The Mortgage Letter From Bank is a crucial document in Singapore's property financing landscape, issued by licensed banking institutions under MAS supervision. It is typically generated after a successful mortgage application review and property valuation process. The letter serves multiple purposes: confirming loan approval, documenting loan terms, specifying conditions precedent, and ensuring compliance with Singapore's strict property financing regulations including TDSR and LTV limits. This document forms the basis for subsequent mortgage documentation and is required for property transactions in Singapore.
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Key Requirements PROMPT example:
Mortgage Letter From Bank
"Need to draft a Mortgage Letter From Bank for a Singapore residential property purchase with a loan amount of SGD 1.2 million, including specific conditions about the floating interest rate pegged to SORA and a prepayment lock-in period of 2 years starting March 2025."
1. Bank Details: Official letterhead, branch information, and reference numbers
2. Customer Information: Borrower's full name, address, and account details
3. Loan Approval Status: Clear statement of mortgage approval or rejection
4. Loan Amount and Terms: Approved loan amount, interest rate, tenure, and monthly installments
5. Property Details: Address and details of the mortgaged property
6. Conditions Precedent: Requirements to be fulfilled before loan disbursement
1. Valuation Details: Property valuation information, used when relevant to loan approval
2. Insurance Requirements: Details of required insurance coverage, if applicable
3. Special Conditions: Any additional conditions specific to the borrower's situation
1. Loan Fact Sheet: Detailed breakdown of loan terms and conditions
2. Fee Schedule: List of applicable fees and charges
3. TDSR Calculation: Details of Total Debt Servicing Ratio calculation
4. Property Valuation Report: If referenced in the main letter
Authors
Relevant legal definitions
Acceptance Period
Applicable Interest Rate
Banking Day
Base Rate
Board Rate
Borrower
Conditions Precedent
Disbursement
Effective Date
Facility
Fixed Rate Period
Interest Period
Legal Charge
Loan Amount
Loan Term
Lock-in Period
Margin
Mortgaged Property
Monthly Installment
Prepayment Fee
Property Value
Reference Rate
Security Documents
SIBOR
SORA
Title Deeds
Total Debt Servicing Ratio
Valuation Report
Applicable Interest Rate
Banking Day
Base Rate
Board Rate
Borrower
Conditions Precedent
Disbursement
Effective Date
Facility
Fixed Rate Period
Interest Period
Legal Charge
Loan Amount
Loan Term
Lock-in Period
Margin
Mortgaged Property
Monthly Installment
Prepayment Fee
Property Value
Reference Rate
Security Documents
SIBOR
SORA
Title Deeds
Total Debt Servicing Ratio
Valuation Report
Clauses
Loan Amount and Purpose
Interest Rate and Calculation
Repayment Terms
Security and Collateral
Insurance Requirements
Fees and Charges
Disbursement Conditions
Prepayment Terms
Default Events
Property Requirements
Representations and Warranties
Conditions Precedent
Change in Circumstances
Variation of Terms
Assignment Rights
Notices
Governing Law
Force Majeure
Cancellation Terms
Data Privacy
Interest Rate and Calculation
Repayment Terms
Security and Collateral
Insurance Requirements
Fees and Charges
Disbursement Conditions
Prepayment Terms
Default Events
Property Requirements
Representations and Warranties
Conditions Precedent
Change in Circumstances
Variation of Terms
Assignment Rights
Notices
Governing Law
Force Majeure
Cancellation Terms
Data Privacy
Relevant Industries
Relevant Teams
Relevant Roles
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