Under normal circumstances the bank will serve you a reminder after you default on the 1st month progressive payment interest (PPI)

Second month onwards you will get a letter of demand from the bank panel lawyer.
The cost of the legal letter will be charged to your account and it will also incur interest.

The interest rate will then switch to the default interest Rate as stipulated in your letter of offer for the bank loan.

If you still refuse to pay, the legal process will continue until the bank obtains the order for sale for your property, which will be quite fast as your property is a condo and therefore under a deed of assignment.

The bank may choose to auction the property off even if VP is not obtained if the property is in hot demand.

The cost of the entire legal process will be charged to your account and interest will be charged on it.

The auction price of your property will be below market price and manipulated by syndicates at the auction house.

On the CRISS and CTOS front you will be listed as a defaulter and your poor CTOS rating will ensure you face difficulty in getting a loan from any other bank in the future unless you clear your first loan.

In short, it is a messy expensive affair and you are certainly better off not buying the condo if you don't intend to pay the PPI.