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Hi, I want to ask what will happen to the bank housing loan for EC if one of the co-owner passed away? The bank will not repossess the unit and sell it right since there is still one surviving owner? But will they reassess the financial status and ask the surviving owner to pay a lump sum since now that there will only be one person with earning power? Thanks.
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2 Answers

Mike Lim
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Evening,

That would depends if the owners bought any HPS when they purchase the unit. By norm, if the owner is paying the monthly installment using CPF, they would have purchased it. But did they purchased 50% share or 100% share.

FYI
Mike Lim
 96929209 
m52i@yahoo.com
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Allan Chong
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Mike is right, you should have HPS covered. If not, then you will be forced to sell if you can't afford to cover the monthly installments. Read More
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