Mortgage Loan and Renovation Loan Terms & Conditions
Update to Residential and Commercial Property Loan Standard Terms and Conditions
Please refer to the following updates with effect from 1 June 2021:
Clause | Purpose of update |
---|---|
| Update for clarity |
| Update “Bankruptcy Act” to "Insolvency, Restructuring, and Dissolution Act” |
| When reference rate is negative, it shall be floored to zero for that interest period |
| Notify you 30 days before implementing any changes, taking into consideration market conditions and in the event of unavailable reference rate |
| Notify you 30 days before implementing any changes |
| Shorten full redemption notice from 3 months to 2 months |
| Shorten discharge of mortgage notice from 3 months to 2 months |