Oct 13 2021, 06:13 AM
QUOTE(sanzoshazo @ Oct 12 2021, 11:18 PM)
Hi Sifus.. i just bought a house, but it compulsory to take MRTA, since this is under my company's loan & policy. But i just realized my loan tenure is only 26years. (But the property still havent completed yet) but the insurance coverage for 30 years. Is it possible, or i have been cheated by HR or the 30years coverage covers me even during the construction period too? Any idea?
It doesnt matter wtherther the source of the housing loan is from banks or employers but the important thing to note is whether you or your next of kin can settle the outstanding loan in the event something happen to you.Some banks do give the option to borrowers to have mrta or otherwise and if the borrower choose not to cover the loan, then if something happen to the borrower, the bank will proceed to auction off the property if the outstanding loan remains unpaid.
Mrta starts from the day the loan agreement is sign.
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