| Address: | Bangalore, Karnataka |
The hatchery Building which was constructed during 2006 against the sanction letter Ref. No. SME/C-615/2006-07( loan account [protected]). Since we are paying the loan dues regularly. The property is in a safe locality as such there is no any disaster threats. However, the bank without our consent insuring and demanding the premium only to favour the insurance company. Further I did not receive any insurance documents for the previous year[protected]. After paying the yearly loan installment there was continuous demand for the payment of the insurance premium. When requested for the insurance documents I have received and on perusal of the Insurance documents it is observed that without considering the depreciation value or the current loan amount due, the property was insured for the initial Loan amount sanctioned. While insuring the property the current value of the property / the loan due amount should have been considered. When the clarification was sought over the phone the Bank, the bank employee is threatening that it is the loan overdue amount I am asking. Your loan become NPA by next month, we can't help.
In this regard, I request your kind self to address this issue and give me a clarification . As per the RBI guidelines, If it in force to pay the Insurance premium without considering the depreciation value as indicated /demand by the bank I shall pay. If there is mistake from the bank pl. let me know what is the actual insurance amount should I pay.
Was this information helpful? | 
Post your Comment