[Resolved]  Punjab National Bank Housing Finance [Pnbhfl] — pressuring me to take a policy which is not acceptable to me.

Address:

Mumbai City, Maharashtra, 410206

I have applied for home loan at pnbhfl new panvel branch. At the time of applying for my home loan i was not made aware of taking a policy from pnbhfl itself. To my knowledge, as per rbi insurance act laws, it is not mandatory to take policy from the same bank from where the house loan has been taken. But still i was pressurized to take the policy. When i agreed to it, they took out the policy which was not as per the loan sanction period and sanctioned amount. They took out policy with lesser loan amount and lesser loan sanction period. When i objected to this and when i requested to cancel the policy, i was pressurized and threaten that if i cancel the policy i would have to pay the loan amount paid to the builder by pnbhfl immediately. I have also given qoutations of two insurance companies that approves the policy as per my requirement and where willing to assign the policy in the name of pnbhfl. But the area sales manager - mortgages says that he would not cancel the policy given by him. And pressurizing me to accept the policy with lesser loan amount and lesser term period even though i am not agreed to it.
Pnbhfl executives are forcing me to take insurance saying mandatory.
After consulting legal advisors, under rbi insurance act laws, no bank can force customers for insurance policies with home loan. I will not be able to take the insurance policy mentioned in the sanction letter.
So i request you to please check with the pnbhfl new panvel branch. Please help.

Thanks and regards

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