��������Ƶ

A Payoff Letter From Lender is typically used when a borrower intends to fully repay a loan, either at or before its scheduled maturity. This document, governed by Philippine banking regulations and financial laws, provides an official statement of the total amount required to satisfy the loan obligation completely. The letter includes crucial information such as the exact payoff amount, daily interest accrual, payment deadline, and specific instructions for submitting payment. It's particularly important in the Philippine context as it must comply with local banking regulations and the Truth in Lending Act, ensuring transparent disclosure of all payment terms and conditions. The document serves multiple purposes: it provides clear instructions to the borrower, creates a formal record of the payoff terms, and establishes the conditions for releasing any security interests or collateral held against the loan.

1. Lender Information: Complete details of the lending institution, including name, address, contact information, and any relevant regulatory identification numbers

2. Borrower Information: Full name and address of the borrower(s) and any co-borrowers or guarantors

3. Loan Details: Loan account number, original loan amount, type of loan, and date of loan origination

4. Payoff Amount Breakdown: Detailed breakdown of the total payoff amount, including principal balance, accrued interest, fees, and any other charges

5. Payoff Validity Period: The specific date through which the payoff amount is valid, including the daily interest accrual amount

6. Payment Instructions: Detailed instructions for submitting the payoff payment, including acceptable payment methods and where to send the payment

7. Release of Security: Statement regarding the release of any security interests or collateral upon receipt of full payment