Home Loan Promissory Note

Home Loan Promissory Note Template for Denmark

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Document background

The Home Loan Promissory Note is a fundamental document in Danish residential property financing, used when individuals or entities borrow money to purchase, refinance, or renovate residential property. This document, governed by Danish law and regulated under the Danish Credit Agreements Act and Financial Business Act, serves as the borrower's formal promise to repay the loan according to specified terms. It must comply with strict Danish consumer protection regulations and financial services requirements, making it essential for establishing the legal relationship between lender and borrower. The document typically works in conjunction with mortgage documentation and must be properly registered with the Danish Land Registry system to ensure legal enforceability.

Suggested Sections

1. Parties: Identification of the lender (financial institution) and borrower(s), including full legal names, addresses, and identification numbers

2. Background: Brief context of the loan agreement and its purpose

3. Definitions: Key terms used throughout the document

4. Loan Amount and Purpose: Specification of the principal amount and confirmation that it is for home purchase/refinancing

5. Interest Rate: Details of the applicable interest rate, whether fixed or variable, and calculation method

6. Repayment Terms: Payment schedule, frequency, and method of payments

7. Security: Description of the property serving as security and mortgage details

8. Borrower's Representations: Confirmations regarding borrower's legal capacity, property ownership, and financial status

9. Events of Default: Circumstances that constitute default and consequences

10. Rights and Obligations: Key responsibilities of both parties, including maintenance of property and insurance requirements

11. Governing Law and Jurisdiction: Confirmation of Danish law application and jurisdiction

Optional Sections

1. Co-Borrower Provisions: Additional terms when there are multiple borrowers, defining joint and several liability

2. Prepayment Terms: Include when early repayment options are offered, detailing any associated fees

3. Interest Rate Adjustment: Required for variable rate loans, detailing the mechanism for rate changes

4. Property Usage Restrictions: Include when there are specific requirements about property use

5. Insurance Requirements: Detailed insurance requirements beyond standard property insurance

6. Third-Party Guarantees: Include when the loan includes a guarantor

7. Construction Provisions: Required when the loan involves property under construction

Suggested Schedules

1. Property Description Schedule: Detailed legal description of the mortgaged property, including land registry details

2. Payment Schedule: Amortization table showing payment breakdown over the loan term

3. Interest Rate Terms: Detailed terms for interest calculation and adjustment (especially for variable rate loans)

4. Insurance Requirements: Specific insurance requirements and minimum coverage amounts

5. Fee Schedule: List of applicable fees and charges

6. Property Valuation Report: Official valuation of the property (may be referenced as an appendix)

7. Required Documents List: Checklist of supporting documents required for loan completion

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