Developer should give the bank more time

The Star 20/03/2006

A reader, “Better Off With Ah Long” wrote about his problem with a bank with regard to penalty charges he had to pay to a housing developer when the bank was late in paying the developer.

This problem has always been there, and many of us who need to take bank loans to finance our house purchase face the same problem.
The developer chooses the bank and lawyer for the buyers. If the developer knows that most of the time, the cheque cannot be released to him from the bank within the time frame stipulated by the developer himself, then why squeeze the poor buyers?

The developer should give the bank more time to handle the transaction.

I feel it is about time the relevant government agencies do something about this.

Lopsided laws must be amended to prevent developers from squeezing the last ringgit out of our house buyers' pockets.

PJ DOC,
Kuala Lumpur.