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Mortgage Letter From Bank

Mortgage Letter From Bank Template for Singapore

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Key Requirements PROMPT example:

Mortgage Letter From Bank

"Need to draft a Mortgage Letter From Bank for a Singapore residential property purchase with a loan amount of SGD 1.2 million, including specific conditions about the floating interest rate pegged to SORA and a prepayment lock-in period of 2 years starting March 2025."

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Document background
The Mortgage Letter From Bank is a crucial document in Singapore's property financing landscape, issued by licensed banking institutions under MAS supervision. It is typically generated after a successful mortgage application review and property valuation process. The letter serves multiple purposes: confirming loan approval, documenting loan terms, specifying conditions precedent, and ensuring compliance with Singapore's strict property financing regulations including TDSR and LTV limits. This document forms the basis for subsequent mortgage documentation and is required for property transactions in Singapore.
Suggested Sections

1. Bank Details: Official letterhead, branch information, and reference numbers

2. Customer Information: Borrower's full name, address, and account details

3. Loan Approval Status: Clear statement of mortgage approval or rejection

4. Loan Amount and Terms: Approved loan amount, interest rate, tenure, and monthly installments

5. Property Details: Address and details of the mortgaged property

6. Conditions Precedent: Requirements to be fulfilled before loan disbursement

Optional Sections

1. Valuation Details: Property valuation information, used when relevant to loan approval

2. Insurance Requirements: Details of required insurance coverage, if applicable

3. Special Conditions: Any additional conditions specific to the borrower's situation

Suggested Schedules

1. Loan Fact Sheet: Detailed breakdown of loan terms and conditions

2. Fee Schedule: List of applicable fees and charges

3. TDSR Calculation: Details of Total Debt Servicing Ratio calculation

4. Property Valuation Report: If referenced in the main letter

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




















Industries

Banking Act (Cap. 19): Primary legislation that regulates banking institutions and their lending practices, including requirements for bank communications with customers

Monetary Authority of Singapore (MAS) Act: Provides the regulatory framework for financial institutions and contains guidelines on mortgage lending

Housing and Development Act: Governs HDB properties and contains specific requirements for HDB property financing

Residential Property Act: Regulates residential property transactions and includes restrictions on foreign ownership

MAS Notice 632: Covers Total Debt Servicing Ratio (TDSR) framework and Loan-to-Value (LTV) limits for mortgage lending

MAS Notice 645: Contains specific mortgage lending guidelines and property cooling measures

Consumer Protection (Fair Trading) Act: Ensures requirements for fair dealing and transparency in consumer communications

Personal Data Protection Act (PDPA): Governs the handling of customer personal information and data privacy requirements

AML/CFT Requirements: Anti-Money Laundering and Countering the Financing of Terrorism requirements including customer due diligence obligations and reporting requirements

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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