Dear All,

i paid booking fee on 5 weeks ago to the agent for 2nd hand condo,
before i pay the booking fee, i ask the agent whether i can get back my booking fee if the bank reject my loan and he said yes if i can prove it.

that's a clause on the "Offer to Purchase agreement" :


i apply housing loan from hsbc and standard Chartered within 1 week.
but after 4 week then only the bank told me my application is rejected.

may i know can i get back earnest / booking deposit in case i really fail to get loan from bank?
now i just apply loan from CIMB, Alliance and Public bank.
hopefully can appove on next week.

so my question is here:
am i really can't get back my booking fee even my loan was rejected by bank ?

if it's true then i think it's really unfair to the buyer...
if the buyer loan is rejected by bank.
it's mean the buyer is not a rich person.
but a "not rich / poor" people like us have the bear the rick of "non-refundable booking fee"!

before this i already try to ask the bank whether i'm qualify to gain housing loan,
coz i was afraid i'm not qualify to apply.
but bank said must get the "Offer to Purchase agreement" before they verify you applicable or not.

This post has been edited by marcusee: Feb 22 2010, 10:00 PM

35% of my income is totally more then the monthly installment.
i was even willing the pay for 30% of the downpayment after the bank saying that 15% of downpayment is difficult for my loan application after 1 week of application.
that's why i was thinking my application should be no problem.

the reason my application rejected is due to my company registration less then 2 year.
and i never apply for any loan, so they dun know whether i'm a good borrower or not.

so my advise for whom may want to buy any property is:
1. must apply more then 2 bank expecially local bank.
2. get black and white to make sure the booking fee is refundable if bank loan rejected.