As Benjamin Franklin one of the founding fathers of the United States once said:
but in this world nothing can be said to be certain, except death and taxes.
Old Ben has a point. On top of having to pay taxes, we have really no control over unfortunate events that might result in death.
This is something to keep in mind when you become a homeowner and take on a home loan for your house.
In the unfortunate event that you pass away during your home loan tenure, the burden of the home loan would fall on their loved ones.
Also, as your home is being used as collateral, the bank has the right to foreclose your home while HDB has the right to confiscate your flat if your home loan instalments have not been repaid for an extended period of time.
And If it’s a home you and your family are living in,