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Is home insurance is compulsory for SBI home loan?i got money 4m bank now but bank is telling to have it compulsory 4 the complete of homeloan& then EMI.plz help?

Tags: home, money, relationships
Asked by tapan, 04 May '11 12:07 pm
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Answers (3)


Yes all borrowers, irrespective of their status should have the house insured to cover the loss of the house on account of fire, EQ, flood etc. so that bank's loan is liquidated if such incidents take place.
Answered by Om Shrivastava, 04 May '11 12:10 pm

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All general insurance companies....... not private ones have to follow the same rules as their govt. undertaking bodies. united india ins. co. etc...more

Answered by Om Shrivastava