[Resolved]  Axis Bank Home Loan — Making Life Policy Mandatory

Hi,

I applied for Home Loan from Axis Bank during mid December'09. In January 1st week I gave them a call and ended up in a shock. Loan was not processed. Now they say a life insurance attached to the home loan from Axis bank.

Surprisingly they say it is only mandatory for those people taking loan below 30 lakhs. This should not be the case since higher the loan amount the higher the risk with the bank.

They also refuse to send any official or written communication in this regard,

My loan document which was being handled by Mr. Seetharam and Mr. Sathies of Axis bank Kormangla branch in Bangalore is now being returned to me without giving any official reason for rejection.

Not sure how to handle such miscommunication and misbehaviour from Axis Bank.

Regards,
Rakesh