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 [WTA] How to calculate MRTA?, How do we calculate this?

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TSsteve88
post Sep 11 2012, 09:41 AM, updated 14y ago

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Hi lyn members,

I signed a loan offer letter recently and during the session, my banker advice me to take a house insurance. So he suggested either MRTA or MLTA. According to him, MLTA have to pay monthly or yearly where else MRTA only pay once. So i decided to pay MRTA instead sincce i cant afford the monthly payment of MLTA despite the benefits of it. But im not sure how to calculate MRTA. Can anyone show me? Heres my details.

Age : 25 years old

Loan: RM250000

Thank you.
TSsteve88
post Sep 11 2012, 10:29 AM

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QUOTE(kenty @ Sep 11 2012, 10:12 AM)
loan tenure?
from developer or subsale?
*
Is sub sale... does it affects the value of MRTA as well?
TSsteve88
post Sep 11 2012, 12:21 PM

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QUOTE(Fazab @ Sep 11 2012, 10:27 AM)
You can find a calculator for MRTT (= MRTA) here

http://cb.cimbislamic.com/index.php?ch=gen...pt=cimb_islamic

but your bank may use a different rate, so the final premium can be different by +-10%.

Or you can visit the govt bahagian pinjaman perumahan website. Several banks have their MRTA calculator there.
For young pople MLTA will be a better option, if get afford the cashflow.
*
but i cant afford the cashflow thats why i decided to take MRTA instead...

Added on September 11, 2012, 12:24 pm
QUOTE(kenty @ Sep 11 2012, 10:52 AM)
Insured Tenure = construction period + loan tenure
Definately premium higher for developer unit

eg. 200k loan, 10yrs tenure, 4.4% interest, apartment
Subsale: 1304
Developer: 1866 (construction 3yrs)

eg. 200k loan, 20yrs tenure, 4.4% interest, apartment
Subsale: 2848
Developer: 3494 (construction 3yrs)

eg. 200k loan, 30yrs tenure, 4.4% interest, apartment
Subsale: 4618
Developer: 5500 (construction 3yrs)

i use the simulator from my insurance agent. you can actually get the calculator online.
*
Based on the above calculation... seems like for my case i need more than 5k... can include in my loan right?

This post has been edited by steve88: Sep 11 2012, 12:24 PM
TSsteve88
post Sep 11 2012, 01:37 PM

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QUOTE(elchico @ Sep 11 2012, 01:32 PM)
90% of the MLTA in the market, cannot be financed into the loan..
But my bank allows optional financing of MLTA into the loan... for afew years..
This is purely to help those that prefer MLTA, but do not have the means to afford MLTA for the first few years of their investment..
Cheers!
*
Mind to share which bank u use which provides that kind of option? Im actually prefer MLTA as well but just couldnt afford the payment too..
TSsteve88
post Sep 11 2012, 02:52 PM

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QUOTE(kenty @ Sep 11 2012, 02:05 PM)
You may not take full tenure if you plan to settle the loan earlier or sell it later (eg. 10yrs)

I would suggest you to take an insurance from insurance agent since you prefer MLTA.
a simple non participate 30yrs term insurance with 200K sum insured is around RM770 per year.
If you want to include critical illness, the premium will be double.
or an investment link policy with death, TPD, critical illness & waiver premium upon dianognes critial illness or TPD is around RM1500 per year
But, please get all the plan naration from your agent to know the risk especially for Investment link before you choose the best plan for you.
*
Thanks for the advice... the agent quoted me RM2275 per year based on 40 years loan. thats why i dont want to take MLTA. cant afford it...
TSsteve88
post Sep 11 2012, 03:51 PM

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QUOTE(kenty @ Sep 11 2012, 03:31 PM)
If you decided to take MRTA & finance it. Below is the additional monthly repayment for your reference

MRTA, 200K, 30yrs, 4.4% interest

Premium : RM4600 (One off payment)
Additional Monthly Repayment: RM23 (RM276 yearly)
*
U mean total is RM4600 then RM276 yearly is if i include MRTA into my loan is it? 276 is include interest rate?
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