QUOTE(RobUlstan @ Dec 14 2010, 12:21 PM)
Ok now Im concerned. Pls do correct me if wrong. We need the SPA done before can complete Loan Agreement (LA) right? Without LA, bank will not disburse payment correct? I dont know if same but for Viola there is schedule of payment bank need to pay once certain stage of the house is completed. If lets say reach 20% and need to pay 50k in the SPA (if Im not wrong), the payment must get before 21 days, if not there is penalty. Then if SPA not yet done and payment need to do already, we need to pay penalty? What's the risk here?
As far as I know, they counted the days after the SPAs are stamped, so they (the deveoper) delaying signing the SPA signing/stamping shouldn't caused you to bear the penalty (unless the delay in the bank disbursement is longer than the agreed days from the stamping date). So that is not a problem.
But you should know that Malaysian consumers are basically not protected at all. In most big agreements, it is customer at the disadvantage.
For Spira, its completed so their will only be 1 time disbursement.
Under cons like Viola, the payments are disbursed in phases; that you must always monitor. Any delay from bank to developer, they will ask you to bear the interest/cost. Even you are not at fault. Of course you must fight back. Some banks/developers wil bear the cost if you can prove to them you are not at fault. However, most of the time, you will be asked to pay first and claim back later.
This is VERY NORMAL IN MALAYSIA. How I hope one day, Malaysia will be modern enough that consumer protections will be on par with other developed countries.
This post has been edited by y2kfirewalker: Dec 14 2010, 12:42 PM