If you purchased a property using a Public Bank housing loan before the individual or strata title was issued, you may subsequently need to complete the Perfection of Transfer (POT) and Perfection of Charge (POC) when the separate title becomes available.
This can happen several years after the original purchase.
Where the property remains subject to Public Bank financing, the perfection process generally involves registering the property ownership into the purchaser’s name and registering the financier’s security interest over the newly issued title.
What Is Perfection of Charge?
Perfection of Charge is the process of registering the financier’s charge over the individual or strata title after the title has been issued.
When the property was originally purchased, there may not yet have been a separate individual or strata title available for registration.
Once the title is issued:
- Perfection of Transfer (POT) registers the purchaser as the registered proprietor.
- Perfection of Charge (POC) registers the financier’s security interest over the property.
Where the housing loan remains outstanding, both processes are commonly coordinated as part of the same perfection exercise.
Further reading: Perfection of Transfer & Perfection of Charge in Malaysia
I Have a Public Bank Housing Loan. Do I Need Perfection of Charge?
If your property remains financed by Public Bank when the individual or strata title is issued, Perfection of Charge may be required so that the bank’s security can be formally registered against the title.
The precise documentation and procedure will depend on your financing facility, title and the bank’s applicable requirements.
Are Perfection of Transfer and Charge Usually Handled Together?
Where an outstanding housing loan remains, Perfection of Transfer and Perfection of Charge are commonly coordinated together.
The process may generally involve:
- Reviewing the newly issued individual or strata title;
- Preparing the transfer documentation;
- Coordinating the documents required in connection with the financing;
- Arranging execution and stamping of the relevant documents;
- Presenting the transfer for registration; and
- Registering the financier’s charge against the title.
Upon completion, the purchaser is registered as the proprietor and the bank’s security interest is reflected against the property title.
Can TEH & YU Assist With Public Bank Perfection of Charge?
If your property is financed by Public Bank and your individual or strata title has been issued, you may contact TEH & YU for assistance with the perfection process.
We can review the relevant property and financing documents and advise on the steps required for Perfection of Transfer and, where applicable, Perfection of Charge.
Any work relating to the financier’s charge remains subject to the bank’s applicable requirements and appointment procedures.
What If Another Lawyer Handled My Original SPA?
You may still contact us even if another solicitor handled your original Sale and Purchase Agreement or housing loan documentation.
Individual and strata titles may only be issued several years after the original property purchase.
You may provide us with the available documents so that we can review the present status of the property and advise on the next steps.
What Documents Should I Prepare?
Common documents may include:
- Developer’s letter informing you that the title has been issued;
- Copy of the individual or strata title, if available;
- Sale and Purchase Agreement;
- Public Bank loan or financing documents;
- Letter of Offer, if available;
- NRIC or passport;
- Correspondence relating to the housing loan; and
- Previous correspondence relating to Perfection of Transfer or Charge.
If you do not have every document, you may first provide the documents available to you for review.
How Long Does Perfection of Transfer and Charge Take?
As a general guide, the process may take approximately 3 to 6 months, depending on the circumstances of the matter.
The actual timeframe may be affected by:
- execution of documents;
- financier’s processing requirements;
- stamping;
- developer documentation;
- Land Office or Land Registry processing; and
- any issue affecting the title or financing.
The timeframe should therefore be treated as a general estimate.
What If My Public Bank Housing Loan Has Already Been Fully Settled?
If the housing loan has already been fully settled, Perfection of Transfer may still be required because ownership of the property still needs to be registered into your name.
Whether Perfection of Charge remains necessary will depend on the financing status and the relevant documentation.
You should inform your solicitor that the loan has been settled and provide any available redemption or settlement documents.
Further reading: Housing Loan Fully Settled in Malaysia: What Should You Do Next?
Need Assistance With Public Bank Perfection of Transfer & Charge?
If your property is financed by Public Bank and the individual or strata title has been issued, you may contact TEH & YU for assistance with the perfection process.
To help us review the matter and provide a quotation, you may provide:
- SPA purchase price;
- loan amount;
- name of the property or development;
- confirmation that Public Bank is the financier;
- whether the individual or strata title has been issued; and
- any letter received concerning the issuance of the title.
TEH & YU assists with Perfection of Transfer, Perfection of Charge and related conveyancing matters in Kuala Lumpur and Selangor, Malaysia.
Frequently Asked Questions
What is Public Bank Perfection of Charge?
Where the property remains subject to Public Bank financing, Perfection of Charge refers to the process of registering the financier’s security interest over the individual or strata title after the title has been issued.
Are Perfection of Transfer and Perfection of Charge usually handled together?
Where an outstanding housing loan remains, both processes are commonly coordinated as part of the same perfection exercise.
Can TEH & YU assist if another lawyer handled my original SPA?
Yes. You may contact us even if another solicitor handled your original purchase or housing loan documentation. We can review the available documents and advise on the next steps.
What should I provide first?
You may start with the developer’s title issuance letter, your Sale and Purchase Agreement, available Public Bank financing documents and a copy of the individual or strata title if available.
My title was issued some time ago but I have not completed POT or POC. What should I do?
You should have the available documents and present title position reviewed to determine what remains outstanding.
Need Assistance With a Perfection of Charge?
If the individual or strata title has been issued and your bank requires the charge to be perfected, contact us to discuss the documentation and next steps.