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Jual Janji (Characteristics (practiced among friends and relatives, no…
Jual Janji
Characteristics
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Loan is small in size and value. the loan depends on the need of the borrower not the value of the land.
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How it works?
The land still remains in the name of the borrower with the lender having possession of the land. The lender will let the land to the borrower with the rent reflecting the interest.
The land is transferred under the name of the lender and the borrower is given the right to obtain re-transfer upon repayment of the debt within stipulated period in the agreement.
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literally means " a sale of a promise". it is in the nature of security dealing and classified as a type of a personal law transaction between the Malays
If the borrower fail to pay within a reasonable time, then jual janji will become jual putus.