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Singapore PR lapse and implication on Property

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akhandka
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Singapore PR lapse and implication on Property

Postby akhandka » Tue, 02 Mar 2010 11:01 am

I bought a condo as an SPR. Does anyone know what will happen if I leave singapore for employment and my SPR (or re-entry permit) does not get re-newed ? What is the implication on the mortgage I secured from a singapore based Bank ? Will they call off the loan or ask me to fork out a big downpayment if my SPR lapses ?

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ksl
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Re: Singapore PR lapse and implication on Property

Postby ksl » Tue, 02 Mar 2010 10:14 pm

akhandka wrote:I bought a condo as an SPR. Does anyone know what will happen if I leave singapore for employment and my SPR (or re-entry permit) does not get re-newed ? What is the implication on the mortgage I secured from a singapore based Bank ? Will they call off the loan or ask me to fork out a big downpayment if my SPR lapses ?
Why not phone and ask, much easier.

They will not call off the loan providing you keep the payments up, if you don't keep the payments up, they will just reposes the property and sell it on to recover any loss, you will be billed and black listed too I should imagine.

Though you really need to read your loan contract carefully, it may have specific clauses, if you leave the Country.

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Mad Scientist
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Re: Singapore PR lapse and implication on Property

Postby Mad Scientist » Wed, 03 Mar 2010 6:58 am

deleted


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