[Resolved]  Axis Bank — forcing customers to purchase loan/protection insurance along with home loan

Address:	Pondicherry, Puducherry
Website:	www.axisbank.com

Hello,

I have recently availed home loan from axis bank. The service offered from intial application submission till loan disbursement is pathetic. They do false commitment everytime and doesn't give proper checklist to process the loan before proceeding further. Having said that, they force customers to opt for purchasing loan protection/insurance cover during disbursement stage. They have made me purchase an insurance for 10k and adjusted it in my loan amount. I argued with them for about 2 hours without fail and statement from them is that without any insurance over, loan will not be disbursed. The behavior of staffs in pondicherry loan branch at st. Ange road is horrible. My application no: ph_lnphg_floating_bre/ 8998099. Never opt for axis bank home loan. Insurance cover for home loan products is not mandatory by law and no such circular from rbi as well but axis has printed it in sanction letter threatening customers to. Purchase it at last moment during disbirsement process. Pls look into this matter