Just wondering, what happens if a Singaporean defaults on a Malaysian housing loan? Will the Bank chase for it even in Singapore?
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Malaysia Housing Loan Default
- Thread starter wolverine23
- Start date
Not only your home is sold. You have to pay the difference between the proceeds of the house sale and the loan amount. The loan agreement is between yourself personally and the bank. The property is just used as a collateral. If you cannot pay up, then you be sued as a bankrupt. When that happen, big problems. You cannot travel, no credit cards, no loans whatsoever. It take years before you can clear your name.
Immigration blacklist...Got passport but no clearance to travel.
This I know. But do the banking laws apply cross-border?
Example: you default in Malaysia but never go back there. So, the defaulter can still led a normal life in Singapore right???
Example: you default in Malaysia but never go back there. So, the defaulter can still led a normal life in Singapore right???
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