A home loan agreement
is a legal document that governs the terms and conditions of the home loan and
creation of a mortgage on the residential property in favor of the bank. The
home loan agreement contains the rights and liabilities of the buyer. Before putting
a sign on the document, you should check the important clauses in the home loan
agreement. Here is a short note on the important clauses to check on a home
loan agreement.
1. Clauses which allows amendments to the home
loan agreement
2. Clauses allowing fluctuating interest rates
3. Clauses with respect to assignments, in
favor of third parties.
4. Clauses related to prepayment and
foreclosure
5. Clauses concerning the reset terms and
force majeure terms
6. Check for additional security cover clauses
mentioned in the agreement.
7. Verify the definition of ‘default’ in the
loan agreement
8. Notification clause mentioned in the
agreement
Once you put a sign on
the home loan agreement you are bound by the terms and conditions mentioned in
the document. So pay attention to each part mentioned in it before putting a
sign on the dotted lines.
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