Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)
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 Mar 23 2016, 09:41 AM
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All Stars
10,162 posts Joined: Nov 2014 
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QUOTE(cclay @ Mar 23 2016, 06:55 AM) I am not sure if there is any developer taking over the project or not. Let me spill the beans, the condo name is Desa Kiara. As mentioned have to either wait for another developer to take over the project otherwise go for other propertiesI think the liquidator has been applying for the strata title for few years now. Yes, it takes long time...  |
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Mar 23 2016, 10:26 AM
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All Stars
65,283 posts Joined: Jan 2003
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QUOTE(Madgeniusfigo @ Mar 23 2016, 06:46 AM) Dear tryifelsecatch, a follow-up to MLTA/MRTA financing...1. You are right! MRTA able to be finance into the loan amount For MLTA, yes, certain banks do allow you to finance into the loan amount. Certain Banks. 2. Nope! Example: (Below figure illustration is fictional, for illustration purposes only! haha) a. Normal Rm500k loan/ 4.5%/ 35 years Installment would be Rm2200 Total interest charge would be Rm410,000 b. Finance either mlta or mrta Rm10,000 Rm510k loan/4.5%/35 years Installment would be Rm2250 Total interest charge would be RM450,000 - Interest would be higher if finance any extra amount into the loan! i got a banker proposing 15yrs for MRTA about RM5-6k, absorbed into loan. Monthly instalment would be less than rm100 additional. separately, another banker proposed MLTA with RM3,600 annual premium (RM300 per month). Of course the benefits are better in terms of loan coverage and cash payout. Breakeven point is 20yrs (e.g. after 20yrs loan, the excess cash savings in MLTA can be retrieved to clear the balance house loan. **i could be wrong on the numbers, but somewhere there  **it'd seems better for MRTA since installment is a bit more. However, if MLTA, i need to budget RM300/mth, but long-term beneficial. |
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Mar 23 2016, 10:28 AM
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All Stars
10,162 posts Joined: Nov 2014
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QUOTE(cybpsych @ Mar 23 2016, 10:26 AM) a follow-up to MLTA/MRTA financing... Depends on what type of mlta it is. I got some that can get 100% by 10th year.i got a banker proposing 15yrs for MRTA about RM5-6k, absorbed into loan. Monthly instalment would be less than rm100 additional. separately, another banker proposed MLTA with RM3,600 annual premium (RM300 per month). Of course the benefits are better in terms of loan coverage and cash payout. Breakeven point is 20yrs (e.g. after 20yrs loan, the excess cash savings in MLTA can be retrieved to clear the balance house loan. **i could be wrong on the numbers, but somewhere there **it'd seems better for MRTA since installment is a bit more. However, if MLTA, i need to budget RM300/mth, but long-term beneficial. |
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Mar 23 2016, 10:39 AM
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All Stars
65,283 posts Joined: Jan 2003
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QUOTE(lifebalance @ Mar 23 2016, 10:28 AM) Depends on what type of mlta it is. I got some that can get 100% by 10th year. wow, not bad.lemme get the quota from the banks first. thanks! |
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Mar 23 2016, 10:59 AM
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Junior Member
474 posts Joined: Mar 2009
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QUOTE(cybpsych @ Mar 23 2016, 10:26 AM) a follow-up to MLTA/MRTA financing... if we only buy 15yrs mrta but house loan tenure is 35yrs, can we renew/buy again after 15yrs?i got a banker proposing 15yrs for MRTA about RM5-6k, absorbed into loan. Monthly instalment would be less than rm100 additional. separately, another banker proposed MLTA with RM3,600 annual premium (RM300 per month). Of course the benefits are better in terms of loan coverage and cash payout. Breakeven point is 20yrs (e.g. after 20yrs loan, the excess cash savings in MLTA can be retrieved to clear the balance house loan. **i could be wrong on the numbers, but somewhere there **it'd seems better for MRTA since installment is a bit more. However, if MLTA, i need to budget RM300/mth, but long-term beneficial. i am still contemplating between getting mrta vs mlta, even after understand their different  |
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Mar 23 2016, 11:01 AM
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#3326
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Senior Member
982 posts Joined: Dec 2009 
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Hi all sifus,
Just a question. If I keen to buy a SOHO which is not under HDA, can I apply for residential loan instead of commercial loan? |
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Mar 23 2016, 11:02 AM
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All Stars
10,162 posts Joined: Nov 2014
