statistics have shown that there are more and more youth under 25 years old who apply for bankruptcy these few years due to financial difficuties which results from property loans.

so if you can't afford it don't buy or buy a cheaper one. spend within your means.

---

Added on October 28, 2010, 11:03 amthere is always lock down periods for loans. banks of course want to maximise their profit on their loans. it's a business otherwise why they want to loan you money.

if you want to settle your loan prior to that of course you can, but the bank will want you to pay a certain amount of "fine". usually it's 5% of your total loan amount. read your loan agreement.

This post has been edited by rourou: Oct 28 2010, 11:03 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.