Tick off the checks to make before you accept a home loan sanction or balance transfer offer.
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Use this checklist in the days between receiving a sanction letter and signing the loan agreement, or before accepting a balance transfer offer. Each item corresponds to a problem that regularly costs Indian borrowers money: unclear benchmarks and resets, fees that only appear at disbursement, insurance added to the loan without a real choice, and documents that are hard to get back later.
How to use it. Work through each group with the sanction letter, the Key Fact Statement and the draft loan agreement in front of you. Where a point is not clear in the documents, ask the lender to confirm it by email so you have a written record. Your ticks are saved only in this browser.
Worked example of the affordability test (illustrative). On a ₹50 lakh, 20-year loan at 8.5%, the EMI is about ₹43,391. At 10% it would be about ₹48,251 if the lender raised the EMI. If that higher figure would strain your budget, consider a smaller loan or a larger down payment.
Limits. The checklist does not replace legal due diligence on the property title, which an advocate should do for a resale purchase. For the full reasoning behind each item, read the home loan mistakes guide.
Mistakes, Complaints and Official Sources
What to collect when you close a home loan in India, RBI's 30-day rule for returning original documents, ₹5,000-a-day compensation, CERSAI release and what to do about lost papers.
Mistakes, Complaints and Official Sources
The most expensive home loan mistakes Indian borrowers make, from old benchmarks and bundled insurance to missed EMIs and lost documents, with the rupee cost and the fix.
Mistakes, Complaints and Official Sources
A directory of official Indian sources for home loan borrowers: RBI, NHB, CERSAI, RERA, tax, PMAY-U, credit bureaus and complaint portals, with what to check on each.
