The Mortgage Facility Letter is a crucial document in Singapore's property financing landscape, used when a financial institution offers mortgage financing to a borrower. It serves as the primary document detailing the terms and conditions of the mortgage facility, ensuring compliance with Singapore's strict regulatory framework, including MAS Notices 632 and 645. The letter includes essential information about the loan amount, interest rates, repayment schedule, security requirements, and conditions that must be met before drawdown. It's particularly important given Singapore's comprehensive property financing regulations and serves as a formal offer of financing that, when accepted, becomes legally binding.
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Key Requirements PROMPT example:
Mortgage Facility Letter
"Need a Mortgage Facility Letter for a residential property purchase in Singapore with a loan amount of SGD 1.2 million, 25-year tenure, and floating interest rate pegged to SORA, to be issued by March 2025."
1. Facility Details: Amount, purpose, and type of facility being offered
2. Interest Rate: Interest rate structure, basis of calculation, and review periods
3. Repayment Terms: Payment schedule, installment amounts, and tenure
4. Security Requirements: Details of the property being mortgaged and any additional security required
5. Conditions Precedent: Conditions that must be fulfilled before drawdown
6. Fees and Charges: All applicable fees, charges, and costs
1. Insurance Requirements: Property insurance and mortgage reducing term assurance requirements, when specific insurance requirements are imposed
2. Prepayment Terms: Conditions and penalties for early repayment, applicable when prepayment options are offered
3. Lock-in Period: Duration and terms of any lock-in period, applicable when a lock-in period applies
1. Property Details Schedule: Detailed description of the mortgaged property
2. Payment Schedule: Detailed repayment schedule showing installment breakdowns
3. Fee Schedule: Comprehensive list of all applicable fees and charges
4. Terms and Conditions: Standard terms and conditions of the mortgage facility
Authors
Relevant legal definitions
Facility
Property
Mortgage
Security
Interest Rate
Banking Day
Default Rate
Conditions Precedent
Drawdown Date
Facility Amount
Final Maturity Date
Installment Amount
Interest Period
Lock-in Period
Mortgagor
Prepayment Fee
Reference Rate
Repayment Date
Security Documents
TDSR
LTV Ratio
Valuation
Event of Default
Insurance Policy
Legal Expenses
Outstanding Amount
Relevant Authority
Title Documents
Loan Account
Fees and Charges
Property
Mortgage
Security
Interest Rate
Banking Day
Default Rate
Conditions Precedent
Drawdown Date
Facility Amount
Final Maturity Date
Installment Amount
Interest Period
Lock-in Period
Mortgagor
Prepayment Fee
Reference Rate
Repayment Date
Security Documents
TDSR
LTV Ratio
Valuation
Event of Default
Insurance Policy
Legal Expenses
Outstanding Amount
Relevant Authority
Title Documents
Loan Account
Fees and Charges
Clauses
Facility Amount and Purpose
Interest Rate and Calculation
Repayment Terms
Security Provisions
Conditions Precedent
Representations and Warranties
Covenants
Events of Default
Fees and Charges
Insurance Requirements
Property Maintenance
Prepayment
Assignment and Transfer
Default Interest
Set-off Rights
Notices
Amendments and Variations
Governing Law
Dispute Resolution
Force Majeure
Indemnity
Severability
Entire Agreement
Cancellation Rights
Data Protection
Anti-Money Laundering
Documentation Requirements
Valuation
Further Assurance
Costs and Expenses
Interest Rate and Calculation
Repayment Terms
Security Provisions
Conditions Precedent
Representations and Warranties
Covenants
Events of Default
Fees and Charges
Insurance Requirements
Property Maintenance
Prepayment
Assignment and Transfer
Default Interest
Set-off Rights
Notices
Amendments and Variations
Governing Law
Dispute Resolution
Force Majeure
Indemnity
Severability
Entire Agreement
Cancellation Rights
Data Protection
Anti-Money Laundering
Documentation Requirements
Valuation
Further Assurance
Costs and Expenses
Relevant Industries
Relevant Teams
Relevant Roles
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