SBI home loan Fraud by branch

[raze]

I recently got a SBI home loan (SBI processes home loans using a separate branch that they call racpc)
One person at the branch told me that SBI would charge me ~1800Rs for life insurance to cover my home loan, and I told him that I was fine with it, he then made me sign at around 100+ places (mostly related to builder buyer agreements etc).

Almost 2 months after this, another loan of 1.5lakhs is opened and linked to my savings account, this loan is for life insurance.
The loan is opened and I am charged without intimation/consent.

The SBI branch is not ready to cancel this insurance and asking me to pay 1.5 laksh, is there anything that I can do?

 

[raze]

@SSV any suggestions on this?

 

[vengolf]

For any insurance policy there is look around period

 

[SSV]

@SSV any suggestions on this?

sorry , can't help you in this ... regarding Home Loan.. I never had a home loan ..

 

[raze]

For any insurance policy there is look around period

Who should I contact in case the branch is refusing to help?

 

[SSV]

Who should I contact in case the branch is refusing to help?

Look at here.. for the respective Home loan contact..

https://sbi.co.in/web/customer-care/contact-us

or here

Addresses And Helpline Nos Of Grievances Redressal Cell - Customer Care

sbi.co.in

 

[RajS]

I recently got a SBI home loan (SBI processes home loans using a separate branch that they call racpc)
One person at the branch told me that SBI would charge me ~1800Rs for life insurance to cover my home loan, and I told him that I was fine with it, he then made me sign at around 100+ places (mostly related to builder buyer agreements etc).

Almost 2 months after this, another loan of 1.5lakhs is opened and linked to my savings account, this loan is for life insurance.
The loan is opened and I am charged without intimation/consent.

The SBI branch is not ready to cancel this insurance and asking me to pay 1.5 laksh, is there anything that I can do?

This is normal when you opt for insurance. Its like a term insurance and stays active as long as you have home loan due. I would suggest you continue this. If you pay 1.5L, the insurance coverage will continue and coverage will be same as your loan amount and act as sheild for you

 

[raze]

This is normal when you opt for insurance. Its like a term insurance and stays active as long as you have home loan due. I would suggest you continue this. If you pay 1.5L, the insurance coverage will continue and coverage will be same as your loan amount and act as sheild for you

A term insurance for next 20 years would be cheaper than this and give much more coverage than this imo.

 

[RajS]

A term insurance for next 20 years would be cheaper than this and give much more coverage than this imo.

I get 55L coverage for 18K a year for 36 years old as part of this insurancd

 

[sudoabhi]

This is normal when you opt for insurance. Its like a term insurance and stays active as long as you have home loan due. I would suggest you continue this. If you pay 1.5L, the insurance coverage will continue and coverage will be same as your loan amount and act as sheild for you

 

[panchabhut]

this is a trap used by practically all banks. they never tell you that its a single premium insurance policy and the principal amount would be converted to emi with interest. icici tried to pull this with me last year. I told them to give complete details on mail. only then I found what it really was. never fall for such trap. always say that you will take a separate regular term cover for the principal amt.

 

[shashankrt]

This is normal when you opt for insurance. Its like a term insurance and stays active as long as you have home loan due. I would suggest you continue this. If you pay 1.5L, the insurance coverage will continue and coverage will be same as your loan amount and act as sheild for you

This is absolutely not normal and it's daylight robbery. 1.5 lakhs will easily get him term insurance for 1 cr if he is less than 30 yrs old. Why would any sane person opt for this especially when bank will be sole beneficiary of insurance claims.

 

[RAMESH BABU N]

... and I told him that I was fine with it, he then made me sign at around 100+ places (mostly related to builder buyer agreements etc).
.....
The loan is opened and I am charged without intimation/consent.

You spoke to someone n you agreed.

You Signed at 100+ places ?

What else will be a "consent" ?

At least now, go back to them and get a copy of what all dox you have signed. Read n know where you stand.

Then decide.

Btw, Do not sign another set, at 100+ places.

 

[RajS]

This is absolutely not normal and it's daylight robbery. 1.5 lakhs will easily get him term insurance for 1 cr if he is less than 30 yrs old. Why would any sane person opt for this especially when bank will be sole beneficiary of insurance claims.

You may be right But, He was aware of what he was doing. He has agreed and signed the docs

 

[Zacobite]

I recently got a SBI home loan (SBI processes home loans using a separate branch that they call racpc)
One person at the branch told me that SBI would charge me ~1800Rs for life insurance to cover my home loan, and I told him that I was fine with it, he then made me sign at around 100+ places (mostly related to builder buyer agreements etc).

Almost 2 months after this, another loan of 1.5lakhs is opened and linked to my savings account, this loan is for life insurance.
The loan is opened and I am charged without intimation/consent.

The SBI branch is not ready to cancel this insurance and asking me to pay 1.5 laksh, is there anything that I can do?

you can cancel any policy or loan.. go to bank and give complaint in writing to the head officer there and ensure it is received. You can then pick up with RBI. You cannot claim fraud as YOU may have signed up for it but you can definitely ask for exit options..

 

[RajS]

you can cancel any policy or loan.. go to bank and give complaint in writing to the head officer there and ensure it is received. You can then pick up with RBI. You cannot claim fraud as YOU may have signed up for it but you can definitely ask for exit options..

Free lookup period may be over by now. He can't do anything except paying the amount in one go or pay in emi

 

[Zacobite]

Free lookup period may be over by now. He can't do anything except paying the amount in one go or pay in emi

all insurance has exit clauses.. he needs to get details if what he signed up for.. we are all only guessing...

 

[arun4455]

I recently got a SBI home loan (SBI processes home loans using a separate branch that they call racpc)
One person at the branch told me that SBI would charge me ~1800Rs for life insurance to cover my home loan, and I told him that I was fine with it, he then made me sign at around 100+ places (mostly related to builder buyer agreements etc).

Almost 2 months after this, another loan of 1.5lakhs is opened and linked to my savings account, this loan is for life insurance.
The loan is opened and I am charged without intimation/consent.

The SBI branch is not ready to cancel this insurance and asking me to pay 1.5 laksh, is there anything that I can do?

This insurance would be from SBI General/ Life Insurance. Complaint to SBI Life Insurance that SBI missold this policy to you and you want to cancel it. They should be able to cancel it.

 

[raze]

This insurance would be from SBI General/ Life Insurance. Complaint to SBI Life Insurance that SBI missold this policy to you and you want to cancel it. They should be able to cancel it.

I reached out to SBI life insurance nodal officer, he asked me write an application and he would take this case further.

 

[Manav24]

SMS UNHAPPY to 8008 20 20 20 from the registered number, you will receive a call from Customer service and you can lodge your complaint officially , the complaint is taken up seriously in HO, better than complaining directly to branch