hi all....

i got one question that i want to ask some expert ppl here. Here is the case....

i've made a booking on one unit condominium and already pay 3K as upfront payment ( the SA told me that if my loan not approved the developer will refund my 3k).

as for now...i've change my mind and i do not want to take up the loan even if the loan is approved.

question here is when my loan is approved, can i reject it? and if i can reject, can i still able to take back my 3k from sales agent. would the SA know i purposely reject the loan?

hope some experts can gib some advice on this...

thanks...

Did you buy from a developer.
If you have receipt issued from developer, go and tell them directly that you have changed your mind about buying.
Since you only paid part payment, I am assuming the SPA is not signed yet.
If developer wants ti forfeit your money, speak to a senior official, let them know that you are aware that developers are not allowed to collect any form of payment less than 10% and not sign SPA. Most developers will not want the hassle of explaining things to Ministry of Housing.

Good luck!

how about in the process of signing the SPA, the seller (subsales) first add 1 mth free rental (the terms & conditions which did not mentioned in the letter offer) , from 3+1 to 4+1 to deliver vacant possession, then later 5 + 1.......so & so.............assuming anything related to the procudere in the process is ok...........just because of her interest (to save the rental or interest with bank) before move to her new house(need ronovation).....

buyer have paid 2% booking fee & 8% remaining balance as downpyment and have signed SPA , but seller not yet sign SPA & deposited the 8% (cheque have issued out to her) until i agree that unfair requirement...& her lawyer delay the SPA about 2 weeks already.............

Q1, how long can the SPA......to be signed for the seller.........no datelinefor her to sign the SPAsince it is already 21 days after paying 2% booking fee?

Q2, can I get back my 2% if I reject the terms mentioned above but the letter offer only mentioned 2% refund only when loan rejected by bank or landord reject to sell.......

Q3. can I claim the lawyer fee for her which i have paid to the lawyer

TQ

This post has been edited by asiatrader98: Jul 20 2009, 05:12 PM

Talk to your banker and ask them to help to reject your loan. I was told they have their way to make your loan rejected. Good luck

ive did this once before

how about my case.....loan already approval.....can give me some guide?

This post has been edited by asiatrader98: Jul 20 2009, 05:14 PM

I done it before, just give a call to your developer, and told them you did not get your loan from several banks, they will refund it to you by send you a cheque. they(developer) won't know ur loan is rejected or approved.

btw, do not tell your bank reject ur loan - it will appear to your CCRIS report.

Hi all, please advice. Thanks.
I had pay the deposit of 5k and now i change my mind don't want that house. The agent told me that if my loan is rejected, the house owner only pay me back 4k deposit. But the problem now is the agent want see the reject letter, how can i make my loan rejected so that i can get back my money?

thanks for asking this, same query here - i have a SA which is also friend with the banker (the panel bank)

This post has been edited by vdfoo: Feb 4 2010, 10:59 PM

so good for the owner to put a clause that booking fee is refundable if the loan is rejected....but i think you are "cheating" if you want to make your loan get rejected to get back your money.....

anyway, you submitted full documentation already? if so, nothing you can do...

remember "karma"

If u're buying thru an agent on subsale, normally your earnest deposit is non refundable unless otherwise stipulated earlier when both seller & buyer had agreed to refund the money should u not obtain a loan or valuation fails. Normally most owners would be adamant to agree to such clause as they would have bound themselves to the sale & had to forego other offers. But in your case if verbally or as stipulated in your letter of offer that a refund is in order should u not obtain a loan, then u should in all diligence try to abide by those terms to secure the refund. Call up your loan officer whom u applied with & disclose your predicament, hopefully he'll help out. But banks are also sometimes reluctant to get involved in your private treaties & as such would refuse help, u may insist your rights to a letter since u've applied for a loan, so it all depends on your personal clout & persuasive powers with all parties concerned. If all else fails, u could at least try to ask your banker to vouchsafe for u verbally that u were unable to obtain a loan on good will basis.

Apologies for the long winded reply but my fingers have a mind all its own! Stop! Stop!

I not yet submit all the document.
I want my mind don't to buy that house is because due to some financial issue, i not able to take out the 10% down payment and the S&P fees. From my income, i think i still qualify for the loan. Just want think of the way make the reject so that i can get back the 4k only.
It is any impact if the bank reject the loan if future i would like to apply the loan.
Please help. Thanks.

This post has been edited by nyijin: Feb 4 2010, 11:41 PM

if not yet submit, then submit incomplete one lor...

Sorry this is my first time applying loan, a lot thing don't know.
what u mean submit incomplete document? Please give some example or not. Thanks.

Can explain why can't tell banker to reject our loan? what is CCRIS report?
With this CCRIS report, what is the impact if we apply the housing loan in future? (eg: 1-2 years re-apply the housing loan)

In this case usually you cant get back 100% of your earnest money (RM3k) maybe you can get back only 80% or 90% (usually they will charged you few hundred for admin fees) of your money depend how you deal with the SA. If SA not even want to give you any money back, try to file it to tribunal court. Btw did you sign the S&P agreement?

don't worry about your loan as long you still not yet sign the letter offer from the bank they wont continue with the loan agreement.You just inform the bank you cancel of buying the house. good luck

This post has been edited by outdoor_active: Mar 8 2010, 11:23 PM

I'm actually in the same situation now, I've paid a booking fee and changed my mind. SA told me that if I would like to cancel my booking, it's only 80% refund. I have not submit any loan application yet actually and I have an official receipt from the developer.. is it possible to get back my 100% refund?

Firstly, is this a residential unit developed under the Housing Development Act?

I guess it is, saw this from epbt site -

Kategori Projek: A - Projek Biasa
Jenis Pemajuan: A - Perumahan

This post has been edited by Kilohertz: Apr 14 2015, 04:49 PM

Sometime they will charge you rm500 admin fee if you cancel the deal, depend on developer