Mortgage Agreement Template for Singapore

A Mortgage Agreement is a legally binding contract between a lender and borrower in Singapore that secures a property loan. It gives the lender rights over the mortgaged property until the borrower fully repays their debt, following guidelines set by the Monetary Authority of Singapore (MAS).

Under Singapore's Conveyancing and Law of Property Act, this agreement spells out key terms like interest rates, payment schedules, and default consequences. It also requires registration with the Singapore Land Authority and must comply with Total Debt Servicing Ratio rules when the property serves as collateral for the loan.

You need a Mortgage Agreement when purchasing property in Singapore using bank financing or other loans. This essential document protects both parties by clearly defining the loan terms and securing the lender's interest in the property before funds are released.

The agreement becomes crucial during property transactions involving HDB flats, private condominiums, or landed properties. It's particularly important when refinancing existing loans, changing lenders, or when property serves as collateral for business financing. Getting it right helps avoid costly disputes and ensures compliance with MAS guidelines on property financing.

• Mortgage Loan Contract: The standard primary agreement between lender and borrower, outlining core loan terms and property security details
• Mortgage Broker Agreement In Principle: Initial document securing conditional loan approval before final commitment
• Mortgage Assumption Agreement: Allows a buyer to take over the seller's existing mortgage terms and obligations
• Mortgage Lease Agreement: Combines mortgage and rental terms for lease-to-own arrangements
• Mortgage Separation Agreement: Addresses mortgage division during divorce or property separation

• Banks and Financial Institutions: Act as primary lenders, draft the core agreement terms, and hold the security interest in the mortgaged property
• Property Buyers: Sign as borrowers, commit to repayment terms, and provide the property as collateral
• Mortgage Brokers: Facilitate agreements between lenders and borrowers, helping secure optimal loan terms
• Property Lawyers: Review and finalize agreements, ensure compliance with Singapore property laws, and handle registration
• Singapore Land Authority: Registers and maintains official records of mortgage agreements
• Property Valuers: Provide independent assessments crucial for determining loan amounts and security values

• Property Details: Gather complete property information, including address, lot number, and current market valuation
• Loan Terms: Document loan amount, interest rate, repayment schedule, and tenure approved by the lender
• Party Information: Collect full legal names, NRIC/passport numbers, and contact details of all borrowers and guarantors
• Security Documents: Prepare property title deeds, valuation reports, and insurance policies
• Compliance Check: Verify Total Debt Servicing Ratio calculations and MAS lending guidelines
• Draft Generation: Use our platform to create a customized, legally-sound Mortgage Agreement that meets Singapore requirements
• Review Process: Double-check all terms, conditions, and payment obligations before finalizing

• Party Identification: Full legal names, addresses, and registration details of lender and borrower(s)
• Property Description: Detailed legal description, lot number, and property boundaries per Land Authority records
• Loan Terms: Principal amount, interest rate, payment schedule, and tenure clearly stated
• Security Provisions: Specifics of the mortgage charge and lender's rights over the property
• Default Clauses: Consequences of missed payments and enforcement procedures
• Insurance Requirements: Mandatory property insurance and mortgage reducing term assurance details
• Governing Law: Singapore law application and jurisdiction statement
• Execution Block: Proper signature fields with witness requirements per Singapore standards

A Mortgage Agreement differs significantly from a Asset Purchase Agreement in several key aspects, though both are commonly encountered in Singapore property transactions.

• Primary Purpose: Mortgage Agreements secure a loan against property as collateral, while Asset Purchase Agreements document the complete transfer of property ownership
• Duration: Mortgage Agreements remain active throughout the loan tenure (often 20-30 years), whereas Asset Purchase Agreements conclude once the sale completes
• Party Relationships: Mortgage Agreements involve lender-borrower relationships, while Asset Purchase Agreements govern seller-buyer transactions
• Legal Rights: Mortgage Agreements create a security interest without transferring ownership; Asset Purchase Agreements transfer full legal title
• Regulatory Oversight: Mortgage Agreements must comply with MAS lending guidelines; Asset Purchase Agreements focus on Singapore Land Authority transfer requirements