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Borrower Authorization Form Mortgage for Singapore

Borrower Authorization Form Mortgage Template for Singapore

A Borrower Authorization Form Mortgage is a legal document used in Singapore that enables lending institutions to verify borrower information, conduct credit checks, and share necessary data with relevant parties. The document complies with Singapore's Banking Act, Personal Data Protection Act, and relevant MAS guidelines. It serves as formal consent for the collection, use, and disclosure of personal and financial information necessary for mortgage application processing.

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What is a Borrower Authorization Form Mortgage?

The Borrower Authorization Form Mortgage is a crucial document in Singapore's mortgage lending process, required by financial institutions before processing mortgage applications. It ensures compliance with Singapore's strict banking and data protection regulations while protecting both lender and borrower interests. The form typically includes comprehensive authorization for credit checks, employment verification, and information sharing with relevant third parties. This document is particularly important given Singapore's robust financial regulatory framework and stringent requirements for mortgage lending under MAS guidelines.

What sections should be included in a Borrower Authorization Form Mortgage?

1. Borrower Information: Personal and contact details of the borrower(s), including full name, NRIC/passport number, address, contact numbers, and email

2. Property Information: Details of the property being mortgaged, including address, property type, and title details

3. Authorization Statement: Express authorization for credit checks, information verification, and consent to share information with relevant financial institutions

4. Data Protection Consent: PDPA-compliant consent for personal data collection, use, disclosure, and storage

5. Verification Methods: Approved methods for identity and information verification, including acceptable documentation

What sections are optional to include in a Borrower Authorization Form Mortgage?

1. Co-Borrower Information: Details of additional borrowers, used when there are multiple applicants for the mortgage

2. Foreign Ownership Declaration: Additional declarations and requirements for non-Singapore citizens under the Residential Property Act

3. HDB-Specific Declarations: Special declarations and authorizations required for HDB property mortgages under the Housing and Development Act

What schedules should be included in a Borrower Authorization Form Mortgage?

1. Identity Documentation List: Comprehensive list of acceptable identity documents for verification purposes

2. Income Verification Documents: Detailed list of required documents for income proof and financial assessment

3. Property Documentation Requirements: List of required property-related documents including title deeds and valuation reports

4. Privacy Policy: Detailed privacy policy and data protection guidelines in accordance with PDPA requirements

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

Mortgage Document

Cost

Free to use
Relevant legal definitions






























Clauses

























Industries

Banking Act (Cap. 19): Primary legislation that regulates banking institutions and their lending practices in Singapore, including provisions on banking secrecy and disclosure of customer information

Moneylenders Act (Cap. 188): Legislation governing money lending activities in Singapore, particularly relevant if the lender is not a bank or financial institution

Personal Data Protection Act 2012 (PDPA): Framework governing the collection, use, and disclosure of personal data, including requirements for consent, purpose limitation, and data protection obligations

Residential Property Act (Cap. 274): Legislation that restricts foreign ownership of residential property in Singapore and contains relevant provisions for mortgage considerations involving foreign buyers

Housing and Development Act (Cap. 129): Legislation containing specific rules for HDB properties, including mortgage restrictions and requirements for public housing

MAS Guidelines: Regulatory framework from Monetary Authority of Singapore covering Total Debt Servicing Ratio (TDSR), Loan-to-Value (LTV) limits, and guidelines on mortgage lending

Credit Bureau Singapore Regulations: Regulations governing credit information sharing and consumer credit reporting requirements in Singapore

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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