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monk



Joined: 12 Jan 2006
Posts: 18

PostPosted: Mon Feb 20, 2006 12:17 pm    Post subject: Penalty Reply with quote

Hi everyone,
I m the buyer of Royal Domain......and this is the first time i purchased a property......I didn't know that we will need to settle the remaining amount before the bank can release the payemnt.....

for this when i received a bill from the developer....dated 22/12/05...and due date is on 13/01/06......i tot i still have time for tat......an i paid the remainiing amount on 11/01/06.....

On 20/01/06 i received a statement from bank stating that they have released the remaming payments....but now i received an Interest Advice from the developer stating that i will need to pay the interest for 14/01 till 25/01

I would like to know doesn't the due date suppose to count as 21 working days which the due date suppose to be 19/01 coz of christmas, New year and Hari Raya Haji holidays....?
another thing is that If the bank released the payment on 20th.....doesnt means they got the money on 20th?....why they still charge me till 25th?
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winnie the pooh



Joined: 24 Jan 2006
Posts: 1999

PostPosted: Mon Feb 20, 2006 12:25 pm    Post subject: Reply with quote

mebbe bank issue cheque on 20, forward to lawyer on 23, send by courier on 24, received on 25. next time better pay up early otherwise your loan sure get stuck one. cannot today pay expect next day bank release loan la.
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monk



Joined: 12 Jan 2006
Posts: 18

PostPosted: Mon Feb 20, 2006 12:55 pm    Post subject: Reply with quote

ohhh....hows about the Due date of 13?....
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winnie the pooh



Joined: 24 Jan 2006
Posts: 1999

PostPosted: Mon Feb 20, 2006 1:06 pm    Post subject: Reply with quote

is 21 days what. christmas, new year, raya etc makes no difference.
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monk



Joined: 12 Jan 2006
Posts: 18

PostPosted: Mon Feb 20, 2006 5:08 pm    Post subject: Reply with quote

maybe ur contract is 21 days.....but mine is 21 Working Days.....
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monk



Joined: 12 Jan 2006
Posts: 18

PostPosted: Mon Feb 20, 2006 5:15 pm    Post subject: Reply with quote

winnie the pooh wrote:
mebbe bank issue cheque on 20, forward to lawyer on 23, send by courier on 24, received on 25. next time better pay up early otherwise your loan sure get stuck one. cannot today pay expect next day bank release loan la.


i already said that i am the first time buyer....and dont know that need bank to realese money and all....and i never expect they wait for my payment b4 the bank will release payment.....

btw are u from Mayland?.....
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Banzai



Joined: 25 Oct 2004
Posts: 3367

PostPosted: Mon Feb 20, 2006 5:33 pm    Post subject: Reply with quote

it is "common" for these things to happen esp when part of the progress instalment payment comes from you and the other part is from the bank. The bank will not proceed to pay until you have first paid up to the developer. The developer will then advise the lawyer. The lawyer will advise the Bank. The bank will advise their internal depts and cut the cheque. The cheque gets delivered to the developer.

The developer counts the number of days you are late by, and bills you accordingly for late payment interest.

Don't recall but RD is commercial property? The S&P says 21 working days?
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winnie the pooh



Joined: 24 Jan 2006
Posts: 1999

PostPosted: Mon Feb 20, 2006 6:06 pm    Post subject: Reply with quote

only gave the chronology as an example. cheques issued by banks are not necessarily received by the developer within the same day. just working on a possible scenario, that's all. and no, i'm not from mayland.

if your agreement actually states 21 working days, then i stand corrected. christmas, new year, hari raya haji & weekends should be excluded.
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monk



Joined: 12 Jan 2006
Posts: 18

PostPosted: Mon Feb 20, 2006 6:27 pm    Post subject: Reply with quote

Banzai wrote:
it is "common" for these things to happen esp when part of the progress instalment payment comes from you and the other part is from the bank. The bank will not proceed to pay until you have first paid up to the developer. The developer will then advise the lawyer. The lawyer will advise the Bank. The bank will advise their internal depts and cut the cheque. The cheque gets delivered to the developer.

The developer counts the number of days you are late by, and bills you accordingly for late payment interest.

Don't recall but RD is commercial property? The S&P says 21 working days?


Yup...S&P stated 21 working days......RD is not commercial Property...if i m not mistaken......
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Banzai



Joined: 25 Oct 2004
Posts: 3367

PostPosted: Mon Feb 20, 2006 7:27 pm    Post subject: Reply with quote

regardless, 21 working days is the standard time. Correct them of their mistake and remind them you would like them to make the same mistake when calculating LAD.
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monk



Joined: 12 Jan 2006
Posts: 18

PostPosted: Mon Feb 20, 2006 11:41 pm    Post subject: Reply with quote

hahahaha....apa itu LAD?.......hehe......

i think they are trying their luck lah......i dont think i m the only one that complain this to them........
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