Property Insurance for SBI MaxGain Home Loan

POSTED BY niljag ON October 26, 2012 6:54 pm COMMENTS (3)

Hi All,

I have just taken SBI MaxGain home loan for a flat. I have taken loan of INR 38 lac. On the loan aggrement date bank asked for Property Insurance of approx. INR 19500 on my loan amout. Thats fine.

Bank asked me to give the cheque for the same. I have given cheque of Rs. 19500 to SBI. However bank did not give me any documetns for the Property Insurance. They have handed over only the Home Loan documents.

 I would like to know, when bank takes property insurance amount, do we get any document for the same as a proof? Or may be for our reference.

Awaiting your reply.

Thanks!

 

 

 

3 replies on this article “Property Insurance for SBI MaxGain Home Loan”

  1. Sandeep says:

    Hello, You will get property insurance copy from bank once it is issued by New India insurance. just check with the resp branch.
    Same case with me in 2009. I didnt get acknowledgement but I got the copy. 1 copy for bank, another for me. In fact, they deducted from saving account twice. When I told them they reverted back additional premium after consulting with New India ins.

  2. AJ says:

    You will get a recieved a copy of it by mail at your correspondence address after 2-3 months. Usually RAPC provide all the information at the time of disbursement briefing.

  3. somasekhararaom@gmail.com says:

    Hi,

    It’s your responsibility to get acknowledgment ( Legal validity ) even if you pay a single rupee to bank.

    Thanks,
    Sekhar

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