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QUOTE(tryifelsecatch @ Mar 23 2016, 10:59 AM) if we only buy 15yrs mrta but house loan tenure is 35yrs, can we renew/buy again after 15yrs? Mrta cannot be renewed. Can only be bought again at the new housing loan. This is where the cost increases as you age older. Worse is you are diagnosed with illness that render you to unable to take mrta. So anything happens insurance won't pay for ur housing loan and end up you'll be in financial burden.i am still contemplating between getting mrta vs mlta, even after understand their different You can't buy mrta now and then buy again 15 years with the same bank. And also if you're buying for only 15 years initially. Your coverage will drop drastically. Sure you can save some cost in premium but your mrta filled with holes. On a rainy day (uncalled for event) you're not fully protected. |
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Mar 23 2016, 11:03 AM
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All Stars
10,162 posts Joined: Nov 2014
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QUOTE(ngph988 @ Mar 23 2016, 11:01 AM) Hi all sifus, Cannot. It will fall under commercial loan package if without HDA unless title stated residential clearlyJust a question. If I keen to buy a SOHO which is not under HDA, can I apply for residential loan instead of commercial loan? |
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Mar 23 2016, 11:08 AM
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Senior Member
982 posts Joined: Dec 2009
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QUOTE(lifebalance @ Mar 23 2016, 11:03 AM) Cannot. It will fall under commercial loan package if without HDA unless title stated residential clearly If my banker helped me apply residential loan instead of commercial loan, what should I do? |
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Mar 23 2016, 11:11 AM
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All Stars
10,162 posts Joined: Nov 2014
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QUOTE(ngph988 @ Mar 23 2016, 11:08 AM) If my banker helped me apply residential loan instead of commercial loan, what should I do? Just tell him this is under commercial title so use the commercial package and calculation. |
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Mar 23 2016, 09:00 PM
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Senior Member
829 posts Joined: Jul 2009
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QUOTE(lifebalance @ Mar 18 2016, 09:00 PM) You must have sign on something to give permission to the bank Thanks for response, i called to liberty saying that any cancellation of fire insurance must go through bank. so i don't think i can evade this fire insurance as long as i still owing money to the bank. this is just kind of protection for the bank. It's already charge and the cover note is issued. Canceling it will just waste your money. Just don't renew it next year.  |
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Mar 23 2016, 09:01 PM
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Senior Member
829 posts Joined: Jul 2009
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QUOTE(LNYC @ Mar 18 2016, 09:02 PM) My experience for condo is, i showed them the management fire insurance copy and get refund for the premium charged by bank.For condo, as long as has fire insurance then no need purchase. not sure for landed though.u might need to check with your bank. mine was landed, so fire insurance is compulsory I think. |
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Mar 23 2016, 09:03 PM
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Senior Member
829 posts Joined: Jul 2009
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QUOTE(Madgeniusfigo @ Mar 18 2016, 10:08 PM) Dear, Thanks for throughout explanations. it's a compulsory I think (landed property).. so just pay 1. Fire insurance are prerequisite for house owner as it's property biggest risk 2. Bank will usually bundlr the fire insurance upon your mortgage loan. Compulsory 3. If ur property is condo bank won't bundle it together as it's all manage by the condo management unit. 4. If it is landed, then u need to pay for the fire insurance. 5. However, u can use back ur previous fire insurance when u refinance. Just need to send the banker ur previous fire insurance cert doc to continue it. However, it will be troublesome. As u need to show them the fire insurance cert every year to proof that u have fire insurance covered every year 6. Usually it is stipulated in ur letter offer. Small fine print and also stipulated in ur loan submission form. |
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Mar 23 2016, 09:05 PM
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All Stars
10,162 posts Joined: Nov 2014
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QUOTE(joshuaa85 @ Mar 23 2016, 09:03 PM) Thanks for throughout explanations. it's a compulsory I think (landed property).. so just pay Ala don't sad la. The fire insurance is good also for you. Just only few hundred a year to cover few hundred thousands asset. |
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Mar 23 2016, 11:37 PM
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Senior Member
829 posts Joined: Jul 2009
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QUOTE(lifebalance @ Mar 23 2016, 09:05 PM) Ala don't sad la. The fire insurance is good also for you. Just only few hundred a year to cover few hundred thousands asset.  YA la, i know. monthly installment already heavy burden liao |
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Mar 24 2016, 08:00 AM
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Senior Member
1,451 posts Joined: Oct 2014 From: Kuala Lumpur 
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QUOTE(lifebalance @ Mar 23 2016, 11:28 AM) Depends on what type of mlta it is. I got some that can get 100% by 10th year. Dear,1. Insurance cash value will never give you 100% cash back in economically sense. do factor in TIME VALUE OF MONEY aka INFLATION. 2. Never promise such fallacy to anyone alright? 3. Set your self different apart from the norm insurance agent, than promising the sky and heaven to client and lure them in taking the bait. Cheers |
