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> Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)

lifebalance
post Jan 3 2018, 02:57 PM

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QUOTE(orly? @ Jan 3 2018, 02:51 PM)
500k loan
35 years
4.22% but need to include mrta (at least 25 years)
Is it a good deal? First property btw
*
Best rate for today's standard
orly?
post Jan 3 2018, 02:59 PM

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QUOTE(lifebalance @ Jan 3 2018, 02:57 PM)
Best rate for today's standard
*
Oh. Thanks. Was just wondering if it is possible to get the same rate withiut mrta?
lifebalance
post Jan 3 2018, 03:06 PM

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QUOTE(orly? @ Jan 3 2018, 02:59 PM)
Oh. Thanks. Was just wondering if it is possible to get the same rate withiut mrta?
*
Not possible as its part of the requirement
ngph988
post Jan 3 2018, 03:10 PM

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QUOTE(orly? @ Jan 3 2018, 02:51 PM)
500k loan
35 years
4.22% but need to include mrta (at least 25 years)
Is it a good deal? First property btw
*
QUOTE(orly? @ Jan 3 2018, 02:59 PM)
Oh. Thanks. Was just wondering if it is possible to get the same rate withiut mrta?
*
Congratulations to you for getting best rate, MRTA is part of requirement to get best rate. They're trying to maximize their profit by cross selling other products. tongue.gif
hihihehe
post Jan 3 2018, 04:19 PM

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QUOTE(orly? @ Jan 3 2018, 02:59 PM)
Oh. Thanks. Was just wondering if it is possible to get the same rate withiut mrta?
*
i know my friend get offered 4.25 without mrta by mbb
ngph988
post Jan 3 2018, 05:56 PM

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QUOTE(hihihehe @ Jan 3 2018, 04:19 PM)
i know my friend get offered 4.25 without mrta by mbb
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Only if loan amount more than 500k
orly?
post Jan 3 2018, 05:59 PM

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Thanks all for the comments.

QUOTE(hihihehe @ Jan 3 2018, 04:19 PM)
i know my friend get offered 4.25 without mrta by mbb
*
Any advice on which option is better? 4.22 with 25 years mrta or 4.25 without mrta? Likely that I will be getting a new property after 5-10 years and possibly selling this too.

This post has been edited by orly?: Jan 3 2018, 05:59 PM
LamboSama
post Jan 3 2018, 06:09 PM

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QUOTE(orly? @ Jan 3 2018, 02:51 PM)
500k loan
35 years
4.22% but need to include mrta (at least 25 years)
Is it a good deal? First property btw
*
do you mind sharing which bank is this?
hihihehe
post Jan 3 2018, 06:09 PM

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QUOTE(orly? @ Jan 3 2018, 05:59 PM)
Thanks all for the comments.
Any advice on which option is better? 4.22 with 25 years mrta or 4.25 without mrta? Likely that I will be getting a new property after 5-10 years and possibly selling this too.
*
depends how much your mrta is and is it included in your loan
if included in your loan, it will get charged with same interest too.
lifebalance
post Jan 3 2018, 06:14 PM

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QUOTE(orly? @ Jan 3 2018, 05:59 PM)
Thanks all for the comments.
Any advice on which option is better? 4.22 with 25 years mrta or 4.25 without mrta? Likely that I will be getting a new property after 5-10 years and possibly selling this too.
*
Mortgage insurance is important to ensure that your property loan is covered in the event you pass away or disabled.

QUOTE(LamboSama @ Jan 3 2018, 06:09 PM)
do you mind sharing which bank is this?
*
This is PBB

QUOTE(hihihehe @ Jan 3 2018, 06:09 PM)
depends how much your mrta is and is it included in your loan
if included in your loan, it will get charged with same interest too.
*
Yep basically you take extra loan to buy some insurance with the bank
LamboSama
post Jan 3 2018, 07:04 PM

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QUOTE(lifebalance @ Jan 3 2018, 06:14 PM)
Mortgage insurance is important to ensure that your property loan is covered in the event you pass away or disabled.
This is PBB
Yep basically you take extra loan to buy some insurance with the bank
*
Thank you for your reply.
Is it recommended to apply from a branch or directly from HQ?
lifebalance
post Jan 3 2018, 07:10 PM

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QUOTE(LamboSama @ Jan 3 2018, 07:04 PM)
Thank you for your reply.
Is it recommended to apply from a branch or directly from HQ?
*
Either way works the same. =)
orly?
post Jan 3 2018, 10:49 PM

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QUOTE(LamboSama @ Jan 3 2018, 06:09 PM)
do you mind sharing which bank is this?
*
Yes its PBB.

Thanks again for the advice.
valve
post Jan 3 2018, 11:13 PM

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Just to check on the MRTT's concept. I joint loan with my wife, both covered 100% according to MRTT's offer letter but the tenure is different. I am having 30 years tenure while my wife only 28 years tenure. What would happen if one of us passed away/disable ? Need to continue run the loan or all covered ? What's the different on another 2 years tenure that different with mine ?

This post has been edited by valve: Jan 3 2018, 11:14 PM
lifebalance
post Jan 3 2018, 11:15 PM

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QUOTE(valve @ Jan 3 2018, 11:13 PM)
Just to check on the MRTT's concept. I joint loan with my wife, both covered 100% according to MRTT's offer letter but the tenure is different. I am having 30 years tenure while my wife only 28 years tenure. What would happen if one of us passed away/disable ? Need to continue run the loan or all covered ? What's the different on another 2 years tenure that different with mine ?
*
It would mean if your wife pass away earlier than you, her mortgage insurance will not be able to pay off the full loan outstanding as the coverage will fall faster and ends by 28th year.


valve
post Jan 3 2018, 11:18 PM

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QUOTE(lifebalance @ Jan 3 2018, 11:15 PM)
It would mean if your wife pass away earlier than you, her mortgage insurance will not be able to pay off the full loan outstanding as the coverage will fall faster and ends by 28th year.
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So meaning that, need to continue pay another 2 years for full installment since the tenure of the loan is 30 years ? When it will be activated ?
lifebalance
post Jan 3 2018, 11:21 PM

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QUOTE(valve @ Jan 3 2018, 11:18 PM)
So meaning that, need to continue pay another 2 years for full installment since the tenure of the loan is 30 years ? When it will be activated ?
*
That will be quite subjective as the rates may fluctuate over the years. The insurance will pay off should death or disability happens. In theory you will be required to pay whatever balance you still owe the bank after the insurance amount is offset
Togepy
post Jan 4 2018, 05:53 AM

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Hi, i read somewhere in the forum that some forummer mention about mortgage loan which consist of od facility might have issue with epf withdrawal, is it true?
lifebalance
post Jan 4 2018, 08:47 AM

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QUOTE(Togepy @ Jan 4 2018, 05:53 AM)
Hi, i read somewhere in the forum that some forummer mention about mortgage loan which consist of od facility might have issue with epf withdrawal, is it true?
*
You got the original post?

What issue did you read about?
Togepy
post Jan 4 2018, 09:19 AM

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QUOTE(lifebalance @ Jan 4 2018, 08:47 AM)
You got the original post?

What issue did you read about?
*
They did not mention what issue, i think its because epf might think that it is not a normal mortgage loan and we are abusing it to withdraw epf. So just checking whether anyone else heard about it or not.

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