Is SBI property insurance mandatory?

It is not mandatory to buy a home insurance policy from a bank in order to get a loan. Contrary to the bank’s claims, there is no compulsion by the Reserve Bank of India (RBI) or the Insurance Regulatory and Development Authority (IRDA) for home loan applicants to buy any kind of insurance from the bank.

Is life insurance mandatory for home loan?

Let me make it clear that though buying of a life insurance policy with the home loan is not mandatory, it is in your own interest and the interest of your family members that you buy a term plan to cover the liability on your home loan to ensure peace of mind for you and your family members.

Is personal loan required for SBI insurance?

NO! It is not mandatory to take insurance for a personal loan.

Is accidental insurance compulsory in SBI?

Accidental Death cover is a compulsory cover; Permanent Total Disablement, Permanent Partial Disablement and Temporary Total Disablement are Optional covers available to the proposer.

Is insurance compulsory for personal loan in SBI?

Is life insurance mandatory for SBI home loan?

From what I know, incase of SBI , property insurance is mandatory, but that would not cost a lot. May be few thousands ! , you can take it from same guy or outside ! Life or propoerty or any other type of insurance is not mandatory with home loan.

Is it mandatory to get property insurance from SBI General Insurance Company?

Getting the property insured is mandatory, but it’s not mandatory to get it from SBI General Insurance Company only. You can choose any insurance firm which costs you the least.

Is it mandatory to buy a home insurance policy from Bank?

It is not mandatory to buy a home insurance policy from a bank in order to get a loan. Contrary to the bank’s claims, there is no compulsion by the Reserve Bank of India (RBI) or the Insurance Regulatory and Development Authority (IRDA) for home loan applicants to buy any kind of insurance from the bank.

Is property insurance mandatory for bank loans in India?

No this is not mandatory,as per government law,but bank and HFC trying to force for insurance against property and loan, for future risk cover. , Research Scholar of Economics in KIIT University. Property insurance is required to liquidate the bank loan incase of premature death of the borrower without burdening the family members.