Document background
The Mortgage Facility Letter is a crucial document in Singapore's property financing landscape, used when a financial institution offers mortgage financing to a borrower. It serves as the primary document detailing the terms and conditions of the mortgage facility, ensuring compliance with Singapore's strict regulatory framework, including MAS Notices 632 and 645. The letter includes essential information about the loan amount, interest rates, repayment schedule, security requirements, and conditions that must be met before drawdown. It's particularly important given Singapore's comprehensive property financing regulations and serves as a formal offer of financing that, when accepted, becomes legally binding.
