Dear Valued Customer,
In line with our ongoing commitment to serve you better, we will be revising "Standard Terms and Conditions Governing Facilities Secured by Mortgage of Residential Property and/or Commercial Property" with effect from 20 Feb 2023. Details as follows:
Clause 2. Definitions and Interpretation
2.1 In these Conditions, the following expressions shall (except where the context otherwise requires) have the following meanings:
"CPF Act" means the Central Provident Fund Act 1953 of Singapore;
"CPF Board" means the Central Provident Fund Board constituted under section 3 of the CPF Act 1953 of Singapore;
"ECHS Act" refers to the Executive Condominium Housing Scheme Act 1996 of Singapore;
"GST" means any goods and services tax payable under the Goods and Services Tax Act 1993 of Singapore or any other similar taxes, levies or charges;
"HDB" means the Housing and Development Board constituted under section 3 of the Housing and Development Act 1959 of Singapore;
"HDB Flat" means a flat built or to be built by HDB under the Housing and Development Act 1959 of Singapore
"SCP Act" means the Sale of Commercial Properties Act 1979 of Singapore (as amended, revised or supplemented from time to time);
Clause 3. Conditions Precedent
(a) Facility
(viii) in addition, if the Property is a unit under construction, you shall let us have:
(cc) if the developer of the Property is subject to the Housing Developers (Control and Licensing) Act 1965 of Singapore and has mortgaged the development of which the Property is part, written confirmation from the developer's mortgagee that on payment of 85% of the Purchase Price by you, the developer's mortgagee will discharge the mortgage over the Property;
(ee) if the developer of the Property is not subject to the Housing Developers (Control and Licensing) Act 1965 of Singapore or the SCP Act:
Clause 10. Warranties and Representation
10.1 You warrant and represent that:
(g) you are able to pay your debt or are not insolvent within the meaning of the Insolvency, Restructuring and Dissolution Act 2018 of Singapore;
Clause 11. Events of Default
(r) any corporate action, legal proceedings or other procedure or step is taken in relation to:
(vi) a moratorium on, or restraint against any enforcement of any right of re-entry or forfeiture under any lease in respect of any premises occupied by the corporate security provider or any related company (including any enforcement pursuant to section 18 or 18A of the Conveyancing and Law of Property Act 1886 of Singapore)
Clause 18. Insurance
18.6 The sum insured under:
(b) (If the Property is governed by the Land Titles (Strata) Act 1967 of Singapore), the insurance of the Property shall be the reinstatement value of the Property or the amount of the Facility, whichever is lower or at such other sum as we may from time to time determine; or
Clause 20. Unfair Preference
No disposition assurance security or payment which may be avoided under the provisions of the Insolvency, Restructuring and Dissolution Act 2018 of Singapore relating to unfair preference, transaction at an undervalue or otherwise, or any statutory modification or re-enactment thereof from time to time and no release or settlement which may have been given or made on the faith of any such disposition assurance security or payment shall prejudice our right to recover from you to the full extent of the moneys and/or liabilities under these Conditions, under the Letter of Offer or the Security Documents. Such disposition assurance security payment release settlement (as the case may be) shall be regarded as never having been granted or made.
Clause 24. Involuntary Loss
We and/or such receiver appointed by us shall not be answerable for any involuntary loss happening in or about the exercise or execution of the powers or trusts conferred upon us or such receiver under these Conditions, under the Letter of Offer, the Security Documents or by the Conveyancing and Law of Property Act 1886 of Singapore or by the law for the time being in force.
Clause 45. Consent to Disclosure
45.1 Without prejudice to all our rights to disclose all or any customer information (as defined in the Banking Act 1970 of Singapore (the "Banking Act") of you whether under common law or under the Banking Act or otherwise, we, our officers, employees, agents and all other persons to whom Section 47 of the Banking Act applies are permitted by you to disclose (with or without notice to you and whether orally or in writing) any or all customer information (as such term is defined in the Banking Act of you, for the Purposes as defined in Clause 46 or as set out within this Clause 45 (where specified), and to the following parties:
Clause 46. BOC’s Personal Data Protection
46.3 We will collect, use, disclose and/or process your personal data in accordance with the terms of our BOC’s Personal Data Protection Policy at https://www.bankofchina.com/sg.
46.4 We may collect, use, disclose and/or process your personal data for one or more of the following purposes:
(a) considering and/or processing your application/transaction with us;
(b) facilitating, processing, dealing with, administering, managing and/or maintaining your relationship with us , including but not limited to handling any feedback or complaints;
46.7 Where we rely on your consent to process your personal data (as detailed in our BOC’s Personal Data Protection Policy at https://www.bankofchina.com/sg), you have the right to withdraw your consent, whether in part or in whole. However, your withdrawal of consent could result in certain legal consequences arising from such withdrawal. In this regard, depending on the extent of your withdrawal of consent for us to process your personal data, it may mean that we will not be able to continue with your existing relationship with us/the contract you have with us will have to be terminated. Should you wish to withdraw your consent in part or whole, please write to us providing details of your withdrawal.
46.9 Marketing and Promotional Information and Materials
Processing for Marketing Purpose and Postal Mail and Email Communication for Marketing Purpose
We may at our discretion, collect, use, disclose and/or process personal data about you that you had previously provided us, that you now provide us, that you may in future provide us with and/or that we possess about you from time to time, for the purpose of providing you with marketing, advertising and promotional information, materials and/or documents relating to products and/or services (including products and/or services of third party merchants whom we may collaborate or tie up with) that we may be selling, marketing, offering or promoting, whether such products or services exist now or are created in the future (the “Marketing Purpose”). In the above regard, we may at our discretion send you such marketing, advertising and promotional information by way of postal mail and/or electronic transmission to your email address(es). We may at our discretion disclose personal data about you to our third party service providers or agents, which may be sited in or outside of Singapore, for the above Marketing Purpose; and you also consent to such third party service providers or agents of us, processing your personal data (including sending you such marketing, advertising and promotional information through the above modes of communication) for the above Marketing Purpose for us.
You will always have the right to object to us using your personal data for the Marketing Purpose at any time. Should you wish to do so, you shall write to us and provide details of your objection.
Should you wish to opt out of Clause 46.9, please write to us at bocdp@bankofchina.com
Clause 48. Contracts (Rights of Third Parties) Act 2001 of Singapore
Unless expressly provided to the contrary in the Facility Documents, a person who is not a party to the Facility Documents, shall have no rights under the Contracts (Rights of Third Parties) Act 2001 of Singapore to enforce or enjoy the benefit of any term of the Facility Documents. Notwithstanding any term of the Facility Documents, the consent of any third party is not required for any variation (including any release or compromise of any liability) or termination of the Facility Documents.
If you have any queries, please contact our 24-Hour Customer Service Hotline at 1800 66 95566 (local) or +65 677 95566 (overseas).
Bank of China Limited Singapore Branch
20 Jan 2023
