Need some advice from the experts here..
I applied for housing loan for a property and the bank had already approved it back in November 2017 with all offer letter and SPA signed and stamped.
Recently just before the bank first disburse the money to developer, the officer rechecked my ccris and noticed that I have extra loan/commitments which were not there during their first checking in Nov that time. (I applied those after that loan approval).
And now the bank said my DSR is burst so they wanna withdraw the loan offered.
They eventually sent me a letter informing me their decision and asked me to sign and send it back to them within a time period. In the letter it did mention that if I fail to send back the letter after a week, the bank will assume that I had agreed with the loan withdrawal and they will proceed with the cancellation.
Of course now i didn't send back the letter and the officer keep calling me to push me to sign and send bk to them.
1. Can the bank actually do like this? To recheck my ccris again after so many months of approval and recalculate my DSR then say that now I am not eligible for the loan and want to withdraw the offer? Is there any law/rule to protect me? If the loan is withdraw, who will bear the legal fee and stamp duty? I don't think the bank will be responsible for the charges.
2. If the bank really have absolute right to withdraw the loan offer anytime, why would they keep pushing me to sign the letter and send back to them? Are they trying to play some dirts behind to cover up their own ass?
Really appreciate someone from banking industry background to enlighten me...
Should I just accept their decision and sign the letter?
Housing Loan Withdrawal (Financial)