Refund of Earnest money deposit

I had booked a villa in vadodra and paid an amount of Rs. 1.00 lacs as token money the booking form contained forfeiture clause Builder reserves a right to cancel allotment and forfeit payment paid if the amount is not paid as per the terms of booking In case applicant desires to withdraw the booking a token amount of Rs. 100000/- would be held as cancellation fees The scheme was approved by SBI and the same was prominently displayed at the main entrance of the property and also endorsed on various property sites while initial conversation we also told them about our intent to avail housing loan for SBI and we were told that there would be no problem so we booked the flat. 7 days later we came to know that the tie up was not operational and we confirmed the same from the builder they said that we are unable to fulfill banks conditions now the dispute with the bank pre-dates the date of signing booking form the builder started suggesting us about different loans option to which I don't agree and asked them for the refund however there is no answer from the builder. We have not entered in to any agreement with builder the booking form was not signed by any of the officials of the builder no allotment was done and nothing has been conveyed to us. All we have is a copy of Booking Form and receipt please be tell us if we can demand a refund as I believe that I have been mislead