Document background
The Down Payment Gift Letter Template is a crucial document in Singapore's property transaction process, particularly when family members or close relations provide financial assistance for property purchases. This document became increasingly important as property prices rose and more buyers relied on gifted funds for down payments. The letter serves multiple purposes: it satisfies bank requirements for mortgage applications, complies with anti-money laundering regulations, and provides clear documentation for tax purposes. The template includes specific declarations about the gift's nature, source of funds, and relationship between parties, ensuring transparency in property transactions.
