SBI Easy Home Loan
Pressurised for House insurance

SBI Home loan for Rs 9 lacs

I have applied home loan for Rs 9.00 lacs during March and it was sanctioned on July with 6.49 Rs and also sectioned 30, 000 Rs for SBI life insurance, However total amount sectioned 679000 Rs.

My flat construction started from Nov 29 and invested personal money for initial work. SBI informed home loan interest @8% fixed for the First year and 9%fixed rate for 2nd and 3rd year on Feb 2 up to Rs 30 lacs for NEW CUSTOMERS. In addition, there will be no processing fees, free personal accident insurance and no levy on prepayment of loans if they are paid from the borrower’s own resources. On enquiry with the bank, I came to know that they have charged @10.5% interest rate and processing fee.

Now we want the all sectioned money But SBI Issue the check as per 41:59 % Ratio at first time and now pressurized for House Insurance and will be deduct 8000-10000 Rs. If I failed for this, they said, not issue the next check.

This house insurance is compulsory…? Can we withdraw all section amounts onetime……? I request you to kindly enlighten the provision and advice me in this matter.

Company: SBI Easy Home Loan
Country: India

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