My name is V.N.Aparna.I am 24 years old.I am working in TCS.I own a plot in Miyapur, Hyderabad.I planned to construct an Independent house(only ground floor) there.For this, I approached Union Bank, Jubilee Hills branch, Hyderabad last year in May 2008.As per the plan, I requested for Rs.12 Lakhs housing loan which got sanctioned on 04/06/08.
In November 2008, I requested for my housing loan transfer to newly opened Kukatpally branch which is nearer to my the site.So further disbursements were continued from Kukatpally branch.Later on I revised my plan and wanted to construct 1st floor as well.For this, I requested the branch for Rs.9 Lakhs as enhancement.I submitted my application for enhancement along with all required documents like revised plan, revised estimation from builder, revised estimation from Bankers' CA panel etc in February 2009. As the branchs' loan sanctioning limit is Rs.12 Lakhs only, my enhancement request was forwarded to Regional Office(RO) here in April 2009 by the branch.Almost 6 months have passed, they are not sanctioning the required loan amount. Also no enough staff there to attend my case there. I tried to reach RO to know the status of my loan process, but they simply ask me to get in touch with branch, and I need not to contact them. Branch officers say that it will be done, but they dont know when it will be sanctioned as the matter is in the hands of RO.
I feel it was my biggest mistake to get the account transferred to other branch.I am really very tensed, my construction work is totally halted. I am not finding any way. Should I transfer my account back to the 1st branch? Please help me in this regard. Thanking you i ancticipation.
Aug 14, 2020
Complaint marked as Resolved
The life insurance will be to cover the possibility of your untimely death.
Without the insurance: if you were to pass away before the loan was repaid [perhaps even before completion of the course] your father would not only lose your support but would also have to pay off the loan
WITH the insurance: if you were to pass away, at least your father would not have that additional burden since the remaining loan balance would be paid by the insurance company and your
So I would suggest everybody to take an insurance in such cases. The cost is minimal, the potential benefit absolutely desirable.
The cover will be a pure life cover, not investment oriented, and as such it will be as cheap as possible. In fact neither the insurance companies nor their agents make much money on these plans --- which is why they will NEVER try to hardsell them.
But that is the very reason such plans can be a good idea !!!
Which company you take it from will make little difference, and taking through the same bank may simply be easier and more convenient in the overall context.
So I would suggest just go ahead with their requirement, it is just a complete advantage for you
Regards