Can I refund my downpayment if my bank loan was not approve?

May nagustuhan akong bahay sa Las Pinas. They required us to give 20% downpayment. And told us na yong remaining 80% ay pwede i-bank loan.

My problem is. Na-deny ang bank loan ko because my work is home-based. Pero lahat ng documents (like ITR, bank statement, name of clients in abroad etc.) ay complete ako. The reason na na-deny ako because wala akong local clients.


Question: Pwede ko ba i-refund yong downpayment ko? Because the developer told me na hindi daw pwede kasi nakasulat daw sa contract. The developer insisted na mag in-housing kami which hindi naman namin afford dahil napakataas ng interest.

Can I have my money back?? Pero someone told me na pwede daw kasi ang reason ko is wala ako pambayad dahil na-deny ako ng bank. Is this true? Under the Maceda Law?

Please help.

How many months did you pay the equity for?

If less than 24 months, you are entitled to a grace period.
If you reached 24 months and you requested a refund from the developer, the most you'll get is 50% of payments made, excluding penalties, with an additional 5% per year after 5 years of payments.

Whatever the reason, you have to ask the developer, and you need to have it in writing. If you reached at least 24 months and the developer refuses, please go to HLURB with your documents and ask for mediation.

I only paid the downpayment which is the 20% of the contract price. Can I request for a FULL refund. Hindi pa kami nakakalipat. Kasi hindi kami na approve ng bank.

You may ask for a full refund. However, granting it is another matter. The only time that full refunds are usually given is when the developer is at fault. Maraming banks dyan. Lahat ba ng banks di kayo approved? It means that you have not met the qualifying process of the bank, which is not the developer's fault.