Welcome Guest ( Log In | Register )

Bump TopicReply to this topicRSS feed Start new topic Start Poll

Outline · [ Standard ] · Linear+

> Loan Penalty due to Cancellation, Developer Misleading Floor Plan

Mollai
post Jan 2 2018, 06:28 PM, updated 9 months ago

Casual
***
Group: Junior Member
Posts: 447

Joined: Dec 2008
From: /K/ Hell


Hi all,

I'm hoping to get good advices here.
I recently intended to purchase a property, paid booking fees and sign LO. However, when I was about to sign S&P, I realized that the beside the unit has a M&E Services room which was not drawn in the floor plan on the brochure.
I am not keen to proceed with the purchase, because one of the windows in one room will be facing that M&E room, which totally makes the window redundant.
The developer had agreed for a full refund, but what I am concern now is being penalized for cancelling my loan. I need to pay RM2k, and I feel that it was not even my fault. The developer's misleading or false floor plan caused me to lose 2k just like that.
I will try to call/write to the Bank and see if anything can be done, but hope that anyone can give me advice too.

Thanks.
hihihehe
post Jan 2 2018, 06:34 PM

~~ Almighty Ace ~~
********
Group: Senior Member
Posts: 11,961

Joined: Jan 2006
From: stress & confuse world



QUOTE(Mollai @ Jan 2 2018, 06:28 PM)
Hi all,

I'm hoping to get good advices here.
I recently intended to purchase a property, paid booking fees and sign LO. However, when I was about to sign S&P, I realized that the beside the unit has a M&E Services room which was not drawn in the floor plan on the brochure.
I am not keen to proceed with the purchase, because one of the windows in one room will be facing that M&E room, which totally makes the window redundant.
The developer had agreed for a full refund, but what I am concern now is being penalized for cancelling my loan. I need to pay RM2k, and I feel that it was not even my fault. The developer's misleading or false floor plan caused me to lose 2k just like that.
I will try to call/write to the Bank and see if anything can be done, but hope that anyone can give me advice too.

Thanks.
*
and it's neither bank fault too. bank not responsible for your floor plan
acbc
post Jan 2 2018, 06:36 PM

Look at all my stars!!
*******
Group: Senior Member
Posts: 5,499

Joined: Jan 2003
Still buyer's fault for not looking at the plan properly.
danielmckey
post Jan 2 2018, 06:56 PM

Casual
***
Group: Junior Member
Posts: 467

Joined: Jan 2008
You did not ask the lawyer?
innsean
post Jan 2 2018, 07:20 PM

On my way
****
Group: Senior Member
Posts: 547

Joined: Oct 2009


which property is this
nexona88
post Jan 2 2018, 09:05 PM

VIP Club House
********
Group: Senior Member
Posts: 19,833

Joined: Sep 2014
From: REality
It's your fault..
Your responsible to see the detail floor plan..
Mollai
post Jan 2 2018, 09:17 PM

Casual
***
Group: Junior Member
Posts: 447

Joined: Dec 2008
From: /K/ Hell


QUOTE(acbc @ Jan 2 2018, 06:36 PM)
Still buyer's fault for not looking at the plan properly.
*
But the developer didnt show their room in their floor plan. The brochure i have showed it empty, meaning i would have a working window leads to outdoor...

QUOTE(danielmckey @ Jan 2 2018, 06:56 PM)
You did not ask the lawyer?
*
It’s listed in the LO..

QUOTE(innsean @ Jan 2 2018, 07:20 PM)
which property is this
*
Fera

QUOTE(nexona88 @ Jan 2 2018, 09:05 PM)
It's your fault..
Your responsible to see the detail floor plan..
*
Refer to first respond above
acbc
post Jan 2 2018, 09:18 PM

Look at all my stars!!
*******
Group: Senior Member
Posts: 5,499

Joined: Jan 2003
QUOTE(Mollai @ Jan 2 2018, 09:17 PM)
But the developer didnt show their room in their floor plan. The brochure i have showed it empty, meaning i would have a working window leads to outdoor...
It’s listed in the LO..
Fera
Refer to first respond above
*
Ask developer to pay. For sure they won't pay anything unless desperate to sell.
danielmckey
post Jan 2 2018, 09:36 PM

Casual
***
Group: Junior Member
Posts: 467

Joined: Jan 2008
Better lose 2K rather than wasting time to never ending argue.
nexona88
post Jan 3 2018, 11:28 AM

VIP Club House
********
Group: Senior Member
Posts: 19,833

Joined: Sep 2014
From: REality
Hmm then its developer fault..
Try ask them to pay..
But doubt they would 😕
Mollai
post Jan 3 2018, 12:33 PM

Casual
***
Group: Junior Member
Posts: 447

Joined: Dec 2008
From: /K/ Hell


QUOTE(acbc @ Jan 2 2018, 09:18 PM)
Ask developer to pay. For sure they won't pay anything unless desperate to sell.
*
QUOTE(nexona88 @ Jan 3 2018, 11:28 AM)
Hmm then its developer fault..
Try ask them to pay..
But doubt they would 😕
*
Exactly. They sure wont want to pay. But I am like putih putih lose 2k.
Any way I can make them to absorb this?
hontoni1983
post Jan 3 2018, 12:36 PM

