All in all, the Malaysian Bar Council welcomes this decision which protects borrowers who are often at the mercy of this unequal bargaining with the powerful financiers, says Roger TanPic), who is is the chairman of the Conveyancing Practice Committee, Bar Council, Malaysia.
In April 2008, a British couple living in the United Kingdom obtained a loan facility of RM715,487 to finance the purchase of their property in Malaysia. It was a term of the loan facility that the bank would make progressive payments to the developer against certificates of completion issued by the architect at each progress billing.
In March 2014, the developer sent a notice for a progressive payment to the bank, supported by an architect’s certificate.
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