hi guys/ sifu out there!!


Just want to get your opinions, I paid deposit of 3% and sign a OTP that states T&C without detailing the T&C, i have had 1 bank rejection and feel that i don't want to proceed further fearing if i get approve for a lower margin let's say below 90%, i wont be able to service the remaining payments therefore would like to withdraw from my booking.

However the agent would not agree to it saying the typical 2 bank rejections or total forfeit the deposit. Adding that its a commercial property and ADPL is not needed to proceed and piling has already begun. However at the time of signing the piling is already halfway done. Also there has been an extension for loan application made by agent to developer.

Actually on phone call, he already agreed that if i don't feel like continuing he will refund in full, as I told him by law there should not be any reason for them to collect of hold other that for show of interest only.

I don't agree with it as I feel that a booking is only a show of intent to purchase and deter people from multiple bookings. So if I don't think I can commit to it, I should be entitled to my deposit back minus what ever small admin fee or credit card charges, am I right?

Please help with your opinions guy/sifu

May the Force be with the ones that answer

if you got bank rejection, you can withdraw and get back refund from them.. should be no any cost incur.

must be stated in the OTP for loan reject booking is refund. normal OTP dont have. only stated 30 days after sign OTP must sign SNP. be careful next time

1. u pay booking fee to agent or to developer? if u pay to agent then good luck - ur balls are in their hands. if u pay to developer then u can call developer to beg for refund.

2. is it really commercial property (non HDA)? if yes, commercial property unlikely to get 90% loan margin. if u can get means u cable very strong.

3. you're wrong to say 'by law there shouldnt be any reason to collect or hold'. u wanna use 'the law' u make sure u know what you actually signed. By law the agent can forfeit the booking fee / deposit as well. you should be saying "in common practice". don't use "law" when you dont know what you're talking about.

4. on phone call, anyone can say anything. please ask for his email address and communicate thru that. or worst case scenario, thru whatsapp (so you have paper trail / "black and white")

market conditions have changed the way 'booking fee' is treated.

you may be right on "entitled to my deposit back minus what ever small admin fee or credit card charges" in the current 'buyers market' climate.

when it was a seller's market, this was the general motto:-
"if you can't afford to buy cash OR aware of ur DSR and 'how much financing u can get from a bank', u shouldn't book in the first place"