hi all, would you choose a mlta coverage just enough for the property or higher than then property value ? and normally will you choose mlta from bank or insurance company ?
Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)
Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)
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Oct 19 2018, 10:41 AM
Show posts by this member only | IPv6 | Post
#12901
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Junior Member
48 posts Joined: Aug 2018 |
hi all, would you choose a mlta coverage just enough for the property or higher than then property value ? and normally will you choose mlta from bank or insurance company ?
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Oct 19 2018, 11:46 AM
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Junior Member
463 posts Joined: May 2006 From: PJ Selangor |
QUOTE(deadman8836 @ Oct 9 2018, 12:09 PM) hello Masters. I got an offer by CIMB for a 90% housing loan and they offer me: Hello all masters,Semi Flexi: Interest Rate 4.55% Full Flexi: Interest Rate 4.65% Is the interest rate good enough? I am still torn on which one is better hence I hope to get some guidance and insight from all the masters here. I am still waiting for Maybank (renewing EF with developer) and RHB bank. I finally managed to get hold of all the information needed: CIMB Full Flexi: Interest rate 4.65% (4.15 + 0.50) with GMTA of RM10k for 11 years RHB Full Flexi: Interest rate 4.45% (3.90 + 0.55) with GCLTA of RM18k for 20 years. Maybank: Interest rate 4.45 (3.25 + 1.20) Which one will be a better choice? I am quite confused here so I will really appreciate inputs from you guys. This post has been edited by deadman8836: Oct 19 2018, 11:47 AM |
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Oct 19 2018, 11:47 AM
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Senior Member
982 posts Joined: Dec 2009 |
QUOTE(tzeyong @ Oct 19 2018, 10:41 AM) hi all, would you choose a mlta coverage just enough for the property or higher than then property value ? and normally will you choose mlta from bank or insurance company ? It really depends on your personal financial planning. Upon settlement of your housing loan, you also need to allocate a portion of budget to conduct MOT from bank's name to your beneficiary's name should you kick the bucket. Usually bank's MRTA is on reducing term hence it's not sufficient to transfer the ownership. |
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Oct 19 2018, 11:49 AM
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All Stars
10,029 posts Joined: Nov 2014 |
QUOTE(tzeyong @ Oct 19 2018, 10:41 AM) hi all, would you choose a mlta coverage just enough for the property or higher than then property value ? and normally will you choose mlta from bank or insurance company ? Just enough for the property, but you can choose to cover more which is up to you to decide.Whether it's with the bank or personal it's up to individual preference. I'd stick to my personal insurance. QUOTE(deadman8836 @ Oct 19 2018, 11:46 AM) Hello all masters, Either RHB or MBB is goodI finally managed to get hold of all the information needed: CIMB Full Flexi: Interest rate 4.65% (4.15 + 0.50) with GMTA of RM10k for 11 years RHB Full Flexi: Interest rate 4.45% (3.90 + 0.55) with GCLTA of RM18k for 20 years. Maybank: Interest rate 4.45 (3.25 + 1.20) Which one will be a better choice? I am quite confused here so I will really appreciate inputs from you guys. |
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Oct 19 2018, 11:52 AM
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Junior Member
463 posts Joined: May 2006 From: PJ Selangor |
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Oct 19 2018, 11:53 AM
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All Stars
10,029 posts Joined: Nov 2014 |
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Oct 19 2018, 12:36 PM
Show posts by this member only | IPv6 | Post
#12907
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Junior Member
48 posts Joined: Aug 2018 |
[quote=lifebalance,Oct 19 2018, 11:49 AM]
Just enough for the property, but you can choose to cover more which is up to you to decide. but in my case..mlta coverage 250k interest rate is gonna be 4.8% , but coverage 500k interest rate will be 4.47 %. i really have no idea to decide.. |
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Oct 19 2018, 12:36 PM
Show posts by this member only | IPv6 | Post
#12908
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Junior Member
48 posts Joined: Aug 2018 |
QUOTE(lifebalance @ Oct 19 2018, 11:49 AM) Just enough for the property, but you can choose to cover more which is up to you to decide. but in my case..mlta coverage 250k interest rate is gonna be 4.8% , but coverage 500k interest rate will be 4.47 %.Whether it's with the bank or personal it's up to individual preference. I'd stick to my personal insurance. Either RHB or MBB is good i really have no idea to decide.. |
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Oct 19 2018, 12:37 PM
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All Stars
10,029 posts Joined: Nov 2014 |
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Oct 20 2018, 12:52 AM
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Junior Member
354 posts Joined: May 2008 |
rhb full flexi vs maybank semi flexi (islamic)
both same interest rate 4.45%, both same no monthly fees. with the same amount of monthly installment, rhb offer 200k of a joint name mlta coverage, while maybank only single name mrta of coverage upto 368k. maybank claimed they have lower base rate and a higher spread of 1.2% as compared to rhb 0.8%, so they will reduce my inetrest rate later upon request. maybank claimed rhb cant reduce the ineterest rate further upon request later. is this true? which one should i choose? |
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Oct 20 2018, 10:59 AM
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#12911
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Junior Member
30 posts Joined: Apr 2012 |
Hi Sifus,
Just asking for some advise as I am buying my first house. I got offer from public bank 1st to 12th Month 3.77% + 0.58% 13th to 402th Month 3.77% + 0.70% Is it a good rates for 35 years? Btw my house is still under construction, and expect to complete by another 1.5 years. Hence, should I just pay the full amount for that periods or it's better to paying the interest only for the time being? Thank you. |
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Oct 20 2018, 11:03 AM
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All Stars
10,029 posts Joined: Nov 2014 |
QUOTE(helo @ Oct 20 2018, 12:52 AM) rhb full flexi vs maybank semi flexi (islamic) Both also okay.both same interest rate 4.45%, both same no monthly fees. with the same amount of monthly installment, rhb offer 200k of a joint name mlta coverage, while maybank only single name mrta of coverage upto 368k. maybank claimed they have lower base rate and a higher spread of 1.2% as compared to rhb 0.8%, so they will reduce my inetrest rate later upon request. maybank claimed rhb cant reduce the ineterest rate further upon request later. is this true? which one should i choose? QUOTE(Dondake @ Oct 20 2018, 10:59 AM) Hi Sifus, yes it's a good rate already. If you got the extra money then pay extra to reduce the interest incurred.Just asking for some advise as I am buying my first house. I got offer from public bank 1st to 12th Month 3.77% + 0.58% 13th to 402th Month 3.77% + 0.70% Is it a good rates for 35 years? Btw my house is still under construction, and expect to complete by another 1.5 years. Hence, should I just pay the full amount for that periods or it's better to paying the interest only for the time being? Thank you. |
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Oct 20 2018, 02:37 PM
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Junior Member
354 posts Joined: May 2008 |
Thankz, so what the Maybank claims is not that true?
