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Request Letter To Bank For Release Mortgage Property Template for Singapore

A formal written request submitted to a bank or financial institution in Singapore, requesting the release of a mortgage over a property following full repayment of the loan. This document must comply with Singapore's banking and property laws, including the Banking Act and Conveyancing and Law of Property Act. It serves as an official trigger for the bank to initiate the mortgage discharge process and release their security interest in the property.

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What is a Request Letter To Bank For Release Mortgage Property?

The Request Letter To Bank For Release Mortgage Property is a crucial document in Singapore's property transaction process. It is typically used when a property owner has fully repaid their mortgage and requires the bank to formally release their security interest in the property. This document is essential for completing the discharge process and obtaining clear title to the property. It must include specific details such as the property particulars, mortgage account information, and confirmation of full payment, while complying with Singapore's banking and property regulations. The letter initiates the formal process of mortgage discharge, which is necessary for future property transactions or refinancing.

What sections should be included in a Request Letter To Bank For Release Mortgage Property?

1. Sender's Details: Full name, address, and contact information of the mortgage holder

2. Bank's Details: Name and address of the bank branch holding the mortgage

3. Property Details: Full address and legal description of the mortgaged property

4. Mortgage Account Details: Mortgage account number and reference numbers

5. Request Statement: Clear statement requesting the discharge of mortgage

6. Confirmation of Payment: Statement confirming full settlement of the mortgage

What sections are optional to include in a Request Letter To Bank For Release Mortgage Property?

1. CPF Usage Details: Required when CPF funds were used for property purchase

2. Property Tax Status: Include when specifically requested by bank

3. Third Party Authorization: Required when another party is authorized to handle the discharge

What schedules should be included in a Request Letter To Bank For Release Mortgage Property?

1. Proof of Identity: Copy of NRIC or passport

2. Final Payment Evidence: Bank statements or payment receipts showing final settlement

3. Property Tax Clearance: Recent property tax statement showing cleared status

4. CPF Statement: Statement of CPF usage for the property (if applicable)

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

Jurisdiction

Singapore

Publisher

Genie AI

Document Type

Mortgage Document

Cost

Free to use

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