Borrowers have to accept most terms stated, otherwise no loan. Applicable to all banks.

Exception ... mrta, fire policy & interest rate.with certain flexibility.

Honestly, bank officers and some lawyers also wont know how to explain.

This post has been edited by mini orchard: Oct 23 2022, 01:46 PM

Normally banks would follow the names in SPA. However, additional name can be include in Loan Agreenent not stated in SPA.

Yes.

Is complicated with your arrangement due to legal issues. Additional documents can be signed but banks prefer not to go that route.

For eg what happens when the spa name is not the borrower but wants to sell the property and the borrower cannot clear the outstanding loan ?

Your arrangement is called third party 1st charge. For eg, a director in the company can use his personal property as collateral for a company loan. Since both property and company belongs to the director, it deemed to be the same person. The director dont have to transfer the property to the company as every transfer involve legal fees, stamp duty and rpgt, if applicable.

This post has been edited by mini orchard: Oct 24 2022, 07:34 PM