Getting Started
**
Group: Junior Member
Posts: 84

Joined: Oct 2012
QUOTE(Mollai @ Jan 3 2018, 12:33 PM)
Exactly. They sure wont want to pay. But I am like putih putih lose 2k.
Any way I can make them to absorb this?
*
I don't think developer will absorb, else, another solution is, if you are buying for another property, you may ask the bank who offer you and convert the loan to that new property, then you can avoid the 2k penalty.
Mollai
post Jan 3 2018, 12:43 PM

Casual
***
Group: Junior Member
Posts: 447

Joined: Dec 2008
From: /K/ Hell


QUOTE(hontoni1983 @ Jan 3 2018, 12:36 PM)
I don't think developer will absorb, else, another solution is, if you are buying for another property, you may ask the bank who offer you and convert the loan to that new property, then you can avoid the 2k penalty.
*
This is what the banker told me. She can transfer if I want to buy another property.
But the problem is it wasn't easy for me to find something I like. I doubt I want to rush buying a property just to avoid that 2k penalty.
Is there any way I can complain on this issue that the developer misleaded..like is there any organizations that can help?

I'm sure the next person considering the property might missed out this room that I spotted.
Kritikal
post Jan 3 2018, 12:54 PM

Getting Started
**
Group: Junior Member
Posts: 143

Joined: Jan 2008
From: the bottom of my heart


is the penalty allowed by bank negara?

i notice some bank impose some bank not.
Autocountstick
post Jan 3 2018, 12:59 PM

Getting Started
**
Group: Junior Member
Posts: 220

Joined: Jun 2014
change unit?
Mollai
post Jan 3 2018, 01:09 PM

Casual
***
Group: Junior Member
Posts: 447

Joined: Dec 2008
From: /K/ Hell


QUOTE(Kritikal @ Jan 3 2018, 12:54 PM)
is the penalty allowed by bank negara?

i notice some bank impose some bank not.
*
I'm not sure. My friend told me RHB does not impose. My LO was from Maybank, and there is such clause.


QUOTE(Autocountstick @ Jan 3 2018, 12:59 PM)
change unit?
*
No other units left. sad.gif


Is there any channel I can send complaint to regarding the developer's false advertising?
Fido.Dido
post Jan 3 2018, 01:09 PM

Getting Started
**
Group: Junior Member
Posts: 70

Joined: Oct 2013


QUOTE(Mollai @ Jan 3 2018, 12:43 PM)
This is what the banker told me. She can transfer if I want to buy another property.
But the problem is it wasn't easy for me to find something I like. I doubt I want to rush buying a property just to avoid that 2k penalty.
Is there any way I can complain on this issue that the developer misleaded..like is there any organizations that can help?

I'm sure the next person considering the property might missed out this room that I spotted.
*
Just cancel the LO.... There won't be any penalty la, personal experience. The banker is just scaring you. U cancel then no commission for banker ma.
It should be Hong Leong right?

However is S&P and Loan Agreement prepared, you might incur some legal fees charges.
Mollai
post Jan 3 2018, 01:11 PM

Casual
***
Group: Junior Member
Posts: 447

Joined: Dec 2008
From: /K/ Hell


QUOTE(Fido.Dido @ Jan 3 2018, 01:09 PM)
Just cancel the LO.... There won't be any penalty la, personal experience. The banker is just scaring you. U cancel then no commission for banker ma.
It should be Hong Leong right?

However is S&P and Loan Agreement prepared, you might incur some legal fees charges.
*
My LO from Maybank. There is such clause for the penalty.
Legal fees was charged to Developer, so I don't have to pay.



HarpArtist
post Jan 3 2018, 01:13 PM

Look at all my stars!!
*******
Group: Senior Member
Posts: 3,838

Joined: Sep 2013


nego with the bank ask for a 12 mth grace period to shop for another home. they should be happy that they didnt lose your business.
Fido.Dido
post Jan 3 2018, 01:19 PM

Getting Started
**
Group: Junior Member
Posts: 70

Joined: Oct 2013


QUOTE(Mollai @ Jan 3 2018, 01:11 PM)
My LO from Maybank. There is such clause for the penalty.
Legal fees was charged to Developer, so I don't have to pay.
*
There is such a clause... But as far as i know, it isn't enforced. It's just pieces of paper stating the offer amount and t&c. Not legally binded... U can say u din sign also ma or not agree with certain clauses... Who knows?

I know so many people that canceled after signing LO, cause different banks giving better offer after they signed.

Unless u signed the loan agreement and s&p... Then will be a different story. Even if developer is paying legal, some lawyer also charge u for the cancellation cause developer not paying them. The costs needs to be parked somewhere.

2 Pages  1 2 >Top
Bump TopicReply to this topicTopic OptionsStart new topic
 

Switch to:
| Lo-Fi Version
0.0929sec    5.16    6 queries    GZIP Disabled
Time is now: 19th September 2018 - 11:11 AM