Regulatory Alerts2022-12-14
Added
Notice 115A Residential Property Loans - Fact Sheet
The Monetary Authority of Singapore issued Notice 115A to mandate that direct insurers provide and explain a fact sheet to borrowers before granting residential property loans. The notice requires the inclusion of key loan details such as tenure, amount, and repayment schedule, while specifying how this information must be delivered through various channels. This regulatory update ensures transparency for borrowers and applies to all direct insurers in Singapore.
Notices
Last Revised Date: 14 December 2022
What direct insurers must include in the required fact sheet to borrowers before granting a residential property loan.
Property Loans
Issued pursuant to:
Insurance Act (Cap. 142) section 64(2)
Applies to:
Direct Insurer (Life)
,
Direct Insurer (General)
,
Direct Insurer (Composite)
View Notice
Notice 115A Residential Property Loans - Fact Sheet
(329.6 KB)
This notice applies to all direct insurers in Singapore. Direct insurers are required to provide and explain a fact sheet to borrowers stating key information such as the tenure of the residential property loan, loan amount and repayment schedule.
This notice outlines the information to include in the fact sheet and how it should be delivered and explained to the borrower through different channels.
For further guidance on the revised MAS Notice 115A, please refer to Frequently Asked Questions (3 April 2023) (153.2 KB) .
15 Dec 2022 MAS Notice 115A (Amendment) 2022 dated 14 December 2022 (340.2 KB) takes effect.
01 Jan 2018 MAS Notice 115A dated 12 December 2017 takes effect. MAS Notice 115A dated 19 January 2016 (last revised on 29 September 2016) is cancelled.
01 Nov 2016 MAS Notice 115A (Amendment) 2016 (213.5 KB) dated 29 September 2016 takes effect.
01 Apr 2016 MAS Notice 115A dated 19 January 2016 (355.7 KB) takes effect.