Home Loan Agreement: Important Clauses To Check



A home loan agreement is an important legal document stating the terms and conditions of borrowing loan from a bank or any other financial institution. It regulates the terms and conditions of the loan and creation of a mortgage on the home. Here is a short note on the important clauses that a buyer should check before putting a sign on the document.

•    Amendments
 Make sure that the written consent is mandatory for any changes in the agreement.

•    Fluctuating interest rates
Make sure that the interest rates negotiated by him are stated in the loan agreement.

•    Balance amount
There should be a clause mentioning the balance amount to be paid.

•    Default
The agreement should include a clause describing the default payment. The implications that a borrower is bound to face due to a default payment should be stated in the agreement.

Melonwood Homes, top trusted builders in Kochi presents its flagship residential project Melonwood Greens, luxury apartments in Kochi Kerala. The project, flats in Kochi boasts of all key luxury features that a proposed home buyer looks for in his dream home.

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