a property from the bank. I found it very unprofessional on the bank’s side to sell me the product without even thinking it necessary to inform me about the same. Pls suggest if it is mandatory to go for the Propery Insurance and is it true for all the banks offering the Home loans. Is there any way to ask the bank to refund my money?
Thanks in Advance.