Yusrin Faidz Yusoff JC:

Introduction

[1] This judgment concerns a foreclosure action brought by Maybank Islamic Berhad ("plaintiff") against Hoo Soot Khing ("defendant") over the default in repaying two financing facilities secured by charges over the defendant's property. The plaintiff seeks an order for sale of the property under Section 256 of the National Land Code 1965 . The Court has carefully considered the submissions and evidence presented by both parties and now delivers its judgment.

Background Facts

[2] The defendant together with David Chua Kok Tee and Chua Hung Tatt ('the Borrowers') obtained two financing facilities from the plaintiff bank. The first facility was a housing loan of RM285,000.00, including legal fees of RM25,000.00 and a valuation fee of RM10,000.00, for the purpose of refinancing a double storey Bungalow located at Mukim Kuala Lumpur, Daerah Kuala Lumpur, Negeri Wilayah Persekutuan KL, which is held under Hakmilik Sementara H.S. (D) 31844, PT 621 bearing postal address of No 33, Lorong Bruas, Damansara Heights, 50490 Kuala Lumpur ("the Property"). The second facility was a term loan of RM1,000,000.00.

[3] The Borrowers entered into two separate C