The Domestic Helper Loan Agreement Template is essential for Singapore employers who provide financial assistance to their foreign domestic workers, typically for covering placement fees, training costs, or other employment-related expenses. This document ensures compliance with Singapore's strict regulatory framework, including MOM guidelines and the Employment of Foreign Manpower Act. It protects both parties by clearly defining loan terms, repayment schedules, and salary deduction arrangements, while maintaining adherence to legal limits on deductions. The agreement is particularly relevant given the common practice of employers assisting domestic helpers with initial employment costs.
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1. Parties: Identifies the lender and borrower with complete details including names, identification numbers, and addresses
2. Background: Explains the context of the loan, its purpose for domestic helper employment, and relationship between parties
3. Definitions: Defines key terms used in the agreement including 'Loan Amount', 'Repayment Period', 'Monthly Salary', etc.
4. Loan Amount and Purpose: Specifies the loan amount and its intended use for domestic helper employment-related expenses
5. Repayment Terms: Details the repayment schedule, method, and compliance with MOM's maximum 25% salary deduction rule
6. Salary Deduction Authorization: Formal authorization for employer to make monthly salary deductions within legal limits
7. Default Provisions: Outlines consequences and remedies in case of payment default or employment termination
8. Termination: Conditions for early termination, loan acceleration, and final settlement procedures
1. Interest Charges: Details any applicable interest rates and calculation methods in compliance with Singapore lending laws
2. Security Provisions: Specifies any security or collateral requirements for the loan
3. Insurance Requirements: Details any mandatory insurance coverage related to the loan
4. Guarantor Provisions: Terms and conditions applicable when a guarantor is involved in the loan agreement
1. Schedule 1 - Repayment Schedule: Detailed monthly repayment schedule showing installment amounts and dates
2. Schedule 2 - Salary Deduction Authorization Form: Standard form authorizing employer to make salary deductions as per MOM requirements
3. Schedule 3 - Employment Details: Copy of domestic helper's employment contract and work permit details
4. Schedule 4 - Loan Calculation Sheet: Detailed breakdown of loan amount, any applicable fees, and deduction calculations
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