09 Jul '11, 6pm

(TODAY) What housing loan borrowers should know about 'all monies' clause

We refer to the letter from Mr Leow Zi Xiang, "A loan clause too far?"(Voices Online, June 8). We wish to clarify that the "all monies" clause has been used by banks in Singapore for more than 10 years in securing mortgage of private properties. This means that all monies owing by housing loan borrowers to the bank from time to time are covered by the mortgage. The "all monies" clause is also practised by banks in Malaysia, Hong Kong, United Kingdom and Australia. The "all monies" clause is not applicable to HDB flats which cannot be used to secure credit facilities other than a housing loan from the bank to purchase the flat. Borrowers should exercise care and be responsible for all loans they take up. Even without the "all monies" clause, the bank can undertake legal proceedings to foreclose the mortgaged property to recover outstanding loans. This has the same eventual ...

Full article: http://www.todayonline.com/Voices/EDC110710-0000001/What-...

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