Asked by Anonymous
Hi gurus,
I am a foreigner buying an under construction property in KL. The lawyer is still applying for the state consent, but I just got to know that the developer already requested the disbursement of home loan from the bank (apparently my bank does allow disbursement before obtaining the state consent). Now I am running a risk in case the state consent is not obtained, even though the developer will pay back the principal loan amount to the bank, I still have to pay for the interest. Apparently the developer wants to get their money as soon as possible and did not want to wait for the state consent and putting me at risk for paying interest for nothing. What is the law here regarding this?
I am a foreigner buying an under construction property in KL. The lawyer is still applying for the state consent, but I just got to know that the developer already requested the disbursement of home loan from the bank (apparently my bank does allow disbursement before obtaining the state consent). Now I am running a risk in case the state consent is not obtained, even though the developer will pay back the principal loan amount to the bank, I still have to pay for the interest. Apparently the developer wants to get their money as soon as possible and did not want to wait for the state consent and putting me at risk for paying interest for nothing. What is the law here regarding this?
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