The bank that I'm getting a home loan from says that I can only use insurance policies from an insurer, specified by them, to apply exemption from Home Protection Scheme. Can the bank make such requirement?
Submitted by: William Chua
Yes, banks may have such requirements in their loan agreement.
Please refer to your contractual loan agreement with the bank. If the requirement is mentioned in the agreement, you would have to take up the cover through the insurance facility arranged by the bank.