How to cancel the sbi life of the home loan

POSTED BY Ram ON December 21, 2012 8:06 am COMMENTS (3)

Hi,

I have taken sbi home loan recently.At the time of taking the loan i was not at all informed about the sbi life for the home loan.While,releasing 75% of the amount to the builder,bank manager told me that i need to pay 25,000 premium for sbi life for 20 years like that.When i asked her about this,she s saying it s compulsary.If,it is the case this is going to burden me a lot.Please someone suggest me the way to cancel this sbi life.

Thanks,

Ram

3 replies on this article “How to cancel the sbi life of the home loan”

  1. Credexpert says:

    Dear Ram,

    Your case seems to be a cross selling example. However the bank must have informed you before SBI Life was offered to you along with the Home Loan.

    Read your Home Loan agreement and / or the offer letter, to get further details. If they have not put this as a condition, then they are not right on insisting on the policy. You should take it up with SBI.

    Regards,
    Credexpert

  2. Vinodh Kumar says:

    Hi Ram,

    First thing, its not mandatory to take SBI life insurance along with SBI Home loan.

    If you already taken it, please visit sbi life insurance branch to surrender the policy.

    –Vinodh Kumar

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