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Old 22-02-2009, 06:08 PM
spotted--
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Top ups becoming a reality. Spotted at a local condo forum:
"I have a few properties in Central area , the loans are taking up with different banks .. Today one of the banks called me saying that valuation of one of my properties dropped and I need to top up $500k . Initially I took the loan of 70% . and the place rented out now .. So I have been paying my istallments quite steadily and been a good premier customer with the bank over 7 years never defaulting. I said them no way I am going to pay that 500k as I was paying and servicing the loan always in time. They said in that case they will have to take the measures .. ?? I have the money to top up if I wanted to but I would rather reserve my funds to buy some other property near the bottom in September. The question : What "Measures" they can implement ? And what should I do ? In the contract it says that the bank agrees to loan 70% of property value at any time.. which is now obviously dropped by around 25% .. so what if I do not top up ? what happens next ?"
http://forums.condosingapore.com/showthread.php?t=7111
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