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