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Sunday, January 25, 2009

Request for waiver of 1st-year progressive MRTA (Sampel Letter)

[Mortgager’s name]
Mortgage Loan Reference No. xx-xxxx-xxxx

Attention to: The Head of Department
Cc: Loan Disbursement Team
The Mortgage Loan Department or Credit Department
Mortgagor Bank
[Postal Address]

Date of this letter:


To Whom It May Concern,


Reference: Request for waiver of 1st-year progressive MRTA


With reference to the x-years home loan that we [loan applicant(s), NRIC Numbers] have applied for, we are insistence to pay only for a x-years MRTA as clearly stated on the Offer Letter though there will be a additional 2-years under-construction to be taken into consideration of the entire period to be covered by the MRTA, namely x+2 years.

We are very much of the opinion that if your company is to insist for a x+2 years MRTA, then this point should be CLEARLY & EXPLICITLY written or be printed on the Offer Letter, as conventionally practiced by many a mortgagor bank nowadays instead of an IMPLIED & SHOULD-BE-UNDERSTOOD kind of unwritten understanding. To consumers like us, this is not re-assuring at all.

Despite a thorough explanation by your colleagues, we could only agree to pay the additional difference of only 1-year instead of the requested 2-years. This was done after having clarified with the developer, [the said Property Developer], that the construction was way into its 2nd year now.

We are strongly of the same opinion that all these to be EXPLICITLY made known to consumer; it should, it shall & it must be.

In view of the fact that this is actually withholding the disbursement of the loan to the property developer under the progressive billings, we regret that this has to happen in the first place and would like to advise your company to pro-actively review your current practice of an IMPLIED & SHOULD-BE-UNDERSTOOD kind of unwritten understanding such as this experience of ours with your company.

I would hereby look forward to receiving your prompt yet positive feedback at your earliest.

Thank you,

Yours truthfully,




………………………………………………………

[Mortgager’s name]
NRIC No.:
Offer Letter No. xx-xxxx-xxxx, dated mm/dd/yy by [name of loan underwriter]
Contact:

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