Oct 28 2010, 11:43 AM
QUOTE(rourou @ Oct 28 2010, 11:12 AM)
call my FM. i heard from radio.
i have a cousinswho had to apply for bankruptcy cause can't afford to pay housing loan. even when bank auctioned off their property (which depreciates from RM80k to RM30k) they still need to pay the RM50k difference which unable to do so, end up bank sues for bankruptcy.
i spoke with the bank officer which handled my cousins' case as well and they have advised that many ppl have applied for bankruptcy due to inability to pay loan especially in cases of multiple purchases and also cases of aborted development.
Can't afford to pay housing loan means bad management... I don't think bank will blindly give u a higher loan then u deserve, im sure its based on ur current commitments (other loans) + less then < 40%... So it suppose to be manageable but if u r someone who loves partying n goin on shopping spree then there's where ur problem starts... Wif having up to 40% of ur salary to pay ur debts, u need to spent wisely to be in a healthy financial state... i have a cousinswho had to apply for bankruptcy cause can't afford to pay housing loan. even when bank auctioned off their property (which depreciates from RM80k to RM30k) they still need to pay the RM50k difference which unable to do so, end up bank sues for bankruptcy.
i spoke with the bank officer which handled my cousins' case as well and they have advised that many ppl have applied for bankruptcy due to inability to pay loan especially in cases of multiple purchases and also cases of aborted development.
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These is wat will happen if u try to go on the fast lane to bcome rich.. Failed flippers! Bad investment choice wit no holding power... U need to b strong financially in order to reduce the flipping risk, at least u should be able to hold on the property for the next 6 months by having at least the 6 months loan repayment cash wif u!
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