Builder refusing for refund of booking amount of rupees 1 lakh

Ram Kalyan Sar (Querist) 23 May 2012 This query is : Resolved
Builder came to my home and took the booking amount through Credit Card (Rs. 100,000/-. He told me on the site that the amount is totally refundable within 20 days. Now when I face some hassle in the finance and want to decline the deal, he says its not at all refundable. Only when loan does not get sanctioned or any legallity lacks in the property documents, i can get the money back. Now I have a receipt and the CC statements with builder's name. But builder says the login form that I signed has a term of "no refund" in case the customer choses to decline. Is this legally allowed. Is any organisation allowed to keep a non-refundable amount for booking as high as Rs.100,000/- please advice. Am I bound to wait for a loan rejection OR go for the agreement? OR I can take some legal step?

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Nadeem Qureshi (Expert) 23 May 2012
Dear Querist
it's depend on the agreement execute between you and builder, what are the terms and condition of the agreement? after that I can give you the best opinion.
feel free to call

Sankaranarayanan (Expert) 23 May 2012
well said by mr nadeem, i do agreed with his opinion

R.K Nanda (Expert) 23 May 2012
Send a legal notice to builder and demand refund of ur booking amount in 7 days time.

ajay sethi (Expert) 23 May 2012
the problem is you pay sum of rs 1 lakh without obatining any document in writing from the bulder . you ought to have mentioned terms and conditions for paying token money .

have you amde application for loan . bank will ask for certan loan documents then only sanction laon . if buidler is not able to give those documents loan will be rejected .

what is value of property ? if you like the property go in for agreement after obtaing bank sanction for loan .

Suhail A.Siddiqui (Expert) 23 May 2012
Without considering agreement with builder, we can suggest furnish him notice along with reason of cancellation.