[Resolved]  Axis Bank — forcing life insurance policy for mortgage loan

Address:

Chinchwad Pune, 411033

Dear sir,

I have applied for the mortgage loan at axis bank, rahatni branch, pune.

My loan is sanctioned after 2.5 months followup with axis bank which is highly frustrating that having private bank it takes forever.
In addition i have already paid the home insurance policy for the flat around rs 6000/- per year.
Now after submitting all the original documents & signed the documents for mortgage axis bank branch manager is forcing to get the life insurance for the amount of rs 25000/- year life insurance policy. Otherwise they will not provide the loan to me. When i denied to get the life insurance they are saying that yo have to get the life insurance as per their policy other wise they wont provide the loan.
I already have life insurance policy's on my own from tata aig & icici produncial & lic, now why axis bank is forcing me to get another life insurance policy? Also they are not showing any government or rbi letter which asks to get the life insurance policy while applying mortgage loan.

This is mortgage loan & the flat is already insured by them only.
My loan application number is : 80602032
(Axis bank contact : mr samrat patil (Asm pune - m : [protected])
So far i have spent total rs:35000/- for all the documentation, loan processing fees & at the end evan after the loan sanction they are forcing me to get the life insurance policy. I feel this is very much unprofessional way & need urgent support from senior team of axis bank.

Kindly request for urgent support as this is causing too much harassment in terms of effort, time & money.

Kindly request for your support. I am thinking to take back my loan application & original documents even i have lost rs 35000/- with them & valuable time of 2.5 months. I will wait for your valuable guidance asap.

Thank you,
Best regards,
Govind paralkar
[protected]