Hello guys, Need some information from you. I have an SBI MAXGAIN H/L account for my under-construction property (took loan approx 6months back). While applying for H/L I didn’t opt for any personal insurance. But SBI told me there will be a property insurance which is mandatory.
But I need to pay the one time premium only after possession of the property which I am yet to get. They also told me that it will be approx Rs. 4260 based on their calculations on my property agreement value. But today from my MAXGAIN A/C an amount of Rs. 11695 deducted with description mentioned as General Insurance premium Renewal. I am yet to get possession of the apartment.
Please guide me here.
Can someone throw some light on this?