Damn, thanks for the info bro. Yeah this is my first house. I will try to ask the banker tomorrow to reduce the tenure. But will a shorten tenure affect the interest rate?

Lower interest about 0.1% just for 2 years, is not worth to take into consideration if take insurance coz of 'lower interest rate'.
If for protection purpose, then nothing to commend.

tenure will not affect your interest rate. their rate usually is base on your income.
if you have good score on your ctos meaning you are very preferred customer, then they will offer you low interest to attract you to sign with them.
cause they also scare you take other bank offers.

the tenure you need to know what is your plan.
if you plan to sell in less than 10 years. takes the shortest tenure.

if dont plan to sell, you then take what is necessary.
ie: you loan 550k. after 10 years you might have already pay down 30% of your loan.
just assuming only yah, best is to use finance calculator to see your amortization.

you are left with 385k balance loan. so your insurance coverage still 500k? according to RHB theirs is fixed, not reducing.
if it is not reducing then no need to take maximum insurance coverage.
just like my case, they only insure me 300k which i think is more than enough because after a few years i already pay down my loan amount.

remember this, your coverage 300k, if you pay down your loan to say 200k balance with bank.
when you die, bank will not pay you 300k yah, they will only cover you 200k the balance loan amount.
so i dont see why we borrow want to buy maximum insurance.

trust me, all your question. throw to your banker. if they dont know they will also ask around.
you should be able to get all your answers.
no rush to sign with them. get all clear up first. is free consultation anyway.
make sure your banker is not new to the bank. else another hole you might step into which is unforseen. better to have a banker work 7 years above to manage your case.

i dont think so the difference is so small leh.
but better ask the banker la. some bank dont want to borrow you 90% if you dont want to buy insurance.

anyway, i think a basic coverage that fulfill the bank minimum criteria is a good idea to take the insurance.
i heard many case already that borrow really die due to accident. this one we really cannot predict.

if you buy insurance, then your love one no need to have the burden to continue to pay for the house installment.
or else kena lelong. by default if husband/wife die, the house will be given to partner first. (i forgot but need to check with Will Expert, i got ask before) Rockwill does Wills.

i heard some property investor really good with property investment. buy 5 or 6 properties. but refuse to buy insurance on property.
he kena accident and died. now the family suffers to pay the property.

to me is, you need to buy insurance but no need to buy more than what it is worth.
dont overbuy over cover and pay unnecessary fees.
so i will still advice people to go for that insurance unless your intention of the property is to FLIP.

"U dont think so the difference is so small leh." Bcz u din calculate.
"some bank dont want to borrow you 90% if you dont want to buy insurance." This is because banker need to hit target, have to use some tactics. Change banker for same bank u will know the truth.

As I said if buy insurance for protection, then nothing to commend or argue.
If u think lower interest rate about 0.1% just for 2 years, is not worth to take into consideration if take insurance coz of 'lower interest rate'.
Some newbie tot interest rate -0.1% is for 35 years, lol.. bank doing money business

Very true. I also took cheaper CLTA just to fulfill their requirement.

I took RHB loan back in 2015 sans any MxTA then because putting that in cannot qualify based on DSR. End up they gave me loan without insurance, although not much risk since rumawip only.

wow. that is a good deal for you. maintain interest but still give you the loan at the low interest without insurance.
most bank indirectly forcing us to buy MRTA. like your case, clearly all these is negotiable.
i overpay for my 1st property for MRTA. but is a lesson learnt. that is why i share knowledge with public and not let the bank continue to RIPE us.

Hi Boss if taking "CLTA you can choose to cover shorter years. mine cover for 9 years only" but what if buyer plan to long stay ? CLTA , MTRA , MLTA which one suit the best in term of coverage and value return ? Please advice and thanks

Bro meaning that buy max life insurance instead ? so that money pay by insurance is sufficient to cover the balance housing loan?

Boss mind to elaborate a bit on CLTA because i never heard this before. Thanks

Different bank using different term. some CLTA(RHB Bank), MRTA, OLTA(Public bank)etc.
generally what i understand is 2 big category. MRTA and MLTA.

MRTA is insured the house loan. this MRTA got 2 types, 1 is fixed coverage ie CLTA and 1 is reducing balance MRTA.
fixed means insure you 300k means after you pay installment for 5 years they still insure you 300k payment if you touch wood.
reducing balance means say you insure 300k, year 2 it reduce to 280k, year 3, to 260k etc until almost near your term it will somehow flat like 100k.
actually all you need to do is just ask the banker. they can explain even more details for you

MLTA is insure you not base on your property. ie you insure 300k, it can be for any property. you touch wood then you get 300k to pay your housing loan.
i dont have details for MLTA cause i never buy before. all i know is much much more expensive. like a live insurance like that.
ask your mortgage banker.
this insurance is suitable for people that FLIP property very often.

always know what you want.
my requirement to banker is simple. i told them i want to enjoy low interest rate and i want to pay most minimum insurance premium.
and i told them i might flip my property after 10 years.
banker then work out the most minimum premium you need to pay for every 100k loan. there is certain % from your loan amount.
then they cover you base on the minimum years. in my case 9 years. which i think is enough.
if you take a loan for 30 years or 35 years and the property is for ownstay and maybe rent out when you move to bigger house.
then you buy longer tenure lor.
you can always tell banker 2 requirement. if you want do minumum premium what is the price. and another req maybe you tell them you want stay 10 years, rent 10 years. what is the best optimal package.
then you can compare.
also you wont be asking for 1 bank loan only right. you ask the same question with your Bank 2 and bank 3. then you have something to compare.

Hi there. RHB offers CLTA. CLTA coverage would be the same throughout your tenure period. Eg Rm500k for 35 years. The year you can pick. Higher the number of years premium will be more too. MRTA coverage decreases every year. It would be better if you tell your requirements to banker and they will suggest you the best one. I personally find CLTA more worthy.

Dear sifus, I've signed LO on end Feb, still waiting for it to be stamped as the HOC approval from REDHA is still pending. According to developer, they will stamp the loan once HOC approved. Question as below.
1) How long the bank gives us grace period for stamping after signing LO?
2) If received progressive billing ady but loan has not been stamped yet whats the situation like?
Kindly advise.

tried today to loan redraw for under con..
you cant redraw.

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hi anyone knows how to withdraw the excess balance from the housing loan account under new RHB interface online banking?

Not sure about the new one. Last I check still dont have this function. I always switch back to the old website on bottom right when i do loan redrawal. Hope this helps.

as checked with customer service, this redrawal feature is still not available yet in the new interface..

any catches

Hi all sifu my one is full flexi i wan aaking why i already pay extra principal amout but my monthly payment still same? Can someone explain to me thanks