Regulatory Alerts2022-12-14
Added · Updated
MAS Notice 825A Residential Property Loans Fact Sheet
Finance companies must provide borrowers with a Fact Sheet detailing key features of residential property credit facilities, including tenure, interest rates, amounts, and repayment schedules. The notice mandates that finance companies ensure consistency between Fact Sheet features and Letter of Offer terms, and requires specific acknowledgement procedures for digital channels, such as obtaining borrower signatures or representative confirmations. Additionally, finance companies must retain these acknowledgements and related documentary evidence for at least five years after the credit facility is redeemed, refinanced, or restructured.