Compulsory Home Insurance Cover with SBI maxgain Loan

POSTED BY chris ON September 13, 2013 5:49 pm ONE COMMENT

hello , I had taken a NRI max gain home loan with SBI last year. It is an under construction flat and I was just charged an amount of 26k  a one time premium for my home general insurance

The total cost of the flat is 42 lakh. The SBI loan is 30 lakhs and i pay the rest. It is an under construction property and SBI is releasing it in different levels of payment based on construction progress. now, my questions are

1. Is the premium based on 42 lakhs or the loan sanctioned amount or loan disbursed amount

2. will it be a one time fee ?

3. If I shop outside, will i get a cheaper price for the home insurance ?

4. I took this loan last year, and SBI is charging me this after a year ….is this a game of trick ……so that we cannot do anything in the middle of the loan processing ?

 

One reply on this article “Compulsory Home Insurance Cover with SBI maxgain Loan”

  1. ashalanshu says:

    Dear Chris, the 26K prem. is one time prem. for full 42L Rs. loan amount. The price is not very different with other insurers. Before blaming SBI, please read your Loan agreement on property insurance clause. In all probability, it’s written there that you need to purchase adequate property insurance. 🙂

    thanks

    Ashal

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