Punjab National Bank Housing Finance [Pnbhfl] — Insurance with Home Loan

Is it mandatory to the insurance provided by PNB while taking home loan as per RBI/IRDA guidelines? This is what I am hearing from the loan processor and in fact I have good term policy to cover and am willing to assign this policy to the loan.

But first things first. Is it a compulsion to take insurance? Can the home loan cannot be given without taking insurance from you.

Thank you
Srikanth