Greetings,
Me and my wife had recently placed a downpayment on a 1BR Unit from AVIDA last november. We were enticed to get it for the low Down payment of 10%. that was our deciding factor for the purchase. The broker assured me that we can get approved by BPI to finance the remaining 90% of the total cost.
Currently We've already paid 5% of the cost but now he tells me that only 80% is approved. instead of 90% w/c 10% D.P. was our agreed upon rate. he told me of this last january.
Just awhile ago I called my bank to ask for help and they called the loans department of BPI. they informed me that the 80% is still not approved. I thought it was already approved its still pending. and has a high chance of not getting approved.
I wish to cancel our purchase now and refund our money. because We did not agree to pay 20% D.P. only 10%. That was not our deal. We dont have the facility to come up with another 10% cash. and Because the approval is still not pushing through only 80% approval for the loan is still pending and has a high chance of not getting approved, We don't want to continue paying the rest of the downpayment if they cant give us a 90% loan. We've already spent our savings on this endeavor in hoping to get a home. We just want our savings back.
We already asked the broker if we can get our money back. He said he asked his superiors and "malabo maibalik yung downpayment money"
How do we go about this? is the statement above true? Can they give us back our money? What laws apply for this? is this instance same as buying an unused item from a store and returning it and getting a refund? which in this case we never even got to use the item much less see it yet. (we got it during the pre-digging period)
I really hope somebody can shed light on our problem.
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