On 14 December 2022, the Monetary Authority of Singapore (“MAS“) issued the following revised MAS Notices on residential property loan fact sheets (collectively, “MAS Notices“) for the relevant financial institutions (“FIs“):
- For banks: Notice 632A Residential Property Loans- Fact Sheet;
- For merchant banks: Notice 1106A Residential Property Loans- Fact Sheet;
- For direct insurers: Notice 115A Residential Property Loans- Fact Sheet; and
- For finance companies: Notice 825A Residential Property Loans- Fact Sheet.
Before granting a residential property loan to a borrower, the FI is required to provide and explain to the borrower a fact sheet containing key information of the residential property loan. The MAS Notices set out the information that must be provided in the fact sheet and how the FI should deliver and explain to the borrowers.
For more information, click here to read the full Legal Update.
