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Mortgage Extension Agreement for Singapore

Mortgage Extension Agreement Template for Singapore

A Mortgage Extension Agreement under Singapore law is a legal document that modifies the terms of an existing mortgage by extending its duration. The agreement must comply with the Housing and Development Act, Banking Act, and MAS guidelines, particularly regarding TDSR and LTV limits. It includes provisions for revised payment schedules, interest rates, and any additional security requirements, while ensuring compliance with CPF regulations where applicable.

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Mortgage Extension Agreement

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What is a Mortgage Extension Agreement?

A Mortgage Extension Agreement becomes necessary when a borrower requires additional time to repay their mortgage beyond the original term. This document, governed by Singapore law, modifies the existing mortgage agreement while maintaining the original security. It must address specific requirements under Singapore's banking and property laws, including MAS guidelines and CPF regulations. The agreement typically includes revised payment terms, confirmation of existing security, and any new conditions imposed by the lender.

What sections should be included in a Mortgage Extension Agreement?

1. Parties: Identification of lender and borrower(s)

2. Background: Details of original mortgage and reason for extension

3. Definitions: Key terms used in the agreement

4. Extension Terms: Specific details of the mortgage extension including new maturity date

5. Payment Terms: Modified payment schedule and amounts

6. Continuing Security: Confirmation that original security remains in force

7. Representations and Warranties: Borrower's confirmations regarding their circumstances

8. Execution: Signature blocks and witnessing requirements

What sections are optional to include in a Mortgage Extension Agreement?

1. CPF Usage: Terms relating to CPF usage for mortgage payments when CPF funds are being used for mortgage payments

2. Additional Security: Details of any new security required when additional security is needed for the extension

3. Insurance Requirements: Modified insurance terms when insurance requirements are being modified

What schedules should be included in a Mortgage Extension Agreement?

1. Schedule 1 - Property Details: Full description of the mortgaged property

2. Schedule 2 - Original Mortgage Details: Summary of original mortgage terms

3. Schedule 3 - New Payment Schedule: Detailed amortization schedule for extended period

4. Schedule 4 - Conditions Precedent: List of conditions to be met before extension takes effect

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Singapore

Document Type

Loan Agreement

Sector

Banking

Cost

Free to use
Relevant legal definitions






























Clauses






























Industries

Housing and Development Act (Chapter 129): Primary legislation governing HDB properties, including regulations on mortgage terms and conditions for public housing in Singapore

Conveyancing and Law of Property Act (Chapter 61): Fundamental legislation governing real property transactions and mortgages in Singapore, including legal requirements for creating and modifying mortgage agreements

Banking Act (Chapter 19): Legislation governing banking institutions and their mortgage lending practices, including regulatory requirements for financial institutions

MAS Guidelines - TDSR and LTV: Monetary Authority of Singapore guidelines establishing Total Debt Servicing Ratio framework and Loan-to-Value limits for mortgage lending

Central Provident Fund (CPF) Act: Legislation governing the use of CPF funds for mortgage payments and requirements for CPF charge on properties

Registration of Deeds Act: Legislation specifying requirements for proper registration of mortgage modifications and related documents

Moneylenders Act: Legislation regulating moneylenders and mortgage loans provided by licensed moneylenders

MAS Notice 632: Specific guidelines for banks regarding residential property loans and mortgage practices

MAS Notice 115: Specific guidelines for finance companies regarding residential property loans and mortgage practices

Teams

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