A minimum booking fee from RM500 to RM1000 will be collected to secure your booking.
The sequence of loan processing are as follow:-
The initial 10% of selling price has to be settled upon signing the Sale and Purchase Agreement and within 14 days from the confirmation sales or booking made.
The differential sum of approved loan amount has to be settled within 21 days from the invoice date issued from the developer. Bank/ financial institution will not be able to release progressive payment to developer if the differential sum is not settled by purchaser.
The periodical invoice by the developer when the relevant construction stage as stipulated in the Third Schedule in Sale and Purchase Agreement is completed and certified by the architect. It is the standard Government schedule as stipulated in Housing Development (Control & Licensing) Act, 1966.
Purchasers are required to settle the due payment within 21 working days from the date of invoice as stipulated in the Act.
Invoice to End-Financier/ Treasury
Subsequent invoice or progress billing will be forwarded directly to the end-financier once loan document is executed and differential sum is settled by purchaser. A copy of the invoice will be forwarded to purchaser to enable he/ she to liaise with the end-financier for prompt release of payment.
Mode of Payment
It is advised that payment to be made by crossed cheque, bank draft or money order. Avoid payment by cash if possible unless for the settlement of miscellaneous charges (during the handing over of vacant possession).
Excess Payment/ Refund of Over Payment
Such over payment might occur if:-
As stipulated in the Sale & Purchase Agreement and Housing Developer’s (Control and Licensing) Act, a late payment charge at 10% p.a. calculated daily will be levied on any overdue payment.
Invoice dated: 11 April 2015 for RM28,100.00
Due date: 10 May 2015 (i.e. 21 working days from date of invoice)
Payment received: 16 May 2015
No. of days delayed: 11 May 2015 to 16 May 2015 = 6 days
6 days/365 x 10% x RM28,100.00 = RM46.19
To Avoid Late Payment Charges
Yes. As you are advised to apply for the loan immediately after sales confirmation, you may also request to defer the initial 10% down payment from us. Please refer to www.kwsp.gov.my to download the EPF Withdrawal Form or visit you nearest KWSP branch for further consultation.
For government loan applicant, please refer to the following checklist and steps:-
*Item 6 to 12 will be prepared by developer and the appointed panel solicitor.
We will provide full service and assistance for government loan applicant for convenient.
Yes. When the housing project has obtained the Certificate of Completion and Compliance (CCC) from the local authority, a Letter of Handing Over of Vacant Possession will be mailed to you notifying you that your unit is ready to take vacant possession.
You will be given 14 days from the date of receipt of the letter to settle all outstanding bills (inclusive of late charges) before collecting your unit’s keys from us. Then, you will take possession of your unit after having paid all monies payable under the Third Schedule of the Sale & Purchase Agreement and all other monies due.
We will arrange an appointment for a joint inspection between you and our dedicated department. The joint inspection is to ensure that all specifications as per the Sale and Purchase Agreement are provided and to identify any defects or complaints. Your complaints should be in writing and will be attended by us throughout the defects liability period. Any defects which become apparent during this period not arising from your own actions will be rectified by us.
As a purchaser you are entitled to certain rights in accordance with the Sale and Purchase Agreement. The Ministry of Housing and Local Government’s Enforcement Division is the authority sanctioned by the Government to ensure that your rights as a purchaser are protected.
Thus, as the developer, we will ensure that:-