Hi all, im purchasing a sub sale unit, signed the booking form but non of bank approve my loan due to some problem with the development...no stata title and developer bankrupt thingy...so im unable to obtain any loan now and it is not because of my income or whatsoever..and the booking form says that if spa is not signed within certain days my booking fee will be forfeited......means my booking fee will be forfeited?

Pls advice....thank you...

This post has been edited by RyanTham: Mar 23 2012, 12:38 AM

The booking fee is still with the agent, contact him/ her to get refund as it is vendor default not you default.

no, show him the rejected loan letter. refunds easily.

yeah if its more than 3 bank reject then you can get back you booking fee from agent.Only unless if bank approve but you withdraw then they have right to forfeit your booking fee.

This post has been edited by Yukieliow: Mar 23 2012, 10:21 AM

even u withdraw u still can get refund in certain period of time... call cooling period.

To be honest, even if a development has no strata title (ie. still master title) and even if the developer bankrupt (can be quite common especially in the previous 97 crisis), banks can still loan you for properties which have good values. So I don't think that was the reason why the bank rejected you. Plus I don't think bank will actually tell you why they reject you. Perhaps your income is not a problem but valuation of the property is. And because you do not want to come up with the extra cash to purchase the property (since cannot get valuation) you deemed it as the bank rejected your application.

Banks do reject lemon projects and some projects which has exceeded their risks. Eg. I do know of a project which all the banks restrict themselves to a maximum of 20% of entire units. And thereafter, the bank will not loan despite how good your background is.

Either way, it is not a vendor's default. You need to do back ground checks on properties before committing. I don't think it will be that easy for you to get back your deposits though you have a 50-50% chance of getting so.

If your booking form is written, then should be safe...

Since its subsale, I dont think you can get your booking fee back unless it was stated in the booking form that the fees will be refunded if unable to get loan due to so and so...

But you can try..talk to the agent and see.

If buying from developer, then 99% chance you can get back your booking fees..even if the bank rejected due to your income..

+1

If you find no way to know the rejected reason, you can check with your agent (and, pass him/her your loan application documents), he/she should be able to help you on this.

---

Added on
For developer units, it depends, Normally they would charge you Admin Fee (RM500 / RM1000 / RM2000 / or more / it depends on individual project).
Personally, I take it as an opportunity cost, since I blocked it from other potential buyer.
All in all, you bear different risks for subsales and developer units.

Perhaps you try to share us more about your case; or I believe your agent can give you some more clues.

You can ask for refund from agent.

If agent don't refund to you, tell him that you will complain to government to blacklist their company and agent.

from Nanyang Daily - it will be a trend that buyers want add clause for refund if loan rejected. Good to protect buyer but who will compensate seller for opportunity loss? Can we accept multiple booking & the 1st one get loan will get the deal?

http://www.nanyang.com/node/431494?tid=643

买家要求签协议自保 二手房贷不批退订金
头条 全国 2012-03-23 17:53