The Mortgage Commitment Letter is a crucial document in the Indian real estate financing process, serving as the lender's formal pledge to provide mortgage financing subject to specified terms and conditions. This document is typically issued after the initial loan application approval but before the final mortgage agreement execution. It contains essential details about the approved loan amount, interest rates, repayment terms, and any conditions that must be met before loan disbursement. The letter operates within India's legal framework, particularly complying with the Transfer of Property Act, Banking Regulation Act, and RBI guidelines. For borrowers, it provides confirmation of the lender's intent to provide financing and serves as a reference document for the final mortgage agreement. For lenders, it establishes clear terms and conditions while maintaining legal compliance with Indian banking and property laws.
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1. Lender Information: Bank/financial institution's details including name, address, and regulatory information
2. Borrower Information: Full legal name and address of the borrower(s)
3. Property Details: Complete description and address of the property being mortgaged
4. Loan Terms: Principal amount, interest rate, term of loan, and payment schedule
5. Conditions Precedent: Prerequisites that must be met before the loan can be disbursed
6. Security Requirements: Details of the mortgage and any additional security required
7. Fees and Charges: All applicable fees, charges, and processing costs
8. Validity Period: Time period for which the commitment letter remains valid
9. Acceptance Terms: Instructions for accepting the commitment letter and next steps
1. Co-Borrower Details: Required when there are multiple borrowers involved in the mortgage
2. Insurance Requirements: Specific insurance requirements beyond standard property insurance
3. Special Conditions: Any unique terms or conditions specific to this particular loan
4. Pre-Payment Terms: Include when offering specific pre-payment options or penalties
5. Construction Terms: Required for construction mortgages or property under development
1. Schedule A - Property Description: Detailed legal description of the mortgaged property
2. Schedule B - Payment Schedule: Detailed amortization schedule and payment terms
3. Schedule C - Fee Structure: Breakdown of all applicable fees and charges
4. Schedule D - Required Documents: List of documents required for loan processing
5. Appendix 1 - Interest Calculation Method: Detailed explanation of how interest is calculated and applied
6. Appendix 2 - Insurance Requirements: Detailed specifications for required insurance coverage
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