Worldwide, many have the connotation that owning more property will make you wealthy. It is true for some, unfortunately very false for many, especially when taking out multiple home loans to pay them off. Banks are more than willing to give out loans because either way they’d win.
A couple ranted on Tiktok that they had purchased 10 homes, but in the end went bankrupt after one of them lost their jobs and were unable to pay off the loans. They received a RM2 million cashback when purchasing the 10 homes in Cyberjaya.
Netizens are concerned that it might be bank fraud. However another replied that during loan applications a bank will not get any info of any loans applied as it has not been approved yet. Is buying something you can’t afford as an investment worth it if you’re going to end up bankrupt?
