In 2005, Mr. Tan applied for a housing loan from a bank. He received an offer from the bank and accepted it within the same month. After completing the necessary documentation, the loan was fully disbursed, and Mr. Tan began making repayments.<\/p>\n\n\n\n
During the loan term, Mr Tan failed to pay the full instalment amount, prompting the bank to raise the interest rate.<\/p>\n\n\n\n
OUR FINDINGS<\/strong><\/p>\n\n\n\n According to the bank\u2019s Letter of Offer, it reserves the right to increase the interest rate in case of any missed instalment. Mr Tan requested a refund of the increased interest but was denied by the bank. Upon reviewing the case, the case manager observed that Mr. Tan missed a small initial payment, which resulted in the bank imposing punitive interest pricing.<\/p>\n\n\n\n OUTCOME<\/strong><\/p>\n\n\n\n The case manager highlighted the findings, and the bank offered a 50% waiver of the penalty interest charges as a goodwill gesture. Mr Tan agreed to the bank\u2019s offer, and the matter was resolved<\/p>\n","protected":false},"excerpt":{"rendered":" In 2005, Mr. Tan applied for a housing loan from a bank. He received an offer from the bank and accepted it within the same month. After completing the necessary documentation, the loan was fully disbursed, and Mr. Tan began making repayments. During the loan term, Mr Tan failed to pay the full instalment amount, […]<\/p>\n","protected":false},"author":1,"featured_media":5418,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[26,25],"tags":[],"class_list":["post-5581","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-islamic-banking-payment-systems","category-case-studies"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.fmos.org.my\/en\/wp-json\/wp\/v2\/posts\/5581","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fmos.org.my\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fmos.org.my\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fmos.org.my\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fmos.org.my\/en\/wp-json\/wp\/v2\/comments?post=5581"}],"version-history":[{"count":1,"href":"https:\/\/www.fmos.org.my\/en\/wp-json\/wp\/v2\/posts\/5581\/revisions"}],"predecessor-version":[{"id":5582,"href":"https:\/\/www.fmos.org.my\/en\/wp-json\/wp\/v2\/posts\/5581\/revisions\/5582"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fmos.org.my\/en\/wp-json\/wp\/v2\/media\/5418"}],"wp:attachment":[{"href":"https:\/\/www.fmos.org.my\/en\/wp-json\/wp\/v2\/media?parent=5581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fmos.org.my\/en\/wp-json\/wp\/v2\/categories?post=5581"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fmos.org.my\/en\/wp-json\/wp\/v2\/tags?post=5581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}