PUTRAJAYA: The Public Sector Housing Financing Board (LPPSA) has clarified that the process of discharging a charge or transferring ownership rights after a housing loan has been fully settled is a long-established practice and not a new policy, as perceived by some parties.
In a statement, LPPSA said it was aware of the confusion arising from recent announcements on the matter and sought to address misconceptions surrounding the procedure.
“The process of discharging a charge or transferring ownership rights after financing has been fully settled has long been practised as part of the procedures after the completion of financing.
“The responsibility for completing the discharge of charge or transfer of ownership rights has always rested with the borrower,” it said yesterday.
Borrowers are advised to ensure the process is completed promptly and properly to avoid potential complications in the future, particularly in matters involving inheritance, estate administration and property transfers.
To facilitate the process, LPPSA encourages borrowers to appoint a lawyer, reported Bernama.
However, it stressed that the recommendation to engage legal services is intended solely to safeguard borrowers’ interests and ensure the smooth completion of the discharge process, and should not be viewed as a new obligation or an additional financial burden.
Borrowers may submit enquiries through LPPSA’s official enquiry and complaint portal (eTicket), live chat service, e-counter, LiA Chatbot on its official website, or contact the LPPSA call centre at 03-8880 1600.
