Document background
The Mortgage Modification Form is a crucial document in Malaysian banking and property transactions, used when parties need to alter the terms of an existing mortgage agreement. This document becomes necessary during various circumstances such as financial hardship, interest rate adjustments, or changes in loan terms. It must comply with Malaysian banking regulations, including both conventional and Islamic banking requirements where applicable. The form typically includes details of the original mortgage, specific modifications being made, and updated payment terms. It requires proper execution and registration under the National Land Code 1965 and must be stamped in accordance with the Stamp Act 1949. The document serves as an official amendment to the original mortgage agreement while preserving the lender's security interest in the property.
