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Written by admin2   
Thursday, 27 September 2018 15:39


Be it for first timers or second timers, buying a property can be a daunting experience. For those who are unsure, here are some important things you should know when you are buying a house.


Usually fixed at a minimum of 10% and how much the bank is willing to loan the purchaser, the down payment may be vary.


The S&P document is the most important document that the property buyer will have, as the SPA is the main contract governing both parties and setting out the details like the agreed purchase price, conditioning precedents to be fulfilled, the payment manner, the details of the property, loan, the manner of delivery of vacant possession and any other arrangement in this buy-sell event. Therefore, it is utmost important to understand every detail in the SPA because you are bound by whatever you sign.

The common process is accepting 2 to 3% as a booking fee upon signing the Letter of Offer, the remaining 10% deposit is due during the signing of the SPA, then the remaining purchase price of 90% to be settled within 3 months after signing the SPA. In some events, it may be automatically extended for a further 1 month by incurring late payment interest. As mentioned, there is no standard SPA, one may decide to deviate from the norm if it is agreed by both parties.

The Sale and Purchase Agreement has to be stamped at the Stamp Office in order to become a valid document. It is, however, not until the examination of the property by the valuation department, the payment of the Stamp Duty at the Stamp Office, and the registration at the Land Office Registry, that the title deeds are transferred to the buyers name.

Last Updated on Friday, 18 September 2020 11:41
A dent in vehicular insurance PDF Print E-mail
Written by admin3   
Monday, 13 December 2021 15:35

Elakkan Pembelian Panik, Bataskan Pergerakan Keluar Dari Rumah - NGO |  Malaysia AktifDecember 13, 2021 @ 12:03am
LETTERS: The Federation of Malaysian Consumers Associations (Fomca) has received numerous calls about vehicular insurance.

One peculiar case is whenever an accident happens — that is, when a victim's car is knocked by another driver — by law, both parties must lodge police reports.

This will enable the victims to claim from the offenders' insurance in the event the offenders do not want to pay for the damage.

Unfortunately, some offenders do not lodge reports, making it difficult for victims to claim the insurance.
Until and unless the offenders make a report, only then can the victims claim from the offenders' insurance, or else they have to claim from their own insurance.

In this event, the victims will lose their No-Claim Discount, which is unfair.

Why do victims have to go through this agony for others' mistakes?

This was what consumers said of the dilemma they are facing as they are not protected by law.

Once reports are lodged, police must take action against perpetrators and release their names to the media.

If this is done, people will be afraid to face the law and vehicle owners will be protected.

Unfortunately, the police are overwhelmed as they receive hundreds of cases daily. They should create an agency to look into accidents.

A viral video clip recently showed a man grabbing a woman's handbag and telling her to follow him to a police station to make a report. This was after the woman had hit his car.

The act of the man grabbing or taking her handbag is wrong.

One consumer informed us that there was a possibility that the man could have experienced a similar situation before.

This issue need to be ironed out by the authorities, police and Road Transport Department (RTD).

Also, insurance companies must fulfil their obligation to consumers. Consumers need to be protected and not victimised.

The second situation where consumers are victimised is when the offenders' car does not have insurance.

The victims tried to claim from the offenders' insurance, but to no avail.

The offenders eventually renewed their vehicular insurance after the accident and got off scot-free. This is not right.

Road users need to be protected from these offenders, who should be penalised and brought to justice.

Bank Negara, as the regulator of insurance, should work with the General Insurance Association of Malaysia, police and RTD to form a taskforce to eradicate this menace.

Offenders need to be punished and victims need to be protected by providing them insurance coverage without losing their NCD.

Vehicle owners must renew their road tax before year end.

Similarly, if the insurance has expired, the onus is on you to renew it.

Dr Saravanan Thambirajah

Chief executive officer, Fomca/National Consumer Complaints Centre



Last Updated on Tuesday, 10 January 2023 10:31
Henti tuntutan insurans tak adil, kerajaan diberitahu PDF Print E-mail
Written by admin3   
Monday, 13 December 2021 15:18

Elakkan Pembelian Panik, Bataskan Pergerakan Keluar Dari Rumah - NGO |  Malaysia AktifDecember 10, 2021 6:59 PM
PETALING JAYA: Persekutuan Persatuan-persatuan Pengguna Malaysia (FOMCA) menarik perhatian terhadap pemandu yang terpaksa membuat tuntutan daripada insurans sendiri dalam kemalangan walaupun pihak lain yang bersalah.

