Advertisement

If the developer abandons the housing project, am I still required to service my interest or instalment payments?

Yes.

You are still obliged to service your loan based on the loan agreement signed between you and the financial institution.

However, since the financial institution has vested interest in the property, you could discuss a repayment plan with your financial institution.

You should also report the matter to the Ministry of Housing and Local Government 1.

Back to Housing Loan's Contents


References
  1. Official website of the Ministry of Housing and Local Government (Kementerian Perumahan dan Kerajaan Tempatan KPKT)


Reprinted with permission from BankingInfo (A Consumer Education Programme by Bank Negara Malaysia)


Back to the top



Sponsored Links

Share this page

Notes
Knowledge Base ID :   1289
Last Reviewed :   May 22, 2014
Source :   BankingInfo
Tags :  

Related Knowledge Base Issues