Asked by Anonymous
Hi, I would like enquire for the late interest of 10% per annum for the down payment charged by developer.
I bought a serviced apartment, with rebate of 8%, and the loan amount of 85% approved, I am still responsible for 7% of the down payment. Property agent told me that I am eligible to apply for 5% of the down payment instalment, which I signed and return the request instalment form to the agent on 7 July 2023. I signed the SPA on 14 Aug 2023. Then I paid the 2% after I sign the SPA.
On the 20 Dec 2024, I was informed by a sales admin from the developer that billing for stage 2(a) will be out soon but not sure the date. The property agent did not get back to me on the instalment progress which I thought I will be notified soon on the instalment start. Then on the 24 Jan 2024, the sales admin told me to settle the 5% down payment. I did told sales admin that I submitted the instalment request, but then she told me she did not receive my request form where other buyer already start their instalment. I tried to check with my property agent, at first he told me he will settle, but I tried to follow up with him again after, he ignore my messages.
I went down to developer office and told them my situations. They totally understand, but due to the SOP, they told me that I got 2 option:
1. Pay off the 5% immediately, but the due date is on 3 Feb 2024 so I am still responsible for the late interest between 3 Feb 2024 to the date I made payment, but due to full payment, high chance to be waived.
2. Pay as per the instalment they provide (which is a 10 month instalment based on the 5% only), but the late interest still incurred till the last instalment amount paid, then the late interest amount (which currently not sure how much and they unable to provide any details of the calculations) required to be fully settle before receive the key.
For this case, can I have any legal advice for the late interest charged by developer which is not my fault?
I bought a serviced apartment, with rebate of 8%, and the loan amount of 85% approved, I am still responsible for 7% of the down payment. Property agent told me that I am eligible to apply for 5% of the down payment instalment, which I signed and return the request instalment form to the agent on 7 July 2023. I signed the SPA on 14 Aug 2023. Then I paid the 2% after I sign the SPA.
On the 20 Dec 2024, I was informed by a sales admin from the developer that billing for stage 2(a) will be out soon but not sure the date. The property agent did not get back to me on the instalment progress which I thought I will be notified soon on the instalment start. Then on the 24 Jan 2024, the sales admin told me to settle the 5% down payment. I did told sales admin that I submitted the instalment request, but then she told me she did not receive my request form where other buyer already start their instalment. I tried to check with my property agent, at first he told me he will settle, but I tried to follow up with him again after, he ignore my messages.
I went down to developer office and told them my situations. They totally understand, but due to the SOP, they told me that I got 2 option:
1. Pay off the 5% immediately, but the due date is on 3 Feb 2024 so I am still responsible for the late interest between 3 Feb 2024 to the date I made payment, but due to full payment, high chance to be waived.
2. Pay as per the instalment they provide (which is a 10 month instalment based on the 5% only), but the late interest still incurred till the last instalment amount paid, then the late interest amount (which currently not sure how much and they unable to provide any details of the calculations) required to be fully settle before receive the key.
For this case, can I have any legal advice for the late interest charged by developer which is not my fault?
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