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Oct 20 2018, 04:19 PM
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All Stars
10,029 posts Joined: Nov 2014 |
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Oct 20 2018, 07:12 PM
Show posts by this member only | IPv6 | Post
#12915
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Junior Member
354 posts Joined: May 2008 |
How does high base rate affect us in the later stage of loan? Or no effect at all?
Rhb3.9 Maybank 3.25 But lastly the effective rate is the same 4.45% Thankz to all sifus for ur patience This post has been edited by helo: Oct 20 2018, 07:13 PM |
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Oct 21 2018, 01:36 AM
Show posts by this member only | IPv6 | Post
#12916
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Junior Member
107 posts Joined: Nov 2011 |
QUOTE(helo @ Oct 20 2018, 07:12 PM) How does high base rate affect us in the later stage of loan? Or no effect at all? what’s the package 1st? usually banks will compete to make all the ELR same, so, base rate doesn’t mean anything but i personally prefer lower bank rate if package is similar (coz my mind keep telling me high base rate can’t go any higher.. haha.. probably kena brain wash d)Rhb3.9 Maybank 3.25 But lastly the effective rate is the same 4.45% Thankz to all sifus for ur patience |
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Oct 21 2018, 08:12 AM
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#12917
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Junior Member
236 posts Joined: Jul 2008 |
If I'm buying a property for investment and plan to sell it within 10 years, should I get MRTA or MLTA? I'm confused with these articles:
https://uliasset.com/interesting-facts-mrta...know-buy-house/ It mentioned "If you plan to buy a house for investment or “flipping”, taking up a short-term MRTA can save you a lot of cost." But another article: https://www.iproperty.com.my/guides/which-m...k-mrta-or-mlta/ It mention under MLTA, "If you intend to keep the property for the short term or use it for investment, then it is the best policy as it is easily transferable". After that under tips and tricks it mentioned "If you plan to sell the property within a few years, do not purchase a mortgage insurance." So which option should I go? MRTA, MLTA or none? |
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Oct 22 2018, 09:51 AM
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All Stars
10,029 posts Joined: Nov 2014 |
QUOTE(zfc @ Oct 21 2018, 08:12 AM) If I'm buying a property for investment and plan to sell it within 10 years, should I get MRTA or MLTA? I'm confused with these articles: MLTA over the long term is cheaper than MRTA. If just for short term <5 years and you got no more plans to take up further loans thereafter, then MRTAhttps://uliasset.com/interesting-facts-mrta...know-buy-house/ It mentioned "If you plan to buy a house for investment or “flipping”, taking up a short-term MRTA can save you a lot of cost." But another article: https://www.iproperty.com.my/guides/which-m...k-mrta-or-mlta/ It mention under MLTA, "If you intend to keep the property for the short term or use it for investment, then it is the best policy as it is easily transferable". After that under tips and tricks it mentioned "If you plan to sell the property within a few years, do not purchase a mortgage insurance." So which option should I go? MRTA, MLTA or none? |
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Oct 22 2018, 11:25 AM
Show posts by this member only | IPv6 | Post
#12919
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Junior Member
236 posts Joined: Jul 2008 |
QUOTE(lifebalance @ Oct 22 2018, 09:51 AM) MLTA over the long term is cheaper than MRTA. If just for short term <5 years and you got no more plans to take up further loans thereafter, then MRTA I thought MLTA is more expensive over the long term? Referring to this article.https://www.imoney.my/articles/mrta-vs-mlta-need |
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Oct 22 2018, 02:48 PM
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All Stars
10,029 posts Joined: Nov 2014 |
QUOTE(zfc @ Oct 22 2018, 11:25 AM) I thought MLTA is more expensive over the long term? Referring to this article. cost is brought down with the cash value over the long runhttps://www.imoney.my/articles/mrta-vs-mlta-need |
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