Gift Letter For Mortgage Template for Philippines

A Gift Letter For Mortgage is a crucial document required by Philippine lending institutions when a portion of a property down payment or mortgage funding comes from a monetary gift. This document is particularly important in the Philippine context, where family members often help each other with property purchases. The letter serves multiple purposes: it provides legal documentation of the gift's nature, helps prevent fraud by clearly stating the source of funds, and satisfies lender requirements for mortgage approval. The document must comply with Philippine Civil Code provisions regarding donations, banking regulations, and anti-money laundering laws. Typically used when applying for a mortgage or during the property purchase process, the Gift Letter For Mortgage includes specific declarations about the gift's unconditional nature, relationship between parties, and source of funds. It requires proper notarization and often accompanies other supporting documentation required by Philippine financial institutions.

1. Letter Date and Location: Current date and place where the letter is executed

2. Recipient Address Block: Name and address of the mortgage lender or financial institution

3. Donor Information: Full legal name, address, and contact information of the person giving the gift

4. Recipient Information: Full legal name, address, and contact information of the person receiving the gift

5. Gift Amount Declaration: Specific amount being gifted, written in both numbers and words

6. Property Information: Address and details of the property being purchased with the gifted funds

7. Relationship Statement: Declaration of the relationship between donor and recipient

8. No Repayment Statement: Clear statement that the money is a gift and not a loan requiring repayment

9. Source of Funds: Statement describing where the gifted funds are coming from

10. Signature Block: Space for donor's signature, date, and notary details