The Home Loan Letter serves as the primary document confirming a financial institution's commitment to provide mortgage financing in Singapore. It is issued after the borrower's loan application has been approved and includes crucial information such as the approved loan amount, interest rates, tenure, and repayment schedule. The document must comply with Monetary Authority of Singapore (MAS) regulations, including Total Debt Servicing Ratio (TDSR) requirements and Loan-to-Value (LTV) limits. The Home Loan Letter is typically used when purchasing both private properties and HDB flats, subject to different regulatory requirements for each property type.
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Key Requirements PROMPT example:
Home Loan Letter
"Need a Home Loan Letter for a Singapore property purchase of SGD 1.2 million with a 25-year tenure and floating interest rate, to be issued by March 2025 with mandatory fire insurance requirements included."
1. Loan Amount and Purpose: Specification of the approved loan amount and property details including property address and purchase price
2. Interest Rate Terms: Details of applicable interest rates (fixed/floating), interest calculation method, and rate revision terms
3. Loan Tenure: Duration of the loan, commencement date, and maturity date
4. Security Requirements: Details of mortgage requirements, property charge, and any additional security needed
5. Payment Terms: Monthly installment amounts, payment due dates, and payment mechanisms
1. Lock-in Period Terms: Details of any lock-in period and associated penalties for early repayment during this period
2. Early Repayment Terms: Conditions and penalties for early repayment or refinancing outside lock-in period
3. Insurance Requirements: Mandatory insurance coverage requirements including fire insurance and mortgage reducing term assurance
4. HDB-Specific Requirements: Additional terms specific to HDB properties, if applicable
1. Schedule 1 - Repayment Schedule: Detailed monthly repayment schedule showing principal and interest components over loan tenure
2. Schedule 2 - Property Valuation Report: Professional valuation report of the property being financed
3. Schedule 3 - Fee Schedule: Comprehensive breakdown of all applicable fees and charges including processing fees, late payment fees, and miscellaneous charges
4. Schedule 4 - Terms and Conditions: Detailed terms and conditions of the home loan including borrower's obligations and bank's rights
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