Some Premium debited from my MAXGAIN HOMELOAN A/C ?

POSTED BY anirban8 ON January 25, 2015 9:22 am COMMENTS (4)

Hello guys, Need some information from you. I have an SBI MAXGAIN H/L account for my under-construction property (took loan approx 6months back). While applying for H/L I didn’t opt for any personal insurance. But SBI told me there will be a property insurance which is mandatory.

But I need to pay the one time premium only after possession of the property which I am yet to get. They also told me that it will be approx Rs. 4260 based on their calculations on my property agreement value. But today from my MAXGAIN A/C an amount of Rs. 11695 deducted with description mentioned as General Insurance premium Renewal. I am yet to get possession of the apartment.

Please guide me here.
Can someone throw some light on this?

4 replies on this article “Some Premium debited from my MAXGAIN HOMELOAN A/C ?”

  1. deenadayalants says:

    I have also taken the SBI Maxgain home loan.. I have also got the same response as you got.. The insurance for property(i.e. money spent on construction not the cost of the land) is mandatory and it is an one time premium policy

    I have paid a premium of Rs. 10018 (Ten thoushand eighteen rupees) for the property value of Rs, 229500 (Twenty two laksh ninety five thoushand rupees)

    I am not sure about the renewal premium.. have to wait another 9 months to see if there is any renewal is required.

    1. Check it right now itself. You must have got the policy document

      1. deenadayalants says:

        Hello Manish,

        Thanks for your suggestion. I have gone through the policy document. It neither specifies about renewal premium nor that it is single premium policy.. weird


        1. Then check with the customer care once.

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