[Resolved]  Punjab National Bank Housing Finance [Pnbhfl] — forced life insurance with home loan

Address:

Pune, Maharashtra, 411045

Hi,

I have applied for a home loan with 90% funding for a ready possession property in wakad, pune. After initial processing and getting a confirmation of sanctioned for a home loan, i did not receive any physical or soft copy of the sanctioned letter. After following up with the pnb salesperson and enquiring about the next process i came to know about compulsory 5% insurance which was previously mentioned as negotiable. I tried to ask for the sanctioned letter which he says is only provided at the time of disbursement.

Now i am stuck after doing registration of the property bank is asking for 2.5 lacs insurance premium which i have to pay upfront or it will be added to loan amount. They say i have only two options pay insurance money upfront or add to loan, or else the loan will be canceled. They are not even sharing the sanctioned letter or any other document or receipts till date from bank pertaining the processing or conditions in writing.

Subject "approval of your housing loan/residential home purchase loan application no. Hou/pm/0218/488628"

"dear sir,

Welcome to pnb housing finance ltd. Thank you for choosing us for your housing loan/residential home purchase loan.

We are happy to inform you that your application has been approved.

Sanction letter containing broad terms and conditions is being sent to your mailing address.
Kindly contact us for early completion of formalities relating to disbursement of your loan. You can also make request for disbursement on link www.pnbhousing.com

Following documents are to be submitted by you for availing disbursement of your loan:

1. Accepted sanction letter by all borrowers
2. Fulfillment of sanction conditions
3. Duly signed loan agreement
4. Disbursement request form
5. Registered ecs along with 7 cheques
6. Property documents

Our relationship manager will assist you in completion of disbursement formalities. You may also contact us at communication details mentioned below for availing disbursement.

Relationship manager: amol honde
Mobile no: 9999999
Branch address: pnb housing finance ltd. Office no. 302, 3rd floor, gheewala complex, station road, chinchwad, pune
Branch phone no.:[protected]

Thank you for choosing pnb housing finance limited.

We value your relationship with us and assure you of our best service always.

Best regards,
Pnb housing finance limited

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