The Mortgage Loan Letter is a crucial document in Singapore's property financing landscape, serving as the formal confirmation of a mortgage loan approval. Used when a financial institution approves a property loan, it outlines essential terms including loan amount, interest rates, repayment schedule, and security requirements. The document must comply with Singapore's strict regulatory framework, including MAS guidelines on TDSR and LTV ratios. The Mortgage Loan Letter forms the basis for subsequent mortgage documentation and is typically issued after preliminary credit assessment but before the final loan agreement.
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Key Requirements PROMPT example:
Mortgage Loan Letter
"Need a Mortgage Loan Letter for a Singapore private property purchase of SGD 1.2 million, with a 75% LTV ratio and 25-year tenure, to be issued by DBS Bank to a first-time homebuyer by March 2025."
1. Sender and Recipient Details: Full names, addresses, and reference numbers of both the lending institution and borrower
2. Loan Approval Confirmation: Clear statement confirming loan approval and the approved amount
3. Property Details: Complete description of the mortgaged property including address, lot number, and title details
4. Loan Terms: Detailed terms including interest rate, loan tenure, and monthly installment amounts
5. Security Requirements: Details of the mortgage and any other security required for the loan
6. Conditions Precedent: List of all conditions that must be fulfilled before loan disbursement
1. Insurance Requirements: Details of required insurance coverage, included when specific insurance policies are mandatory
2. Refinancing Terms: Specific terms and conditions for refinancing cases, included when the loan is for refinancing an existing mortgage
3. Construction Stage Payments: Schedule of progressive payments for under-construction properties, included for buildings under construction
1. Loan Repayment Schedule: Detailed monthly payment breakdown showing principal, interest, and outstanding balance
2. Property Valuation Report: Professional valuation report of the property serving as security
3. TDSR Calculation: Detailed computation of the Total Debt Servicing Ratio as per MAS requirements
4. Fee Schedule: Comprehensive list of all applicable fees and charges including processing fees, legal fees, and other charges
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