A home loan agreement is a written and legal document which is made between two parties, one of whom is the person who wishes to be granted home loan and the other is the party that provides loan such as an organisation or a bank. These agreements are based upon certain terms and conditions which must be followed by both the involved parties in order to avoid any kind of legal implications.
Sample Home Loan Agreement:
This agreement is made between CLIENT and the BANK on the effective date of 26th May of 2011.
The BANK agrees to grant the CLIENT a loan for construction of a house in LA.
Details of the CLIENT
Name: Mr. Robert Grint
Address: 45-K, first floor, Marks tower, LA
Contact number: 438984094878
Details of the BANK
Name: LA national bank, LA
Address of bank: 4-l, martin’s building, LA
Name of bank officer: Mr. Paul White
Contact number: 473948948340
Details of home loan:
Termination date of agreement: 26th May 2013
Terms and conditions to be followed by both parties:
The bank agrees to grant the loan on the basis of the documents and proofs provided by the client.
The CLIENT must repay the loan amount within 2 years after construction of the home.
The BANK must be provided with the construction documents to be ensures that the home loan is being used properly.
In case where the CLIENT is found to violate any terms of the home loan repayment or use, he shall be held accountable under law.