CEO FOMCA, Saravanan Thambirajah berkata sekiranya dua kereta berlanggar, kedua-dua pihak mesti membuat laporan polis.
Namun beliau berkata, lazimnya hanya satu pihak membuat laporan polis manakala satu lagi tidak, seterusnya boleh terlepas daripada dikesan.

“Hanya jika pelaku itu membuat laporan polis, barulah mangsa boleh menuntut insurans orang itu, jika tidak mereka terpaksa menggunakan insurans sendiri.
“Dalam keadaan itu, mangsa akan kehilangan bonus tanpa tuntutan (NCB) dan ini amatlah tidak adil. Kenapa mangsa perlu melalui kesusahan ini semata-mata kesilapan orang lain?” katanya dalam kenyataan hari ini.

Saravanan berkata, satu lagi isu penting melibatkan pemandu tanpa insurans kereta sah yang juga boleh terlepas daripada dipertanggungjawabkan.

Katanya, golongan itu boleh membaharui insurans tahunan tanpa dipertanggungjawabkan bagi tuntutan kemalangan terdahulu.

Saravanan berkata polis wajar mewujudkan agensi berasingan untuk mengendalikan kes kemalangan kerana berdepan ratusan kes seperti itu setiap hari.

Katanya, Bank Negara Malaysia selaku pengawal selia syarikat insurans juga perlu membetulkan keadaan ini dengan segera.

“Langkah tegas perlu diambil untuk mengekang keadaan ini sebelum lebih ramai pengguna jalan raya yang tidak bersalah menjadi mangsa kelopongan undang-undang dan pemandu yang tidak bertanggungjawab.

“Pesalah mesti dihukum, dan mangsa yang tidak berdosa perlu dilindungi menerusi insurans, tanpa kehilangan NCB.”



Attempts to stop price regulation of medicines PDF Print E-mail
Written by admin3   
Monday, 13 December 2021 15:26

Elakkan Pembelian Panik, Bataskan Pergerakan Keluar Dari Rumah - NGO |  Malaysia Aktif10 Dec 2021 6:43PM
Medicines are not a commodity to be based solely on supply and demand. Medicines saves lives. It is essential for the survival and recovery of consumers.
Medicines cannot be dealt with as other commodities; that is the reason medicine affordability is under the Ministry of Health and not any other trade Ministry.

Medicine is a critical consumer right. It should be never be dealt with based on how much profits the seller makes.

A market review on the pharmaceutical sector was undertaken by the Malaysia Competition Commission.

According to the report, “Malaysian drug prices are high by international standards”. It appears that the pharmaceutical companies in Malaysia are making exorbitant profits by international standards.
In another study, it was found that “Malaysia has average higher retail prescription prices compared to Australia due to the lack of pharmaceutical regulation”.

Further according to the Pharmaceutical Services Programme, Ministry of Health Malaysia (2018) on Medicines Prices Monitoring Malaysia (2017), wholesale medicine prices in Malaysia are eight times greater than the International Reference Price (IRP).

Further in a 2019 study by the University of Malaya, it was revealed that 72% of cancer patients experienced financial catastrophe during the first year of treatment in private hospitals, while one third of households became impoverished.

It is for sure that Big Pharma would want to maintain their excessive profits.

That is why the Federation of Malaysian Consumers Associations (Fomca) has been consistently engaging with the Ministry of Health on the issue of medicine price affordability and price regulation.

Vehicle insurance premiums likely to remain unchanged PDF Print E-mail
Written by admin3   
Friday, 12 November 2021 11:39

November 11, 2021 7:21 PM
GEORGE TOWN: Insurance premiums for vehicles are likely to stay at the same level in the coming year despite a lower number of accidents and thefts during the pandemic and lockdown periods.

Lee Yen Ming, who runs a Bank Negara-approved insurance comparison site, said this was because the number of claims had remained high before the pandemic.

He said before the pandemic, the claim ratios “had exceeded 100%” before the lockdowns began.

Despite fewer claims made during the lockdown periods, premiums were likely to stay the same, as insurers try to recoup their losses, Lee said.
“Insurers will have to account for some of the shortfalls faced before the pandemic,” the CEO said during a webinar today.

Lee anticipated that future calculations of insurance premium payments would go high-tech, based on telematics.

Telematics involves using a tracker fitted into a car to determine how gently or roughly a vehicle is driven. It also helps in the recovery of a vehicle in case of theft, as it is built-in with global-positioning system (GPS) tracking.

Lee said insurers would then reward customers who drove well and economically under this telematics system, offering discounts on their annual premiums.

He said the telematics move will see the phasing out of traditional, fixed-price premiums currently in use, giving way to personalised premiums based on the driver’s risk profile.

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