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Hi. My question pertains to the ownership of an EC. Let's say that I have 3 more years before completing the mandatory 5-year MOP term. The EC is $1 Mill and almost $300k has been paid up via CPF and cash. The bank loan is $800k. What happens if I can no longer service the monthly instalment payments of the loan? Regards, Ryan
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1 Answer

Mike Lim
Replied
Evening Ryan,

Do note that bank can put for unit up for auction if you choose to default the bank payment. High interest charges, admin and legal fee will be incurred. If the foreclosure does not allow the bank to recover the outstanding, you will likely be placed under bankruptcy act.

Regards
Mike Lim
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m52i@yahoo.com
ERA

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  • RK
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    Thanks very much Mike for your speedy reply. Pretty useful information. Best Regards :)

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