Zeroing in on the ideal home and getting just the right amount to finance its purchase is every Indian's dream. However, buying a house is a big decision and one that typically entails availing of a huge loan with a lengthy repayment period of 10-15 years. The sheer size and long-term nature of this debt should make one think long and hard before signing on the dotted line since it will impact your finances for several years. However, chances are that many don't.

There is a tendency to assume these are standard contracts that do not warrant enquiries beyond the interest rate or the repayment schedule. But it's critical to read at least the sanction letter, if not the entire contract along with the annexures to comprehend the other nitty-gritties. For instance, the bank may charge consultation or inspection fee, apart from the more commonly known processing fee. Or, you may be billed for any tax paid on the interest amount. Some home loan contracts also require the borrower to keep the bank informed about any change in his/her status of employment, business or profession. The bank may insist that you should send a communication within seven days of such a change.

If you feel your bank is in breach of any clause in the loan agreement, you can approach the Banking Ombudsman or the consumer courts. However, before that, make sure that you have exhausted all the redressal mechanisms that the bank has put in place.