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Home Loan Purchase Agreement

Home Loan Purchase Agreement Template for Malaysia

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Key Requirements PROMPT example:

Home Loan Purchase Agreement

"Need a Home Loan Purchase Agreement for a newly constructed residential property in Kuala Lumpur, with specific provisions for staggered disbursement as construction progresses, planned completion in March 2025, and Islamic financing compliance requirements."

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Document background
The Home Loan Purchase Agreement is a crucial legal document used in Malaysian property transactions when a purchaser requires financing to acquire residential property. This agreement is designed to comply with Malaysian banking and property laws, including the Financial Services Act 2013, National Land Code 1965, and relevant Bank Negara Malaysia guidelines. It outlines the complete financing arrangement between the financial institution and the borrower, covering essential elements such as loan amount, interest rates, repayment terms, security arrangements, and the rights and obligations of all parties involved. The document is particularly important in the Malaysian context as it must accommodate both conventional and Islamic financing options, while ensuring proper security creation over the property and compliance with local property registration requirements.
Suggested Sections

1. Parties: Identification of the lender (financial institution), borrower(s), and their respective details

2. Background: Context of the loan agreement, including property purchase intention and loan purpose

3. Definitions: Definitions of key terms used throughout the agreement

4. Loan Details: Principal amount, interest rate, loan tenure, and other fundamental loan terms

5. Property Details: Full description and particulars of the property being purchased

6. Conditions Precedent: Conditions that must be fulfilled before the loan becomes effective

7. Disbursement Terms: Terms and conditions for the disbursement of the loan amount

8. Repayment Terms: Payment schedule, method of payment, and early repayment provisions

9. Security: Details of the charge/mortgage over the property and other security arrangements

10. Borrower's Representations and Warranties: Declarations and assurances made by the borrower

11. Borrower's Covenants: Ongoing obligations and promises of the borrower

12. Events of Default: Circumstances constituting default and consequences thereof

13. Lender's Rights and Remedies: Actions the lender can take in case of default or breach

14. Insurance: Required insurance coverage for the property and loan

15. Notices: How formal communications between parties should be made

16. General Provisions: Miscellaneous legal provisions including governing law and jurisdiction

Optional Sections

1. Guarantor Provisions: Terms relating to guarantors when required for the loan

2. Islamic Banking Provisions: Specific provisions for Shariah-compliant financing when applicable

3. Construction Stage Payment: Special provisions for properties under construction

4. Additional Security: Terms for additional collateral when required

5. Special Payment Arrangements: Terms for non-standard payment arrangements or schemes

6. Developer's Undertaking: Specific provisions relating to developer's obligations for under-construction properties

7. Government Scheme Provisions: Special terms for loans under government housing schemes

Suggested Schedules

1. Schedule 1 - Property Details: Detailed property description, title particulars, and encumbrances

2. Schedule 2 - Payment Schedule: Detailed repayment schedule including installment amounts and dates

3. Schedule 3 - Conditions Precedent: List of all documents and conditions required before loan disbursement

4. Schedule 4 - Fees and Charges: Comprehensive list of all applicable fees, charges, and costs

5. Schedule 5 - Insurance Requirements: Detailed insurance requirements and terms

6. Appendix A - Standard Terms and Conditions: Bank's standard terms and conditions for home loans

7. Appendix B - Supporting Documents: List of all supporting documents provided by the borrower

8. Appendix C - Disbursement Schedule: Detailed schedule of loan disbursement (especially for under-construction properties)

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
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Relevant Industries

Banking and Financial Services

Real Estate

Property Development

Legal Services

Insurance

Construction

Housing Development

Mortgage Services

Relevant Teams

Legal

Mortgage Operations

Credit Risk

Compliance

Real Estate

Document Management

Customer Service

Property Services

Loan Processing

Risk Management

Relevant Roles

Legal Counsel

Mortgage Officer

Bank Manager

Property Lawyer

Loan Officer

Compliance Officer

Real Estate Agent

Property Developer

Risk Manager

Credit Analyst

Financial Advisor

Banking Executive

Legal Executive

Document Controller

Property Manager

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