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Mortgage Loan Contract

Mortgage Loan Contract Template for Singapore

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Key Requirements PROMPT example:

Mortgage Loan Contract

"I need a Mortgage Loan Contract for a residential property in Singapore with a loan amount of SGD 1.2 million, including specific provisions for early repayment and the option to switch between fixed and floating interest rates after March 2025."

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What is a Mortgage Loan Contract?

The Mortgage Loan Contract is a fundamental document in Singapore's property financing landscape, used when a borrower seeks financing for property purchase or refinancing existing property loans. This contract type must comply with Singapore's strict regulatory framework, including MAS guidelines on Total Debt Servicing Ratio (TDSR) and Loan-to-Value (LTV) limits. It establishes the security interest over the property, details repayment obligations, and provides for enforcement mechanisms in case of default, all while adhering to Singapore's property and banking laws.

What sections should be included in a Mortgage Loan Contract?

1. Parties: Identifies the lender and borrower with full legal names and addresses

2. Background: Sets out the context of the loan and property details

3. Definitions: Defines key terms used throughout the agreement

4. Loan Amount and Purpose: Specifies the principal amount and purpose of the loan

5. Interest Rate and Calculations: Details the interest rate, calculation method, and adjustment provisions

6. Repayment Terms: Outlines payment schedule, installment amounts, and repayment method

7. Security: Details of the mortgage security and property charged

8. Borrower's Covenants: Borrower's obligations including property maintenance and insurance

9. Events of Default: Circumstances constituting default and consequences

10. Enforcement Rights: Lender's rights and remedies upon default

What sections are optional to include in a Mortgage Loan Contract?

1. Insurance Requirements: Detailed insurance obligations when specific insurance requirements need to be elaborated

2. CPF Usage: Terms relating to CPF funds usage when CPF funds are being used for property purchase/payments

3. Construction Provisions: Terms relating to property under construction, applicable for properties under construction

4. Multiple Borrowers: Joint and several liability provisions when there are multiple borrowers

What schedules should be included in a Mortgage Loan Contract?

1. Property Description Schedule: Detailed description of the mortgaged property

2. Payment Schedule: Detailed repayment schedule with dates and amounts

3. Interest Rate Schedule: Details of interest rate calculations and adjustments

4. Insurance Schedule: Required insurance coverage details

5. Standard Terms and Conditions: Bank's standard mortgage terms and conditions

6. Fee Schedule: List of applicable fees and charges

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 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


























































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Industries

Banking Act (Cap. 19): Primary legislation that regulates banking institutions and their lending practices, including provisions on credit facilities and security requirements

Moneylenders Act (Cap. 188): Regulates moneylending businesses and applies to non-bank lenders, setting requirements for money lending practices and consumer protection

Housing and Development Act (Cap. 129): Governs matters related to HDB properties, including specific provisions about mortgages of HDB flats and related restrictions

Conveyancing and Law of Property Act (Cap. 61): Governs the transfer and mortgaging of property, including mortgagee's rights and remedies in case of default

Land Titles Act (Cap. 157): Regulates registration of land titles and mortgages, establishing priority of mortgages and registration requirements

MAS Guidelines - TDSR Framework: Monetary Authority of Singapore guidelines establishing Total Debt Servicing Ratio requirements for property loans

MAS Guidelines - LTV Limits: Monetary Authority of Singapore guidelines setting Loan-to-Value limits for property financing

MAS Guidelines - MSR Requirements: Monetary Authority of Singapore guidelines establishing Mortgage Servicing Ratio requirements for property loans

Consumer Protection (Fair Trading) Act: Ensures fair trading practices and protects borrowers from unfair practices in lending agreements

Personal Data Protection Act: Governs the collection, use, and disclosure of personal data in lending agreements and customer relationships

MAS Notice 632: Specific regulatory notice on Residential Property Loans, providing detailed requirements for housing loans

MAS Notice 645: Specific regulatory notice on Total Debt Servicing Ratio, providing detailed implementation guidelines

CPF Rules on Property Financing: Central Provident Fund regulations governing the use of CPF funds for property financing and mortgage payments

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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