Malaysia Real Estate

alattas · Joined: 22 Nov 2006 Posts: 5

I bought a condo from developer in Ampang. Loan approved only
80% of purchase price. I have to pay 20% total deposit.
Is it possible to cancel the purchasing? I have paid 10% deposit and
there is a balance of 10% to be paid to developer.
Can I claim back the 10% deposit? If it is not possible, can I transfer to
another person's name ( new buyer ) ?

Carven_Ong · Joined: 19 Oct 2007 Posts: 27

Hi,

I have the same problem as u... mind to update on what happen?

tkc · Joined: 13 May 2007 Posts: 239

try get the bank to approve a 90% loan to you, failure which you can request the bank to issue you a rejection letter of your loan application. you can use the letter to claim back your 10% deposit.

ronaldlaw · Joined: 02 Jul 2008 Posts: 20 Location: Puchong

is the developer must refund for purchase when their are failed to secure load?

Blink · Joined: 18 Mar 2008 Posts: 8

You can not claim back the full 10%. You will need to get a letter from the bank saying your ineligibility to obtain the loan. The developer will return your deposit, but they are entitled to forfeit you 1% + any interest occur during that period.

Try MBSB or Bank Rakyat, they may be able to help you.