I wanted to get a Loan against my home but when I'm enquiry with bank most of them almost all came up with a insurance package which need to be bought with the loan and all are insisting it mandatory without which they will not provide loan. I do hold a life insurance with LIC and above that I'm pledging the property to obtain a loan.
Can anyone pls give a clarification whether is it mandatory to get a life insurance or something like that cuz I have seen some places it's mentioned that insurance is not mandatory. Also is there any official circular or anywhere mentioned in rbi or irdai website that insurance is not mandatory to avail a loan so that I can use that as a proof and talk to those representatives. Thank you.
Can anyone pls give a clarification whether is it mandatory to get a life insurance or something like that cuz I have seen some places it's mentioned that insurance is not mandatory. Also is there any official circular or anywhere mentioned in rbi or irdai website that insurance is not mandatory to avail a loan so that I can use that as a proof and talk to those representatives. Thank you.
