Hi guys/gals,

I wish to ask whether my deposit of 10% of the house is refundable to me in the event my loan is rejected? This is my 1st time buying a house. The reason I ask because the developer ask me to pay 10% 1st even though I told him I haven't secure a loan from Bank. Usually how does it takes the Bank process my loan?

Thanks.

This post has been edited by carjack18: Mar 30 2009, 06:44 AM

u means requesting to refund the booking fees (RM2k)?
that depend on your developer commitment how long is the valid time for refund...
some may 2 weeks, some may 4 weeks...
or if you regret to buy house...
u can get back the booking fees within the committed time period...

some bankers slumber... u have to push the bankers to proceed ur loan faster, tell them if they no keen to do ur business then u look for other bankers... usually we apply 3-5+++ bank loans in 1 shot to ensure no trouble in between like ur cases... but seem that u apply 1-2 bank loans only and u stucked on that banks, even now u apply for other bank now may spend another 1-2 weeks for approval...

This post has been edited by gkl83: Mar 30 2009, 07:50 AM

Oic, Thanks.

Dun worry, deposit will be refunded if ur loan is rejected... i think u need to proof with the letter from bank to the developer...

oic. Thanks

i have to raise a certain point...if you pay a 10% deposit, thats like the deposit paid when u sign your sale and purhase agreement....that is no longer considered an earnest deposit which easily refundable

anyway when you make payment for the 10% deposit YOU HAVE TO ADD A CLAUSE THAT STATES "THE DEPOSIT WILL BE REFUNDED IF YOU FAIL TO OBTAIN A BANK LOAN"...because there is obligation in law to refund upon failure to obtain bank loan

How do I add the clause? Or it is possible that I paid the 10% deposit and hold out on signing the S&P until the Bank approve my loan?

developer wont be kind that to let u hold the house for long... unless 10% was not refundable maybe they can let u hold the house for few months to cover their loss of the other potential customer to buy house...

anyway, first come first serve for those buyers who paid 10% downpayment + signed S&P... developer may prefer refund u 10% downpayment back (if no signed S&P yet) to you and prefer work out the business with other buyers for that particular house without your notice...

This post has been edited by gkl83: Mar 31 2009, 07:20 AM

i've got my refund since not yet signing the S&P..
1st they refused to refund until i wrote an email to NCCC (National Consumer Complaints Centre) ask them to assist to get the refund..
the developer then refund part of the deposit once they get a letter from NCCC..