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Authorization Letter For Co Borrower for Singapore

Authorization Letter For Co Borrower Template for Singapore

A formal authorization letter used in Singapore that enables a primary borrower to designate a co-borrower for a loan application or existing loan facility. The document complies with Singapore's Banking Act and relevant MAS guidelines, providing legal authorization for the co-borrower to share loan responsibilities and obligations. It includes specific details about both parties, the loan reference, and the scope of authorization, while adhering to Singapore's personal data protection requirements.

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What is a Authorization Letter For Co Borrower?

The Authorization Letter For Co Borrower is a crucial document in Singapore's lending landscape, commonly used when an additional borrower needs to be added to a loan arrangement. This document is essential for various scenarios, such as joint property purchases, family loans, or business financing where multiple parties share loan responsibilities. The letter must comply with Singapore's Banking Act, MAS guidelines, and PDPA requirements, ensuring proper authorization and protection of all parties involved. It typically includes detailed identification of all parties, specific loan references, scope of authorization, and may require witness attestation depending on the loan amount and type.

What sections should be included in a Authorization Letter For Co Borrower?

1. Date and Place: Current date and location of execution

2. Lender Details: Full name and address of the lending institution

3. Primary Borrower Details: Full name, NRIC/passport number, and address of primary borrower

4. Co-Borrower Details: Full name, NRIC/passport number, and address of co-borrower

5. Loan Reference: Specific details of the loan being referenced

6. Authorization Statement: Clear statement of authorization and its scope

7. Duration of Authorization: Validity period of the authorization

What sections are optional to include in a Authorization Letter For Co Borrower?

1. Specific Powers: Detailed list of specific powers being granted to co-borrower - include when authorization needs to be limited to specific actions

2. Revocation Clause: Terms for revoking the authorization - include when the authorization needs to be revocable

3. Witness Details: Information about witnesses to the authorization - include when additional verification is required

What schedules should be included in a Authorization Letter For Co Borrower?

1. Identification Documents: Copies of NRIC/passport of both borrower and co-borrower

2. Loan Agreement Reference: Copy or reference to the main loan agreement

3. Proof of Address: Recent utility bills or other address verification documents

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

Jurisdiction

Singapore

Publisher

Genie AI

Document Type

Letter of Authority

Sector

Banking

Cost

Free to use
Relevant legal definitions























Clauses



















Industries

Banking Act (Chapter 19): Primary legislation regulating banking business and credit facilities in Singapore. Sets requirements for lending practices and borrower obligations.

Moneylenders Act (Chapter 188): Legislation governing licensed moneylenders, regulating money lending transactions and establishing borrower protections for loans involving licensed moneylenders.

Electronic Transactions Act (Chapter 88): Legislation governing electronic transactions, including the validity of electronic signatures and documents for authorization letters executed electronically.

Personal Data Protection Act 2012 (PDPA): Legislation governing the handling of personal information, including consent requirements for sharing personal data between borrower and co-borrower.

Contracts Law (Application of Laws) Act: Legislation establishing general principles of contract law in Singapore, including requirements for valid authorization and agency relationships.

MAS Guidelines: Regulatory guidelines from Monetary Authority of Singapore covering banking and financial services regulations, including requirements for credit facilities and borrowing.

Civil Law Act (Chapter 43): Legislation covering general provisions about contractual relationships, including requirements for valid consideration and contractual capacity.

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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