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 IS Deposit Refund

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gkl83
post Mar 30 2009, 07:49 AM

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QUOTE(carjack18 @ Mar 30 2009, 06:17 AM)
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.
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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... sweat.gif

This post has been edited by gkl83: Mar 30 2009, 07:50 AM
gkl83
post Mar 31 2009, 07:20 AM

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QUOTE(carjack18 @ Mar 31 2009, 06:06 AM)
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?
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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

 

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