1. If the bank refuses to approve the loan because the developer does not have a pre-sale permit or sells an existing house that does not have the conditions for use, then the buyer can ask the developer to refund the down payment and deposit. In addition, developers can also be required to pay the corresponding interest losses.
2. If the bank refuses the loan because the information provided by the buyer is untrue or the buyer's credit record is not good, then the buyer should bear the liability for breach of contract, and the down payment cannot be obtained. You may even be asked for compensation.
3. If the loan that the buyer should get cannot be realized because of the change of government policies or bank regulations, then the buyer should negotiate with the developer. If the negotiation fails and there is no agreement in the contract, in this case, the buyer can sue to prove that he is not at fault, but he is really unable to buy a house, thus requiring the developer to return the down payment and deposit.
After my mortgage application is rejected, can I still apply?
This also depends on the situation. Generally, there are three situations:
1, credit problem
If your mortgage application is rejected because of personal credit problems, it is difficult to apply for a loan in this case. Because every bank has the same strict requirements for credit problems.
2. Policy issues
If your mortgage application is rejected because of the current mortgage market and policies, please rest assured, because you can choose to try again after a while. At least half a year after the introduction of the policy.
3. Incomplete information
There is no need to be discouraged if the home buyers' mortgage application is rejected because of insufficient information preparation. Because when you prepare the materials for the second loan application, you can usually get the loan.