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View Full Version : What happens if the bank you took loan from goes out of business?



Allthepies
19-08-09, 10:20
hi all, this may sound like a stupid question but really want to know what will happen to your property if your bank close shop...

cheerful
19-08-09, 10:23
hi all, this may sound like a stupid question but really want to know what will happen to your property if your bank close shop...

Eh ... maybe no need to pay back?? :D

Actually, ever got one agent tried to persuade me to consider loan from a local bank (prob his palm got greased by his bank officer fren lah) ... his reason: Local Banks r more stable .... thot if u put deposits then u need to worry rite?!?!!
;) ;) ;)

U asking this izit becoz of the reported low int rate offered by some unknown ah-neh bank huh?

Allthepies
19-08-09, 10:30
U asking this izit becoz of the reported low int rate offered by some unknown ah-neh bank huh?

yup so was wondering what will be the risks on the borrower side :)

cheerful
19-08-09, 10:42
yup so was wondering what will be the risks on the borrower side :)

Actually don't think that's a stupid ques at all .... afterall, we shld be concerned about wat's gg to happen to the lodged caveat ... ur ques is a valid one. Juz wondering if anyone can advise us :)

echotrain
19-08-09, 13:21
Well, I think if the bank goes bankrpt, its creditors will force it to liquidate. Most likely the bank will be chewed up and its remaining pieces will be bought up by others. So your loan will just be transferred to the new financial institute.

sabian
19-08-09, 13:26
the loan books of a dead bank is still an asset.

it will be sold off to the highest bidder and your legal obligation will be towards the new slave-master.

azeoprop
19-08-09, 18:13
Eh ... maybe no need to pay back?? :D

Actually, ever got one agent tried to persuade me to consider loan from a local bank (prob his palm got greased by his bank officer fren lah) ... his reason: Local Banks r more stable .... thot if u put deposits then u need to worry rite?!?!!
;) ;) ;)

U asking this izit becoz of the reported low int rate offered by some unknown ah-neh bank huh?

Waaa....if only can no need to pay back! :D Then I go take loan from those US banks which are closing soon. :p

proud owner
20-08-09, 00:59
Waaa....if only can no need to pay back! :D Then I go take loan from those US banks which are closing soon. :p



ahhaha fat hopes ..

end up Temasek or GSic becomes the new owner ... then it will be even more hell

cheerful
20-08-09, 09:55
Waaa....if only can no need to pay back! :D Then I go take loan from those US banks which are closing soon. :p

Heeheee ... of cuz BIG FAT hope lah ... dreaming only ... but I thot tt agent was kinda talking nonsense (as if we shld be extremely concerned abt this at all .. this is loan not deposit) ....