Home Loans State Bank of India [SBI] two times recovery ofsingle sided adva insurence for home loan

State Bank of India [SBI] review: two times recovery ofsingle sided adva insurence for home loan

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11:40 am EDT
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I (p. rama lakshmana rao) have taken home loan of 12 lakhs with a/c no. [protected] from sbi, gopalapatnam branch, visakhapatnam. a. the above a/c an amount of rs 8, 648/- is deducted two times on 24-09-2010 and 28-09-2010 towards "single sided advance insurence" for the above home loan.
this was brought to the notice of racpc of chief manager, visakhapatnam, a. p on 18-10-2010 and I have contacted the office mainy times, personally. but, till date, the above amount is not remitted to the loan a/c.

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Dec 17, 2019 10:41 pm EST

i applied for 30 lakhs home loan and the sanctioned amount was rs 30 lakhs for home loan and rs 63400/- for insurance. i was totally disappointed when they said 28 lakhs shall be paid to Seller of the flat as per Agreement of sale . and 2 lakhs shall be paid towards my sbi account. at last i recieved 167300/- out of 2 lakhs. when i ask they are saying its a property insurance charged. i was shocked without my notice how could they charge me nearly rs 32700/- and forcefully they asked to take insurance on my spouse for premium 52400/- for 30 lakhs -20yrs . which is deducted from sanctioned 63400/- amount.

see friends we are having a blind faith on govt. banks but these stupid idiots are dumb stuck at their desks without proper informing the procedures and make us fool in the loan issues.

i am ashamed of taking loan in choosing SBI HOME LOAN.
Habsiguda home loan
Maula ali RACPC

Aug 02, 2018 12:00 am EDT

Me too is facing the same situation. Every month it is automatically getting deducted from the transaction made towards home loan account in the form of EMI or even temporary fund parking with max gain facility. No response from the Home loan branch yet even after repeated reminders in last 5 months. No idea what to do. Har Har Modi.

Sep 20, 2017 11:16 pm EDT

I do agree. It should not deducted without customer's approval.

Jun 30, 2012 9:46 am EDT

The SBI customer care is saying, it is charged against the "Home/Building Insurance". This is completely illegal. We should raise our voice... RBI should look into this matter... You file a complaint in Banking Ombudsman, a RBI cell to track this kind of illegal activities of the Bank...


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536 complaints
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State Bank of India [SBI] contacts

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Phone number
State Bank Bhavan, 16th Floor, Madam Cama Road, India