Hello Sir,
My name is Sabeesh. K. K and is hailing from Kozhikode, Kerala. Recently I have sanctioned with a Home Loan of Rs. 14,13,000 from SBI, Kozhikode RAASMEC Branch. When I reported for signing the documents the Manager of the section told me that, a Life Insurance of Rs. 63,000 is mandatory which will be deducted from my loan amount and the remaining amount of Rs. 13,50,000 only will be give into my hand and they compelled me to sign the same too. I was unaware that the Life Insurance is not mandatory and signed the documents for this insurance also. Later I have received a first stage amount of Rs. 2,50,000. Now what can I do to withdraw the Life Insurance.
Also I have already paid an amount of Rs. 13,377 as Property Insurance. Is this legal?
Please reply me,
Sabeesh. K. K