Home loan insurance?

Question

Dear Sir we have been sanctioned Home loan and we dont want insurance on Home Loan and we will do it from other insurance company, because your charges are very high as compared to the company you are offering.

Answer 1

Dear Maya

At the outset, let me clarify that this site is designed and managed by a group of Senior Banking Professionals to assist Bank Customers at large to provide guidance for resolution of any complain/query/grievance in respect of financial services. This site does not belong to any Bank or a regulator, which may please be noted.

Please represent the issue to the bank, where from you are going to have the home loan. Bank should be fine, since they need insurance.  However, need to ensure that the insurance is obtained with required clauses and duly assigned / hypothecated to the financing bank.  

RAJA