The Authorization Letter For Housing Loan is a critical document in the Malaysian property financing landscape, essential when a property buyer needs to authorize a financial institution to process their housing loan application. This document is particularly relevant in situations where direct presence for all banking procedures is not feasible or when streamlined processing is desired. Governed by Malaysian banking and property laws, including the Financial Services Act 2013 and the Housing Development Act 1966, it must contain specific authorizations for loan processing, document handling, and property documentation. The letter typically includes detailed information about the property, the scope of authority granted, and the duration of authorization, ensuring compliance with Malaysian banking regulations while facilitating efficient loan processing.
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1. Date and Place: Current date and location where the letter is executed
2. Authorizer Details: Full name, NRIC/passport number, and current address of the person giving authorization
3. Bank Details: Complete name and address of the banking institution being authorized
4. Property Details: Specific details of the property for which the housing loan is being sought
5. Scope of Authorization: Clear description of powers being granted regarding the housing loan application and processing
6. Duration of Authority: Period for which the authorization remains valid
7. Declaration: Statement confirming the authorizer's sound mind and voluntary execution of the document
8. Signature Block: Space for authorizer's signature, witness details and signatures
1. Joint Applicant Details: Required when the housing loan involves a co-applicant
2. Shariah Compliance Declaration: Required for Islamic banking housing loan applications
3. Special Instructions: Any specific conditions or limitations on the authorization
4. Revocation Clause: Terms under which the authorization can be revoked before expiry
5. Language Declaration: Required when the authorizer's primary language is not the document language
1. Appendix A - Property Documents: List of property-related documents covered under the authorization
2. Appendix B - Authorized Transactions: Detailed list of specific banking transactions and actions being authorized
3. Appendix C - Identity Documents: Copies of relevant identity documents of authorizer and witnesses
4. Schedule 1 - Property Details: Detailed description of the property including lot number, title details, and address
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