Hardship Affidavit For Mortgage Template for Singapore

When you're facing financial difficulties with your mortgage payments in Singapore, a Hardship Affidavit For Mortgage becomes your formal pathway to seeking relief from your lender. This sworn legal document provides a structured way to communicate your financial circumstances and request assistance under Singapore's banking regulations and relief frameworks.

When do you need this document?

You'll need to prepare this affidavit when experiencing genuine financial hardship that affects your ability to meet mortgage obligations. Common situations include sudden job loss or significant income reduction, medical emergencies requiring substantial expenses, business closure or failure, divorce or separation affecting household income, or economic downturns impacting your financial stability. The document is particularly relevant for HDB flat owners who must comply with specific Housing Development Board requirements, as well as private property owners dealing with commercial banks or financial institutions.

Key legal considerations

Your affidavit must contain accurate and complete information as it constitutes a sworn statement under Singapore law. Include comprehensive personal details, complete property information including mortgage account numbers, detailed explanation of your hardship circumstances with supporting evidence, current financial position including income, expenses, assets and liabilities, and specific relief measures you're requesting. The document requires proper witnessing by a Commissioner for Oaths, and providing false information can result in serious legal consequences. Ensure you attach supporting documentation such as termination letters, medical certificates, financial statements, or other relevant proof of your circumstances.

Legal requirements in Singapore

Your Hardship Affidavit must comply with the Banking Act Chapter 19 and relevant MAS guidelines, particularly Notice 632 on residential property loans which outlines responsible financing practices and relief measures. For HDB properties, additional HDB Rules and Regulations apply, including specific mortgage servicing requirements for public housing. The COVID-19 Temporary Measures Act 2020 may provide additional protections and relief options depending on your circumstances. Banks and financial institutions are required to consider hardship applications in good faith under MAS guidelines, but approval depends on meeting specific criteria and providing adequate documentation. The affidavit must be properly sworn before an authorized official and submitted within any timeframes specified by your lender or relevant legislation.