Those that have signed LO from banks - tougher the Bank's penalty will be there.

The one that got me few months back was a RM5k deposit - with the Bank's letter I incurred costs of RM500 (admin fee). Very expensive admin fee indeed.

But generally, if you have a loan rejection letter, you can talk to your agent and see how it goes.

Hi,

I'm currently in the same boat. Loan was successful but only 80% which we don't like to take up.

Decided to not continue. Have not signed any offer letter from the bank.

Now agent wants to see Rejection Letter from bank before can refund.

What can I do?

Discuss with the bank the possibility of increasiing the %. Show more supporting documents, if possible.

Go online e-aduan at kpkt

They will settle for you

Very efficient

Actually we tried that with an appeal. Apparently, the bank rejected as they are being cautious due to another possible MCO. I didn't received any letter on it either, it's just information from the bank officer.

will do this today.

What is stated in the booking form ? Anything mentioned about 90% loan ?

Do I need to sign any documents or form to proceed with booking cancellation?

Any update on this? Did you manage to get your booking fee refund? Currently in the same boat, agent said cannot get back deposit since no loan rejection letter from bank. Already raise the complaint to e-aduan KPKT. Not sure when I would hear from them.

I recently also paid a booking fee of RM1k to this agent and he said will fully refund back the money if I decide to cancel. I believe he will do it so. But my concern is I have signed a pre-contract due diligence and request for option to purchase. Should I ask for the agent to ask send me a cancellation T&C?

Essentially I’m just worried if there’s legal implication in the future if there’s no B&W that I have cancel this.

Thanks and sorry if this is a noob questions.

Any cancellation tnc must be included in the option to purchase contract. If is not stated, is your word against the agent. Hopefully the agent will honour what he promised and whether there is an admin fee for cancellation ... if is RM1k, meaning no refund.

Refund really depend on developer and agent itself. All must with one or two rejection letter.

Problem will arise if agent n banker not cooperate good especially in loan margin part.

In the option to purchase T&C, it does state “to refund or cause to be refunded the security money (booking fee) free of interest should I fail to perform any of my obligation as stipulated in clause...”

The “clause” talks about responsibility of buyer to apply for loan etc.

But I’m just scared (for some reason) that if I cancel this booking, that there would somehow be any legal consequences later down the road, so I thought is it advicable for me to also get a signed T&C from the agent to confirm this cancellation?

If you are worried about bank loan, ask the agent to recommend a bank loan officer of your choice banks. He should have many contacts. Whether approved or rejected, he will know.

When is approved and you have no intention to follow up with the purchase, then the deposit will be forfeited without any further penalty or liability. The unit you have chosen is then open to other buyers.

I dont think there is any further confirmation to add if is stated in the option to purchase contract.

This post has been edited by mini orchard: Oct 10 2020, 04:03 PM

Hi would like to seek some advice, thanks in advance for reply.

I have booked an unit through virtual zoom meeting during MCO period on 25 Feb 21. The sales agent had took roughly a month on 1 April 21 to send me the booking form for signature and after I have submitted the signed booking form, they mentioned that I will receive email from banker on the loan application documents. Again, I followed up with them and no further updates nor reply from them.

In the mid of waiting for booking form, I did mentioned that I wished to cancel the booking as it had been taking too long to even proceed (which they are so proactive when they were doing sales pitch but no news after I have paid the booking fee). I don't feel comfortable at all.

Now I am stucked with no updates and progress and not sure how should I get back the booking fee that I have paid.

Below are the T&C on cancellation.

Tried calling them? Otherwise try contacting the agency they work under directly?

Call the agency firm, giv them the agent name, get his/her lead contact.
Talk to the lead, ask for explanation. If u still wan proceed, get a new agent. If don't want, ask the lead to assist in cancel.
If still cannot, directly call the developer marketing team to complain the agent n demand refund.

First, what i wanna say, developer will listed out term and condition before place booking, like with 2 loan rejected letter, fully refund. Some developer will get admin fee 100,even with loan rejection letter. Developer oso will stated, if without loan rejected letter, fully forfiet booking fee. All term and condition, developer will list out, main problem is agent have tell buyer regarding this matter or not, and the most important is must bank in to developer bank account, not personal or agency bank account. Make the thing clear before make a speculation about it. The main problem is agent didn't tell buyer regarding the term and condition before place booking , and regarding if using cc, developer normally will charge 2% for merchant services, that all, thank you

Parking

This post has been edited by taengu: Jul 18 2021, 07:55 PM

Hi, my friend paid booking fee for a new property and proceed for loan application however suddenly agent said the property already sold despite my friend paid the booking fee... So my question is booking fee really secure the property? Or its just a fee of "interest".. and what can he do assume he will get back the full refund?

This post has been edited by t3n: Nov 29 2021, 08:11 AM