Need help on apartment loan agreement - Fire insurance

kerukeru

Dear all,

Anybody taking the full flexi loan from CXMB? I was told by the bank that it's compulsory to purchase the Fire Insurance and it will be auto debit to loan account yearly.

However, the apartment developer already have purchase the fire insurance under the master title.

How am i going to get a refund from CXMB? Is this a Norm to all the apartment loan agreement?

Here is the clause for the loan agreement
The bank will insure the property with our endorsement thereon, against the risks of fire and any other risks as the Bank may deem fit, up to the full insurable value, with its approve insurance company, as long as the property is charged to the Bank. All premium paid will be debited to your account with us.

Thanks in advance for helping me!

tigerbank

你可以向你的banker询问怎样可以waive你的fire insurance.你一定要跟你apartment的management拿一份policy,然后拿去bank, request for waive。