MOST new housebuyers are not aware that they are being “overcharged’ by banks when the bank insures their property against fire during construction period of the property.
The insurance premium is debited to the loan account without the consent of the buyer. During construction period, it is mandatory for the developer to purchase a “contractor all risk” insurance which covers damages during construction. The building is not officially handed over to the purchaser at this juncture.
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