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Home Credit Agreement

Home Credit Agreement Template for Indonesia

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Key Requirements PROMPT example:

Home Credit Agreement

"I need a Home Credit Agreement for a property under construction in Jakarta, with staged disbursement provisions and specific requirements for construction progress monitoring, targeted for completion in March 2025."

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Document background
The Home Credit Agreement serves as the primary legal instrument for residential property financing in Indonesia. It is designed to comply with Indonesian banking regulations, particularly those set by the Financial Services Authority (OJK) and Bank Indonesia. This document is essential when individuals seek financing for home purchases, construction, or renovation. It establishes the legal framework for the credit facility, including loan amount, interest calculations, repayment terms, and security arrangements. The agreement incorporates mandatory consumer protection provisions, property rights regulations, and financial service requirements specific to the Indonesian market. It should be executed before a notary public and requires proper registration of security interests over the property.
Suggested Sections

1. Parties: Identifies and provides full details of the lender and borrower(s)

2. Background: Sets out the context of the agreement, including the purpose of the loan and property details

3. Definitions: Defines key terms used throughout the agreement

4. Loan Amount and Purpose: Specifies the credit amount, purpose, and any conditions precedent

5. Interest Rate and Calculations: Details the applicable interest rate, calculation method, and any adjustment mechanisms

6. Repayment Terms: Specifies payment schedule, installment amounts, and payment methods

7. Security and Collateral: Details the property and any other assets serving as security for the loan

8. Borrower's Representations and Warranties: States the borrower's declarations regarding their eligibility and circumstances

9. Borrower's Covenants: Lists ongoing obligations of the borrower during the loan term

10. Lender's Rights and Obligations: Outlines the lender's commitments and rights under the agreement

11. Events of Default: Defines circumstances constituting default and consequences

12. Termination: Specifies conditions and process for early termination or prepayment

13. Notices: Details how formal communications between parties should be made

14. Governing Law and Jurisdiction: Confirms Indonesian law governs the agreement and specifies jurisdiction for disputes

15. Execution: Signature blocks and execution requirements

Optional Sections

1. Insurance Requirements: Required when the lender mandates specific insurance coverage for the property or borrower

2. Co-borrower Provisions: Included when there are multiple borrowers for the same loan

3. Guarantor Provisions: Required when a third party provides a guarantee for the loan

4. Property Construction Provisions: Included for properties under construction or requiring renovation

5. Foreign Currency Provisions: Required when the loan involves foreign currency considerations

6. Special Payment Arrangements: Included when non-standard payment terms are agreed

7. Shariah Compliance: Required for Islamic banking products compliant with Shariah principles

Suggested Schedules

1. Schedule 1 - Property Details: Detailed description of the property including certificate numbers and boundaries

2. Schedule 2 - Payment Schedule: Detailed amortization schedule showing payment dates and amounts

3. Schedule 3 - Insurance Requirements: Specific insurance requirements and minimum coverage amounts

4. Schedule 4 - Conditions Precedent: List of documents and conditions required before loan disbursement

5. Schedule 5 - Fee Schedule: Breakdown of all applicable fees and charges

6. Appendix A - Required Documents: List of documents to be provided by the borrower

7. Appendix B - Standard Terms and Conditions: General terms and conditions applicable to all home credit agreements

8. Appendix C - Disclosure Statement: Mandatory disclosures as required by Indonesian financial regulations

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Annual Percentage Rate (APR)
Applicable Law
Authority
Bank Indonesia
Business Day
Certificate of Ownership
Collateral
Conditions Precedent
Default Interest
Default Notice
Drawdown Date
Early Repayment
Effective Date
Event of Default
Facility
Financial Indebtedness
Financial Services Authority (OJK)
Force Majeure
Guarantor
Insurance Policy
Interest Payment Date
Interest Period
Interest Rate
Land Certificate
Legal Documentation
Lender
Loan
Loan Account
Material Adverse Effect
Maturity Date
Mortgage
Outstanding Amount
Party/Parties
Payment Date
Permitted Security Interest
Principal Amount
Property
Repayment Schedule
Security
Security Documents
Signing Date
Tax
Term of Loan
Transaction Documents
Upfront Fees
Valuation Report
Clauses
Representations and Warranties
Loan Facility
Interest Rate
Security
Property Description
Payment Terms
Default
Force Majeure
Insurance
Assignment
Termination
Notices
Confidentiality
Dispute Resolution
Governing Law
Amendment
Severability
Registration
Tax
Indemnification
Property Maintenance
Covenants
Conditions Precedent
Early Repayment
Property Inspection
Documentation
Fees and Expenses
Title and Ownership
Property Use
Property Transfer
Insurance Requirements
Default Remedies
Information Disclosure
Borrower Obligations
Lender Rights
Change in Circumstances
Anti-Money Laundering
Consumer Protection
Entire Agreement
Waiver
Third Party Rights
Relevant Industries

Banking & Financial Services

Real Estate

Insurance

Legal Services

Construction & Development

Housing Finance

Property Management

Relevant Teams

Legal

Compliance

Risk Management

Credit Operations

Mortgage Services

Customer Service

Document Management

Underwriting

Collections

Property Valuation

Branch Operations

Relevant Roles

Credit Officer

Loan Officer

Legal Counsel

Compliance Officer

Risk Manager

Property Valuation Specialist

Mortgage Specialist

Banking Operations Manager

Credit Risk Analyst

Customer Relationship Manager

Document Controller

Branch Manager

Underwriter

Collection Officer

Financial Advisor

Industries
Law No. 21 of 2011 on Financial Services Authority (OJK): Establishes the regulatory framework for financial services in Indonesia, including consumer credit and mortgage agreements
Law No. 8 of 1999 on Consumer Protection: Provides the general framework for consumer protection in Indonesia, including financial services consumers
Indonesian Civil Code (KUHPerdata): Contains fundamental provisions on contracts, obligations, and property rights that form the basis of credit agreements
OJK Regulation No. 1/POJK.07/2013: Specific regulations on consumer protection in the financial services sector, including requirements for transparency and fair treatment
Bank Indonesia Regulation No. 17/10/PBI/2015: Regulates Loan to Value (LTV) ratios and property financing requirements
Law No. 8 of 2010 on Prevention and Eradication of Money Laundering: Provides requirements for financial institutions regarding customer due diligence and transaction reporting
OJK Regulation No. 29/POJK.05/2014: Regulates the business operations of financing companies, including those providing home credit
Bank Indonesia Regulation on Credit Risk Management: Provides guidelines for credit risk assessment and management in lending activities
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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