Hi cybpsych,

Regards to your question, I've answered it earlier

MRTA
- one lump sum payment
- reducing coverage
- non transferable to other property, in other word burnt when you settle off the loan or refinance it
- no cash value
- no critical illness coverage

MLTA
- yearly premium thus cheaper than one lump sum
- increasing coverage
- transferable, thus you save cost
- cash value means you get cheaper ownership
- has critical illness coverage

Regards to your 2nd question
for MLTA, death/tpd benefit, how much do my spouse/nominee receives? if the prop is joint name (me+spouse), the spouse can get death/tpd benefit from MTLA?

Death & TPD Benefit will be paid out depending on whether you've bought the policy for the 1st or 2nd borrower.

E.g You took a loan for 300k under Borrower A & B, have 4 option
1. Get 300k MLTA for Borrower A
2. Get 300k MLTA for Borrower B
3. Get 300k MLTA for Borrower A & B
4. Get 150k MLTA for Borrower A & B

But I would always suggest to get MLTA for the main borrower (the one who forks out the installment)

However, if budget allows, you can always protect Borrower A & B for the full sum of 300k or 150k each.

thanks.

for a 500k prop value, assuming MLTA 500k for Borrower A (main), what will happen if Borrower A tpd/deceased (per your suggestion to get MLTA for main borrower)?

does Borrower B (spouse) get anything? Do Borrower A need to specifically nominate Borrower B?


premium wise, how much would that be for 500k MLTA?

for a 500k prop value, assuming MLTA 500k for Borrower A (main), what will happen if Borrower A tpd/deceased (per your suggestion to get MLTA for main borrower)?
For the loan taken 500k, the MLTA will fully pay off the 500k and the house you've purchased is debt free, meaning you don't have to serve the housing loan interest installment anymore

does Borrower B (spouse) get anything? Do Borrower A need to specifically nominate Borrower B?
premium wise, how much would that be for 500k MLTA?
Borrower B (Spouse) will get 500k if Borrower A nominates the MLTA to Borrower B instead of assigning it to the Bank's name so that the Borrower B can either decide to pay off the 500k entirely to the bank or continue to pay off the installment and use the money for something else.

The premium for MLTA is based on your age, gender, whether you're a smoker or not and your occupation. Feel free to provide me these info over here or via PM so I may quote it accordingly.

This post has been edited by lifebalance: Mar 15 2016, 09:28 AM

thanks and noted.

shall contact u via PM for advise

Dear,

1. The installment u r paying is differ because bank itself has its own calculation. Bank has its own standard formulas to calculate ur commitments, some calculation are higher compare to ur installment payment. Because bank will tier the debt higher, when u able to get pass the DSR, ur profile is quite healthy

2. I retabulate your loan analysis, max loan highest would be RM354,850 for HLBB.

3. Do look at the yellow highlight at the bottom right corner for other banks max loan eligibility.

4. There's alot actually, low cost apartment. If u aim for condo, definitely it skewed between rm300k-rm700k depends on area and prop type.

5. If u r purchase property price higher than rm400k, it will be advisable to add another borrower to boost up ur max loan eligibility.



This post has been edited by Madgeniusfigo: Mar 15 2016, 01:00 PM

Dear cybpsych,

1. Whats the benefit of MRTA, I can give you few points.

- it's cheap, if you look at short term.
- it can be finances into the total loan amount, whereby you don't need to fork out initial capital to pay the mrta premium fees but spread it through out the loan tenure.
- if they know they are well protected with life insurance and need a cheap protection for their mortgage liabilities protection like MRTA. Mrta wouldn't disrupt ur cash floe. However the protection is not as comprehensive as mlta, u get for what u paid.


2. Let me give you a scenario:

a) getting loan rm500k, joint name between A and B.

A purchase 100% MLTA rm500k to protect against the mortgage liabilities, he nominates B as nominee for the death benefit.
Anything happens to A (death, tpd, 36 types of illness) B will receive the cash from MLTA (death benefit + cash value) and B will use the cash to pay off the debt.

