All sifus,

Is MRTA/MLTA compulsory for a housing loan?

This post has been edited by innocent_girl: Dec 16 2010, 12:25 PM

it depends on the banks....but it is not compulsory for most of the major banks

anyone with health issues had experience getting mrta?

i dun think they ever ask u for medical report

they dont ask for medical report, but they is a form to fill up.
I believe need to declare accordingly, else if anything happen. Insurance company can refuse to cover.

It's depend on the package you get from the bank. Some loan package will make the MRTA as compulsory for win-win situation. Bank give you more, then take back more from you.

For MRTA with health issues, you will need to declare it when you apply for the MRTA. If the insurance company accept your application, then you'r fine. If you didn't mention it before or declare it before, and they found out your medical history later on, your MRTA coverage will no longer valid. Insurance company will let you know what to do, either you will need a underwriting, medical check up, or maybe reject your MRTA application.

By the way may i know what kind of health issues you mean?

congenital defect, but no operation required and was declared by the doctor i should have normal life expentancy

is not compulsory, last time i went to CIMB, they asked me if i want to take d optional MRTA. and usually it can be under d loan package as well.

If you have life insurance, MRTA is optional. I didn't buy MRTA and use my life insurance to cover.

already got existing thread going on:

http://forum.lowyat.net/index.php?showtopic=410824&hl=mrta

MRTA/MLTA is not compulsory nowadays. But if you think that you need to protect your interest (actually is you and your kin), just go for it. It wun cost much also..

make sure u know how MRTA works before u buy
please ask them to draw you the graph thingy so you will understand better

My loan was 40 years, and i planned to get MRTA for 20 years
after i see the graph, I decided not to buy MRTA anymore and increase my life insurance policy

Actually, MRTA/MLTA is some sort of synonyms for life insurance. Instead of coverage household expenses, it covers for your loan . So the difference is just the purpose. Everything is the same..

Just one question, do MLTA need medical check up report?

For standard life-> No
For substandard life (medical history such as diabetes, done any major operation, family health history etc)-> Yes
For low coverage (based on age)-> No
For large coverage(based on age)-> Yes

By the way, the medical check-up is free..

Here is an article that may help you understand better.
http://www.iproperty.com.my/news/2877/Mort...operty-Purchase

Yes, validity of claim will be depends on the Declaration. IF Sum Assured is small (i.e. less than RM500,000), most of the time Medical Report is not requested.

---

Added on February 6, 2012, 12:05 pmI don't think Medical Check Up is FREE if the premium payable is LOW.

This post has been edited by AskChong: Feb 6 2012, 12:05 PM

Will bank cancel my loan if my mrtt rejected by takaful?Loan approved and all legal documentation signed.. Before bank disburse money i get to know my mrtt rejected due to unfavaourable medical report..now bank officer help me to appeal from mgt to drop mrtt from letter offer..now im quite worry if bank cancel my loan... Any advice

How low is low actually? As long as required by underwriter and it is not medical plan, the medical report is free. If the premium really low, compared to the cost, they might load you. Depends on the insure health situation..

Few scenario,
1)loan approved with current offer
2) loan approved with a higher eff interest
3) loan not approved

Suppose I don't think they will reject ur loan. Keep us update here.

This post has been edited by MaxWealth: Feb 10 2012, 08:17 PM

Hope so.. Futhermore my loan only 70% and all legal fees absorb by bank....Do u think i have to payback if bank cancel my loan?Everything run smoothly at the beginning and problem star arise prior to disbursement...

I think u don't have to worry.

The MRTT was rejected u not the bank.

What the officer need to do is request for ur previous package( which is with mrtt ) and change to non mrtt package. Loan amount reduce a bit since Mrtt taken out. Normally bank sure approve.

Good luck.

From my experience, you will still get the loan. Because it's not you whom cancel the loan.

What your banker say about it?

[quote=MaxWealth,Feb 11 2012, 10:45 AM]
From my experience, you will still get the loan. Because it's not you whom cancel the loan.

What your banker say about it?

[/quote

She just said will try her level best to appeal from mgt and dont give me any promise... Dats y im quite worry....

[quote=Haslizama,Feb 11 2012, 04:32 PM]
[quote=MaxWealth,Feb 11 2012, 10:45 AM]
From my experience, you will still get the loan. Because it's not you whom cancel the loan.

What your banker say about it?

[/quote

She just said will try her level best to appeal from mgt and dont give me any promise... Dats y im quite worry....

[/quote]

Hi, so how is your loan?

What's the main difference between MRTA and MRTT?

Hi all,

If I would like to obtain a RM390k loan with 23 tenure repayment period, I am looking at 3 protection options:
1) MRTA (pay one off premium)
2) MLTA (pay monthly with cash value)
3) term policy (pay monthly)
All 3 above cover death, TPD, CI for 13 years only. (planned to settle the loan in 13 years or by age 55)

Any ideal the cost of each type of policy above, for a 42 years male, no smoker?

Thanks.

Just received call from banker, she said waiting approval from high authority and should be ok but im not sure new interest offered... Developer also keep asking on payment coz case pending too long..

Just wait my friend. All the best to you. Update your news with us ya. good luck!

Al rajhi bank doing things damm slow..eventhough they said everything approved but until now i have yet sign new LO.. Tried to contact sales agent but he did not pick up my call or reply my sms..now developer threaten to open sale if bank dont disburse money to them by next week..im really regret to choose alrajhi as my financier..i dont know what to do...

I thought bank is liable to disbuse the progressive payment??

Hi, would you mind to let me know what is the interest rate your 're getting so that i can calculate for you.

Sorry for that, how is the progress now??