Private Mortgage Loan Agreement Template for Singapore

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Key Requirements PROMPT example:

Private Mortgage Loan Agreement

"I need a Private Mortgage Loan Agreement for a residential property in Singapore, with a loan amount of SGD 1.2 million at 3.5% interest rate, to be repaid over 20 years starting March 2025, with optional early repayment provisions."

Document background
The Private Mortgage Loan Agreement is essential for private lending transactions in Singapore's real estate market. It provides a comprehensive framework for loans secured against property, ensuring compliance with Singapore's strict lending and property laws. This document is commonly used when traditional bank financing is not suitable or available, and includes crucial elements such as loan terms, security arrangements, interest calculations, and enforcement mechanisms. The agreement must adhere to Singapore's Moneylenders Act and related regulations, particularly regarding interest rate caps and borrower protections.
Suggested Sections

1. Parties: Identification of lender and borrower with full legal names and addresses

2. Background: Context of the loan agreement and property details

3. Definitions: Key terms used throughout the agreement including those required under Singapore's Moneylenders Act and Banking Act

4. Loan Amount and Purpose: Specification of loan amount and intended use in compliance with Singapore lending regulations

5. Interest Rate and Calculations: Interest rate terms, calculation method, and payment schedule in accordance with Singapore's usury laws and MAS guidelines

6. Security: Details of the mortgage security over the property as per Property Law Act and Land Titles Act requirements

7. Repayment Terms: Payment schedule, method, and prepayment provisions in compliance with Singapore banking regulations

8. Events of Default: Circumstances constituting default and consequences under Singapore law

9. Representations and Warranties: Statements of fact by borrower regarding their situation and compliance with Singapore regulations

Optional Sections

1. Insurance Requirements: Property insurance obligations and requirements under Singapore insurance regulations

2. Guarantor Provisions: Terms relating to any guarantors and their obligations under Singapore law

3. Property Maintenance Obligations: Requirements for property upkeep and maintenance standards

4. Special Payment Provisions: Additional payment terms for unique arrangements compliant with Singapore banking regulations

Suggested Schedules

1. Property Description Schedule: Detailed legal description of the mortgaged property as required by Land Titles Act

2. Payment Schedule: Detailed amortization table showing payment breakdown and interest calculations

3. Insurance Requirements Schedule: Specific insurance requirements and minimum coverage details

4. Required Documents List: List of documents required from borrower under Singapore mortgage regulations

5. Property Valuation Report: Professional valuation of the property in accordance with Singapore valuation standards

Authors

Alex Denne

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

Industries

Moneylenders Act (Cap. 188): Primary legislation governing money lending in Singapore, including licensing requirements and borrower protections

Banking Act (Cap. 19): Regulates banking institutions and their lending practices in Singapore

Mortgage and Charges Registration Act: Governs the registration and enforcement of mortgages and charges in Singapore

Property Law Act (Cap. 242): Deals with property rights, mortgages, and real estate transactions in Singapore

Civil Law Act (Cap. 43): Contains general provisions about contract law and civil obligations in Singapore

Consumer Protection (Fair Trading) Act: Protects consumers against unfair practices and ensures fair trading terms

Unfair Contract Terms Act: Regulates unfair terms in contracts and protects against unreasonable contract conditions

Moneylenders Rules: Specific regulations regarding interest rates, fees, and lending practices for money lenders

Land Titles Act: Governs the registration and transfer of land titles, including mortgage registration for properties under the land titles system

Registration of Deeds Act: Regulates the registration of deeds and other instruments affecting land

Housing and Development Act: Relevant when the mortgaged property is HDB property, containing specific requirements and restrictions

Supreme Court of Judicature Act: Provides framework for legal proceedings related to mortgage enforcement and dispute resolution

Rules of Court: Procedural rules governing enforcement of security and legal proceedings related to mortgages

Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act: Anti-money laundering legislation that affects due diligence requirements in mortgage lending

MAS Guidelines: Regulatory guidelines from the Monetary Authority of Singapore affecting mortgage lending practices and compliance requirements

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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