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Mortgage Deferral Agreement

Mortgage Deferral Agreement Template for India

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Key Requirements PROMPT example:

Mortgage Deferral Agreement

"I need a Mortgage Deferral Agreement for a residential property loan where the borrower requires a 6-month payment holiday starting March 2025 due to medical hardship, with deferred amounts to be spread over the remaining term of the mortgage."

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Document background
The Mortgage Deferral Agreement is a crucial document used in Indian banking and real estate transactions when borrowers require temporary relief from mortgage payment obligations. This agreement becomes necessary during periods of financial hardship, economic downturns, or when borrowers face temporary cash flow challenges. The document carefully balances the lender's security interests with the borrower's need for payment flexibility, ensuring compliance with RBI guidelines and Indian banking regulations. It includes comprehensive details about the deferral period, interest calculations, revised payment schedules, and the impact on the original mortgage terms. The agreement is particularly relevant in the Indian context where property financing often involves multiple stakeholders and requires careful consideration of various banking and property laws.
Suggested Sections

1. Parties: Identification of the lender and borrower with complete details including registration/identification numbers

2. Background: Recitals explaining the original mortgage agreement, reason for deferral request, and current status

3. Definitions: Definitions of key terms used in the agreement including 'Deferral Period', 'Original Mortgage', 'Deferred Amount'

4. Deferral Terms: Specific terms of the deferral including duration, amount deferred, and new payment schedule

5. Acknowledgment of Debt: Borrower's acknowledgment of the original debt and confirmation that the mortgage remains valid

6. Interest and Charges: Details of any additional interest, fees or charges applicable during the deferral period

7. Repayment Terms: Structure of repayment after the deferral period, including treatment of deferred amounts

8. Representations and Warranties: Statements by both parties confirming their capacity and authority to enter into the agreement

9. Continuing Security: Confirmation that original security remains in force and extends to modified terms

10. Default Provisions: Consequences of default under the deferral agreement

11. Governing Law and Jurisdiction: Confirmation of Indian law as governing law and jurisdiction for disputes

12. Execution: Signature blocks and execution formalities

Optional Sections

1. Guarantor's Consent: Required when the original mortgage has guarantors who need to consent to the deferral

2. Multiple Properties: Required when the mortgage covers multiple properties, detailing how deferral applies to each

3. Insurance Requirements: Included when specific insurance obligations need to be modified or reinforced during deferral

4. Additional Security: Required when additional security is being provided as part of the deferral arrangement

5. Electronic Payment Authorization: Required when new payment arrangements need to be established

6. Financial Hardship Declaration: Required when deferral is being granted due to specific hardship circumstances

Suggested Schedules

1. Schedule 1 - Original Mortgage Details: Details of the original mortgage including date, amount, and registration particulars

2. Schedule 2 - Property Description: Legal description and details of the mortgaged property

3. Schedule 3 - Payment Schedule: Detailed schedule of payments during and after the deferral period

4. Schedule 4 - Outstanding Amount Calculation: Breakdown of the current outstanding amount including principal, interest, and other charges

5. Appendix A - Required Documents: List of supporting documents required for the deferral application

6. Appendix B - Communication Protocols: Procedures for notifications and communications during the deferral period

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions








































Clauses






























Relevant Industries

Banking

Financial Services

Real Estate

Housing Finance

Legal Services

Property Development

Mortgage Lending

Retail Banking

Corporate Banking

Relevant Teams

Legal

Credit Risk

Mortgage Operations

Compliance

Document Processing

Real Estate Finance

Account Management

Risk Assessment

Property Valuation

Recovery

Client Relations

Banking Operations

Relevant Roles

Mortgage Officer

Credit Manager

Legal Counsel

Banking Operations Manager

Risk Assessment Officer

Loan Officer

Compliance Officer

Property Valuation Expert

Account Relationship Manager

Credit Risk Analyst

Banking Operations Executive

Real Estate Finance Manager

Documentation Specialist

Recovery Officer

Branch Manager

Industries







Teams

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