Hi, i have an issue where the developer is charging me late charges due to the late progressive disubursement by the bank. Below is the timeline of things took place:

24/10/2010 - Paid 10% downpayment
12/01/2011 - Loan offer letter produced from bank, and signed
16/01/2011 - S & P signed
20/01/2011 - Letter from developer saying approval of loan from bank, and demanding to pay the amount difference between loan amount and purchase price
25/04/2011 - S & P stampped
25/04/2011 - Loan agreement stampped

Progress claim Date claim Due Date (21 days) Date Paid Over Due Note
10% 24/10/2010 24/12/2010 24/10/2010 No 10% downpayment
20% 14/11/2010 04/12/2010 02/12/2010 No Self paid as there's issue with bank loan
35% 15/12/2010 05/01/2011 26/01/2011 Yes Self paid as there's issue with bank loan
30/05/2011 Yes Late disbursement by bank
45% 09/01/2011 29/01/2011 30/05/2011 Yes Late disbursement by bank
55% 26/01/2011 15/02/2011 30/05/2011 Yes Late disbursement by bank
75% 27/03/2011 16/04/2011 30/05/2011 Yes Late disbursement by bank

80% 13/06/2011 03/07/2011 10/07/2011 Yes Late disbursement by bank

Based on the information above, is it the late disbursement by bank is due to the delay from the bank/lawyer side? Since the loan offer letter 12/01/2011 already signed and developer already noticed of approval of our bank loan on 20/01/2011?
If the late disbursement by bank is due to the delay by bank/lawyer, i ssupose the late charges should not be charged to me?

Please let me know if any further information is needed.
Thanks a lot!

Hi dariofoo,

The loan amount is 60k.
Yup now the property is completed, and the developer ask me to collect the key, but before collect the key, need to pay the late charges.
From the situation, i suppose the late charges should not be charged on me?
What should i do?
Thanks a lot!

Thanks dariofoo for the advice.

Will try to get the letter from developer.
Anyway, what is the chances that the bank will reimburse, and how long will that take?

Thanks!