Hence whether A or B or C would receive the benefits from MLTA, it depends on the mlta policy owner whom who he nominates to receive the cash.

However this only applicable to non Muslim, because Muslim would have to follow shariah distribution law.

Dear

1. Whether B get anything, it really depends whether A borrower nominate her to receive the cash disbursement and also whether u r Muslim, as the distribution act law has its set of law.

2. For MLTA rm500k, I can't tabulate right away. I would need few details:
a. Your date of birth
B. Occupation
C. Are you a smoker?
D. Do you have any pre illness?

Then only I could provide a quotation for your MLTA. if it's too sensitive, you can just PM me or contact me.through 016-868-1373.

3. MLTA can be structured and customized based on ur profile and your needs and objectives. It needs to serve your needs and due diligence whether you need mlta protection. If you are over protected, then there's no need for.you to get mlta. Always keep ur self cash flow rich and well protected and not over protected.

This post has been edited by Madgeniusfigo: Mar 15 2016, 12:18 PM

Madgeniusfigo thanks for the explanation

Dear,

No problem, hope that the information does helps you.

If you have anymore inquiries, do post it in this thread, there's lots of friendly expert, netizens would love to help out.

Any one can advise on Hong leong semi flexible Islamic loan murabahah via tawarruq? Any difference of this Islamic loan to conventional loan except no locking period and got it capped on interest. Pls help. Thanks

Most of the time, these are the benefit of Islamic loans like what you've mentioned. However you also fork out extra cost on the legal side due to extra shariah compliance paperwork.

If you're looking into non lock in period and capped rate you can consider AIA loan which gives similar benefit and fixed at 4.99 instead of capping like Islamic loans which normally caps around 10 to 12%

Hi, I got a question related to CCRIS.

Checked my ccris record and found out I'm having a bad record, owing RM800 to PTPTN (equal to ard 7mths instalments, because did not notice mthly payment is actually lesser than the repayment schedule). Already paid off the total owe amt and ptptn officer said it will reflect in next mth 15th report. But I'm signing S&P soon before 15th, will be there a risk bank reject the loan application even if the debt had been cleared after signing S&P?

Having a dilemma now...sighhhh..not sure wanna take the risk or not...

so far it's okay 1.

Why are you signing the S&P before getting the loan approval ??

ohh..thanks for replying..
it is a prelaunch project. placed booking and if sign on the specific date will get special rebate..

Don't do that, signing the snp before getting your loan approved is a dangerous move. What if you can't get loan ? Your 10% deposit will be forfeited if you can't pay the 90% with your loan.

It will be more advisable to get your loan approve ASAP otherwise you can cancel the booking and get back ur money due to failed loan application.

Feel free to let me know if I can help you in anyway to speed up your loan application befor you sign the snp

This post has been edited by lifebalance: Mar 16 2016, 12:42 AM

Hi sifu,

Nak tanya kalau loan dh approved tapi belum sign letter offer. boleh ker kalau saya nk cancel sebab berminat nk beli rumah lain? then duit booking kat developer boleh dpt blk x?

Thank you.

Hi jai2power,

you boleh cancel letter offer dari bank tersebut. Tidak ada masalah, tapi biasanya developer tidak akan membayar balik wang deposit, kecuali awak nak beli unit yang lain tapi dengan developer yang sama.

Jikalau awak ada apa-apa persoalan berkaitan dengan loan rumah, boleh tanya saya bila-bila masa. Whatsapp saya 016 332 3290 Keith.

Hi Lifebalance,

Thank you bro,

Ohh memang deposit x dpt blk yerk sbb saya berminat nk beli rumah selagorku, so nnt bila saya tolak loan yg dh approved nie, senang x nnt nk apply blk loan utk rumah selangor ku tu?

Boleh apply juga, tidak ada masalah, perlu cancelkan loan untuk pertama itu dulu, kalau tidak, akan keluar dekat CCRIS.

ok clear dh..thank you lifebalance..