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Is it compulsory to purchase life insurance if taking a home loan? - Property Hotline
Posted
December 30, 2016
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3:28
6:38Now PlayingExpert: Harsh Roongta CEO, Apnapaisa.com, Home Finance Expert
Q: I have taken a home loan of Rs 15 lakh from SBI. Along with the loan, the bank told me it was mandatory to go for both life and general insurance schemes. Please tell if these covers are mandatory.
A: There is a very clear RBI regulation that prohibits making insurance sold by the banks compulsory along with the loan. The one way to combat that is to ask the bank to put that in writing that you have to take the insurance through them.
Please remember the bank is well within its rights to say that you should take life insurance and property insurance. However, it is not allowed to force you to buy it from them.
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