The Mortgage Commitment Letter serves as a crucial intermediary document in Singapore's property financing process. It is issued after the lender's initial approval of a mortgage application but before the final loan documentation. The letter confirms the lender's intention to provide financing and outlines all material terms, including loan amount, interest rate, tenure, and conditions precedent. Under Singapore's regulatory framework, this document must comply with MAS guidelines on property financing, including TDSR and LTV limits. The Mortgage Commitment Letter typically remains valid for a specific period, during which the borrower must fulfill all stated conditions to proceed with the loan.
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1. Borrower Information: Full details of borrower(s) including name, NRIC/Passport number, address, contact information, and employment details
2. Property Details: Complete description of the mortgaged property including address, title details, property type, and land area
3. Loan Terms: Key loan details including facility amount, interest rate, loan tenure, monthly installments, and any lock-in period
4. Conditions Precedent: Requirements that must be met before loan disbursement, including documentation, down payment, and regulatory requirements
5. Validity Period: Duration for which the commitment offer remains valid and conditions for acceptance
1. Insurance Requirements: Details of required insurance coverage (fire, mortgage reducing term assurance), used when bank mandates specific insurance policies
2. Valuation Details: Property valuation information and requirements, included when formal valuation has been completed
3. Special Conditions: Any non-standard conditions specific to the borrower or property, including regulatory requirements for foreigners or HDB properties
4. CPF Usage: Details regarding the use of CPF funds for down payment or monthly installments, included when borrower intends to use CPF
1. Schedule of Fees and Charges: Detailed breakdown of all applicable fees including processing fees, legal fees, valuation fees, and other charges
2. Indicative Repayment Schedule: Preliminary loan repayment schedule showing monthly installments, principal and interest breakdown
3. Required Documents Checklist: Comprehensive list of documents required for loan processing and completion
4. Declaration Forms: Standard forms for TDSR declaration, property ownership declaration, and other regulatory requirements
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