The Home Loan Sanction Letter is a crucial document in Singapore's property financing process, issued after a successful loan application and property evaluation. It represents the bank's formal commitment to provide financing for residential property purchase, subject to specific terms and conditions. The letter must comply with Monetary Authority of Singapore (MAS) guidelines, including regulations on Total Debt Servicing Ratio (TDSR) and Loan-to-Value (LTV) limits. This document typically precedes the final loan agreement and provides borrowers with detailed information about their approved loan, serving as a reference point for all parties involved in the property transaction.
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Key Requirements PROMPT example:
Home Loan Sanction Letter
"I need a Home Loan Sanction Letter for a first-time home buyer in Singapore, with a loan amount of SGD 800,000 and a 25-year tenure, including specific clauses about early repayment options and floating interest rates pegged to SORA."
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OR
1. Loan Amount Details: Specifies the approved loan amount, interest rate, and loan tenure
2. Property Details: Contains address and description of the mortgaged property
3. Borrower Information: Includes personal details and contact information of the borrower(s)
4. Terms and Conditions: Outlines key loan conditions including repayment schedule and obligations
5. Interest Rate Structure: Details the breakdown of interest rates and any promotional periods
6. Processing Fees: Lists all applicable fees and charges
7. Security Requirements: Specifies details of mortgage and other securities required
1. Insurance Requirements: Fire insurance and mortgage insurance details, applicable when insurance is mandatory or recommended
2. Special Conditions: Additional conditions specific to the borrower, used when there are unique circumstances
3. Refinancing Terms: Specific terms for refinancing cases, included only for refinancing applications
1. Repayment Schedule: Monthly installment breakdown showing principal and interest components
2. Fee Schedule: Detailed breakdown of all applicable fees and charges
3. Required Documents Checklist: List of documents required for loan disbursement
4. Terms and Conditions Appendix: Detailed terms and conditions of the loan agreement
Authors
Relevant legal definitions
Loan Amount
Property
Borrower
Lender
Interest Rate
Loan Tenure
Monthly Installment
Security
Mortgage
Disbursement Date
Repayment Schedule
Default
Processing Fee
Prepayment
Due Date
Total Debt Servicing Ratio (TDSR)
Loan-to-Value (LTV) Ratio
Lock-in Period
Refinancing
Guarantor
Facility
Business Day
Effective Date
Maturity Date
Mortgage Insurance
Fire Insurance
Valuation Report
Legal Charge
Event of Default
Cooling-off Period
Property
Borrower
Lender
Interest Rate
Loan Tenure
Monthly Installment
Security
Mortgage
Disbursement Date
Repayment Schedule
Default
Processing Fee
Prepayment
Due Date
Total Debt Servicing Ratio (TDSR)
Loan-to-Value (LTV) Ratio
Lock-in Period
Refinancing
Guarantor
Facility
Business Day
Effective Date
Maturity Date
Mortgage Insurance
Fire Insurance
Valuation Report
Legal Charge
Event of Default
Cooling-off Period
Clauses
Loan Details
Interest Rate and Calculation
Repayment Terms
Security and Mortgage
Conditions Precedent
Representations and Warranties
Borrower Covenants
Insurance Requirements
Default Events
Remedies
Prepayment Terms
Fees and Charges
Property Valuation
Disbursement Conditions
Lock-in Period
Assignment
Notice Requirements
Force Majeure
Governing Law
Dispute Resolution
Amendment and Modification
Cancellation Rights
Data Protection
Disclosure Requirements
Documentation Requirements
Property Usage
Construction Progress
Regulatory Compliance
Interest Rate and Calculation
Repayment Terms
Security and Mortgage
Conditions Precedent
Representations and Warranties
Borrower Covenants
Insurance Requirements
Default Events
Remedies
Prepayment Terms
Fees and Charges
Property Valuation
Disbursement Conditions
Lock-in Period
Assignment
Notice Requirements
Force Majeure
Governing Law
Dispute Resolution
Amendment and Modification
Cancellation Rights
Data Protection
Disclosure Requirements
Documentation Requirements
Property Usage
Construction Progress
Regulatory Compliance
Relevant Industries
Relevant Teams
Relevant Roles
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