Is SBI General Insurance mandatory after home loan transfer ?

POSTED BY ndebjani ON October 5, 2013 1:09 pm COMMENTS (3)

I had transferred my home loan to SBI…they are forcing me to take general insurance from them that depends on the valuation which means I will have to make a one time investment of 35000 for the same and they say it’s mandatory…nothing was told to me when I applied for the same in their branch.

I would like to complain about the same. How do I take it forward?

3 replies on this article “Is SBI General Insurance mandatory after home loan transfer ?”

  1. ashalanshu says:
    October 5, 2013 at 7:28 pm

    Dear Ndebjani, in that case you w’d have to purchase property insurance from SBI General insurance.

    Thanks

    Ashal

    Reply
  2. ndebjani says:
    October 5, 2013 at 7:19 pm

    So as per you SBI general insurance is not mandatory but property insurance is compulsory. Well I do not have property insurance for my flat.

    Reply
  3. ashalanshu says:
    October 5, 2013 at 1:44 pm

    Dear Ndebjarti, is your property covered or not already? Please do not having property insurance is compulsory but purchasing it from SBI Gen. Insurance is not at all compulsory.

    Thanks

    Ashal

    Reply

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