Summary

  • Ambank has purportedly agreed to postpone the auction of Komagan Devadas’ home pending the outcome of his MRTA insurance claim, following negotiations with PSM reps.

  • Komagan, who suffers from chronic illness and is unfit to work, expresses relief as the home is jointly owned with his wife and houses their school-going children.

Ambank has purportedly agreed to postpone the auction of a chronically ill patient’s home after he was unable to repay his housing loan, pending the outcome of an insurance claim.

PSM central committee member Karthiges Rajamanickam claimed that negotiations with the bank have concluded with an agreement to delay the auction while the homeowner Komagan Devadas’s Mortgage Reducing Term Assurance (MRTA) claim is being processed.

“Today, we represented Komagan’s family in discussions with the bank. As a result, the bank agreed to postpone the auction process until the MRTA insurance claim decision is made.

“The bank has promised to issue a formal statement on the postponement within two days.

“The family has also agreed to make a small payment towards the housing loan,” he told reporters at Menara Ambank in Kuala Lumpur this afternoon.

Komagan, 49, and his wife Rany Parasuraman, are joint borrowers for their home. However, Komagan has since developed a heart condition and also requires dialysis.

He has been certified unfit to work and is receiving a disability pension from Perkeso, which is insufficient to repay the loan.

‘This house means everything to us’

On March 25, the Taiping High Court issued a sale declaration, with the home scheduled for public auction on May 21.

However, Komagan has filed an MRTA claim to seek a waiver of up to 50 percent of the loan repayment, and is still waiting for the outcome of the application.

MRTA is an insurance policy that provides protection for housing loan borrowers and their families against financial risks associated with housing loans.

Speaking to reporters, Komagan expressed relief over today’s decision.

“I thank PSM and the bank. I have three children who are still in school. This house means everything to us,” he said.

Malaysiakini has contacted the bank for confirmation.

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