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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) @ 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
Property
Borrower
Bank
Facility
Loan Amount
Interest Rate
Security Interest
Repayment Period
Monthly Installment
Default Rate
Completion Date
Disbursement
Due Date
Encumbrance
Event of Default
Facility Period
Identity Card
Interest Period
Legal Charge
Purchase Price
Sale and Purchase Agreement
Security Documents
Title
Working Day
Ringgit Malaysia
Insurance Policy
Land Office
Charge Document
Principal
Maturity Date
Mortgaged Property
Deed of Assignment
Valuation Report
Condition Precedent
Developer
Vendor
Assessment
Quit Rent
Certificate of Fitness
Occupation Certificate
Bank Negara Malaysia
Term of Loan
Late Payment Charges
Early Settlement
Property Address
Stamp Duty
Solicitor
Registration Fee
Processing Fee
Clauses
Loan Facility
Interest Rate
Security
Property Details
Repayment Terms
Disbursement
Conditions Precedent
Representations and Warranties
Covenants
Events of Default
Remedies
Insurance
Assignment
Property Maintenance
Payment Terms
Default Interest
Early Settlement
Force Majeure
Notices
Governing Law
Jurisdiction
Severability
Amendments
Entire Agreement
Waiver
Indemnification
Costs and Expenses
Stamp Duty
Registration
Counterparts
Time Periods
Confidentiality
Further Assurance
Legal Compliance
Enforcement
Set-Off
Successors and Assigns
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

Industries
Financial Services Act 2013: Regulates financial institutions and banking services in Malaysia, including housing loans and mortgage products. Sets requirements for loan agreements and consumer protection in financial services.
National Land Code 1965: Fundamental law governing property rights, land ownership, and property transactions in Peninsular Malaysia. Covers registration of titles and dealings with property.
Housing Development (Control and Licensing) Act 1966: Regulates housing developments and protects homebuyers' interests. Includes provisions for purchase agreements and developer obligations.
Contracts Act 1950: Provides the basic legal framework for all contractual agreements in Malaysia, including essential elements of valid contracts and remedies for breach.
Consumer Protection Act 1999: Protects consumers' rights and interests, including provisions against unfair contract terms and misleading practices in property transactions.
Stamp Act 1949: Governs the stamping requirements and duties payable for property and loan documents in Malaysia.
Money Lenders Act 1951: Regulates money lending activities and provides protection for borrowers, including requirements for loan documentation.
Central Bank of Malaysia Act 2009: Establishes Bank Negara Malaysia's authority to regulate financial institutions and set guidelines for housing loans and lending practices.
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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