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> Loan Penalty due to Cancellation, Developer Misleading Floor Plan

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Fido.Dido
post Jan 3 2018, 01:09 PM

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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.
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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.
Fido.Dido
post Jan 3 2018, 01:19 PM

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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.
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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.
Fido.Dido
post Jan 3 2018, 03:53 PM

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QUOTE(Mollai @ Jan 3 2018, 03:41 PM)
I signed the loan agreement. Didn't sign S&P. But I signed to I should be binded by the terms.
The lawyer didn't contact me for the cancellation fee.
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Loan Offer letter and Loan agreements are two different things.

Are you sure that you have signed the offer letter and also loan agreement?

Usually Loan Agreement and S&P will be signed same time if the lawyer is the same.


 

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