Ten things to check in your sanction letter before you sign.

A sanction letter is the first thing in writing. Check these ten before you accept it. If an answer is vague, ask for it in writing.

Ask: Is it the one you were told? In writing, with a date?

Why it matters: Only the letter counts. A rate agreed on the phone is not a quote.

Ask: Which benchmark, what spread, and when can it change?

Why it matters: The spread and the reset terms decide what you pay in year three, not only year one.

Ask: Optional or required? Does the rate change if you decline?

Why it matters: Bundled cover can be offered as a condition in the branch while the letter says optional.

Ask: A percentage or a flat amount? Refundable if you withdraw?

Why it matters: Processing fees differ in how they are calculated and whether any part comes back.

Ask: Registration and stamp: on what amount, due when?

Why it matters: Registration and stamp are paid to the state and are due before disbursal.

Ask: Valuation, legal, administrative: itemised, with amounts.

Why it matters: Valuation and legal charges are small beside the rest, but they add up and are rarely itemised.

Ask: Any charge? Does it depend on floating or fixed?

Why it matters: Rules on prepayment differ by loan type and who is borrowing.

Ask: The one you chose? What happens to tenure if the rate moves?

Why it matters: A longer tenure lowers the EMI and raises the total interest. It is easy to extend quietly.

Ask: What you asked for? Anything held back until registration?

Why it matters: The sanctioned amount can be lower than you asked for, or partly held back until registration.

Ask: When do they go over, and when do they come back?

Why it matters: You should always know where your originals are, and when you will get them back.

Read us your letter on a 15-minute call. Nothing to upload. We tell you what matches what you were told, and what doesn’t.