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Mar 24 2016, 08:02 AM
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Senior Member
1,451 posts Joined: Oct 2014 From: Kuala Lumpur
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QUOTE(joshuaa85 @ Mar 23 2016, 10:03 PM) Thanks for throughout explanations. it's a compulsory I think (landed property).. so just pay Dear,1. It's compulsory. 2. Well.. if someone could afford RM500K property, few hundred over fire insurance shouldn't be a big deal, except you overextended your budget expenses over other things. 3. Next time do take into account of all the entry cost that you would need to pay in the future for a new property. Then, there will be no surprises for you at the very end.  |
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Mar 24 2016, 08:03 AM
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All Stars
10,162 posts Joined: Nov 2014
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QUOTE(Madgeniusfigo @ Mar 24 2016, 08:00 AM) Dear, Why not you study further on ur Great Eastern insurance policy before replying such nonsense.1. Insurance cash value will never give you 100% cash back in economically sense. do factor in TIME VALUE OF MONEY aka INFLATION. 2. Never promise such fallacy to anyone alright? 3. Set your self different apart from the norm insurance agent, than promising the sky and heaven to client and lure them in taking the bait. Cheers Obviously you don't really know your product well.  P:S Let me add on to the above, I didn't state that this is some sort of investment that you get on top of inflation, get ur mind right on that, the cash back is to get back whatever the client pay. Did I say it was some sort of investment or saving plan ? 2. Promise? Did I say what sort of premium he will be paying ? Did I guarantee 100% under my name that it's 100% ? 3. Ic, how amatuer of you  This post has been edited by lifebalance: Mar 24 2016, 08:09 AM |
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Mar 24 2016, 08:08 AM
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Senior Member
1,451 posts Joined: Oct 2014 From: Kuala Lumpur
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QUOTE(tryifelsecatch @ Mar 23 2016, 11:59 AM) if we only buy 15yrs mrta but house loan tenure is 35yrs, can we renew/buy again after 15yrs? Dear tryifelsecatchi am still contemplating between getting mrta vs mlta, even after understand their different 1. If you purchase 15 years mrta and then renew again after 15 years, in calculation that would be very expensive you know? 15 years later the premium will be according to your new age. 2. that it simply this way, MRTA is for short term gain, MLTA is for long term gain. You need small capital for short term gain and more capital for long term gain. It depends on your cash flow, if you have healthy cash flow, take MLTA If you fancy a more comprehensive and thorough protection, take MLTA If you prefer cheap and short term protection, take MRTA 3. Question of the day, do you know that if you take MRTA, there's a chances that your loan disbursement will be affected? CODE MRTA 1. REDUCING protection, when interest rate rise, the protection will be reduced and couldn't covered the total loan amount. 2. when you sell or refinance your property, MRTA policy will lapse. You will need to purchase a new one whereby factor in your current age, it will be even more expensive 3. It's only beneficial to the bank 4. Interest will be charged when finance into the loan amount 5. There's a time frame for the amount to be claimed when (death/TPD) occured. 2-4 years. With will writing 2-3 years. MLTA 1. it is a term protection. Rm500k protection, after 35 years will still be Rm500k 2. When sell or refinance your proeprty, MLTA wouldn't lapse and will still be active. 3. It's beneficial to you 4. There's Hot cash receivable when you lapse the policy. Around 20 years, your cash value receivable will breakeven with total premium paid. 5. Death or TPD occured, it will take 7-30 days to receive the death benefit cash value |
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Mar 24 2016, 08:10 AM
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Senior Member
1,451 posts Joined: Oct 2014 From: Kuala Lumpur
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QUOTE(cybpsych @ Mar 23 2016, 11:26 AM) a follow-up to MLTA/MRTA financing... Dear,i got a banker proposing 15yrs for MRTA about RM5-6k, absorbed into loan. Monthly instalment would be less than rm100 additional. separately, another banker proposed MLTA with RM3,600 annual premium (RM300 per month). Of course the benefits are better in terms of loan coverage and cash payout. Breakeven point is 20yrs (e.g. after 20yrs loan, the excess cash savings in MLTA can be retrieved to clear the balance house loan. **i could be wrong on the numbers, but somewhere there **it'd seems better for MRTA since installment is a bit more. However, if MLTA, i need to budget RM300/mth, but long-term beneficial. that it simply this way, MRTA is for short term gain, MLTA is for long term gain. You need small capital for short term gain and more capital for long term gain. It depends on your cash flow, if you have healthy cash flow, take MLTA If you fancy a more comprehensive and thorough protection, take MLTA If you prefer cheap and short term protection, take MRTA |
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