SBI Home Loantwo times recovery ofsingle sided adva insurence for home loan

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a verified customer
Verified customer
Review updated:

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.


  • Gv
    gvk chaitanya Dec 17, 2019
    This comment was posted by
    a verified customer
    Verified customer

    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

    0 Votes
  • Dr
    Dr D.K. Jha Aug 02, 2018
    This comment was posted by
    a verified customer
    Verified customer

    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.

    0 Votes
  • La
    Lalit Bisht Sep 20, 2017

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

    1 Votes
  • Ua
    U Anonymous Jun 30, 2012

    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...

    2 Votes

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