Is home insurance mandatory with home loan. Actually I have applied for a loan from IDBI bank. Before approval of the loan they are assisting me to take home insurance as they are saying that it's mandatory. Is it so?
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  • I have another question related to the topic but I will ask in another thread if there are none. For this topic my question is that what can a home buyer do if he doesn't want to take a home insurance and is forced to buy one?
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  • As mentioned earlier in the thread, in case a bank forces you to buy a home insurance then you can make them aware of the fact that you know that it is not mandatory by law. You can ask them to give it in writing. You can get in touch with the senior management of the bank. If nothing works you can always raise a complain to the Banking Ombudsman.
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  • Thanks! But have there been cases that have been resolved by the banking ombudsman? Before that where and how to approach the ombudsman?
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  • I think I can start a separate thread for banking ombudsman as it can be an altogether different discussion.
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