The Gift Letter For Mortgage is a crucial document in Singapore's property transaction process, particularly when family members or others provide financial assistance for property purchases. This document has become increasingly important due to Singapore's strict lending regulations, including the Total Debt Servicing Ratio (TDSR) framework. The letter serves to clearly document the gift's details, protecting both the donor and recipient while satisfying lender requirements and regulatory compliance. It includes essential information such as the gift amount, relationship between parties, and confirmation that no repayment is expected, while ensuring compliance with Singapore's anti-money laundering regulations and banking requirements.
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1. Donor Information: Full legal name, address, and contact information of the person giving the gift
2. Recipient Information: Full legal name, address, and contact information of the person receiving the gift
3. Gift Details: Specific amount being gifted and form of gift (cash, check, wire transfer)
4. Property Information: Details of the property being purchased with the gifted funds
5. Relationship Declaration: Statement of relationship between donor and recipient
6. No Repayment Statement: Clear declaration that the gift is not a loan and no repayment is expected
7. Source of Funds: Declaration of where the gifted money originated from
1. Tax Implications: Statement regarding tax obligations, used when gift amount exceeds certain thresholds
2. Additional Conditions: Any specific conditions attached to the gift, if applicable
3. Future Interest Declaration: Statement regarding any future interest in the property, if relevant
1. Proof of Funds: Bank statements or other documentation showing source of gifted funds
2. Identification Documents: Copies of donor's identification documents
3. Bank Transfer Records: Documentation of the transfer of funds, if already completed
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