IDBI Bank — Insurance of home and top up loan/discontinue it with 1 yr charge only

Ravindra Bawne

from Jalandhar, Punjab

Address:

Vadodara, Gujarat, 390012

Dear sir
I closed my IDBI bank home-loan A/c no [protected] and top-up loan A/c no [protected] by giving the full payment on 03.02.2017 at IDBI BANK, race course branch, Vadodara (Gujarat)
Now I would like close down both insurance policies on home loan and top up loan with a/c no [protected] and [protected] respectively.
If I want to discontinue these policies from day one of closing of home-loan and top-up, then why should I pay the full insurance loan amount for 15 yr.
Kindly request to return my original document of home
Thanks
Yours faithfully
Ravindra Maroti Bawne
Cust. id : 74472659

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IDBI Bank customer support has been notified about the posted complaint.

Feb 19, 2017

Updated by Ravindra Bawne very good point raised

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Comments

KRAX

When they give back the peoperty documents, they give back the loand policy document too. Just submit a letter to the concerned person (idbi federal representative) normally a person would be available in idbi bank branches it self.

If not, go to the idbi federal office and submit all required documents and a cancelled cheque to them and take contact on who to be follow up keep chasing them every week or so.

You need to to submit 1. Original policy documents 2. Loan closure bank confirmation - xerox copy 3. A letter mentioning surrender the policy. 4. A cancelled cheque.

I got this process smoothly and got 18k back out of 74 k i paid 6 years ago while taking loan. Only thing is you need to get hold of correct people.