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Thread: What happens if the bank you took loan from goes out of business?

  1. #1
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    Default What happens if the bank you took loan from goes out of business?

    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...

  2. #2
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    Quote Originally Posted by Allthepies
    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??

    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?

  3. #3
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    Quote Originally Posted by cheerful
    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

  4. #4
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    Quote Originally Posted by Allthepies
    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

  5. #5
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    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.

  6. #6
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    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.

  7. #7
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    Quote Originally Posted by cheerful
    Eh ... maybe no need to pay back??

    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! Then I go take loan from those US banks which are closing soon.

  8. #8
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    Quote Originally Posted by azeoprop
    Waaa....if only can no need to pay back! Then I go take loan from those US banks which are closing soon.


    ahhaha fat hopes ..

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

  9. #9
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    Quote Originally Posted by azeoprop
    Waaa....if only can no need to pay back! Then I go take loan from those US banks which are closing soon.
    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) ....

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