Hi sifus,

Would like to ask for feedback on this loan package, while I do have some question about the mortgage as well.

Loan approved from PBB @ 85%

HL : ~RM560,000

MRTA & CI: RM27,768

Total Loan : ~RM600,000

**figures are rounded to prevent easy identification of property / agents offers and their identity / mine.

MRTA sum insured RM500K @ 30 years

CI sum insured of RM200K @ 15 years

Tenure : 35 years

Interest Rate : SBR + 0% = 3.00% for the first year SBR + 0.80% = 3.80% for the remaining tenure

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Also, since I am literally new here, please excuse my sentences if they are confusing.

Question:
1. Would it be possible to negotiate down for the MRTA & CI?
1a. If yes, to what amount?

2. Would it be advisable for me to request for a fortnightly payment terms as opposed to a monthly payment term?
2. If yes, how should I request for it if applicable?

Thank you all sifus in advance.

Spoiler = Above post, I am unable to edit post maybe my account still new.

But I have received another offer from HLB

They offer the 3.85%, same financing amount for HL, but waive MRTA.

Would this be more worth? Taking into the fact that there is no added protection.

Any sifu can give some feedback on this?

Hi Thank you Ewa,

Means that I take HLB, but still pay the extra RM103 advance, then can fasten by 34 months?

That's alot .. but its true that it will not have protection

I will purchase for own stay at the moment, single no kids

Would adding MLTA work?

Anyone have managed to get 3.8% with MLTA with HLB?

I did some calculation, and yes it makes sense

Because most importantly to me somehow I don't think its valid for me to pay roughly 40k+ for MRTA when the beneficiary is the bank

Are you insurance agent? Do you think I can get MLTA / life insurance direct with insurers for 40k / 15-20 years with similar coverage?

I could not get exact calculation hence my best guest is based on estimates alone.

I'm curious, why 10 years only though? I mean, if I did my calculations good enough, I think 20 years with MLTA adequate enough does not cost up to 40k unless I add other stuffs

I managed to get PBB 3.8% with lower MRTA, but by not much, about 5k reduction only.

But HLB banker revert to me will give me few options including 3.85% without any MRTA or MLTA requirements since I got my approval.

I see, thank you for the input

I think I will nego with the banker from HLB to get MLTA, while also getting 3.85% or lower

I calculated purely on the 0.05% the difference over time is about 7k / 35 years

But the difference is whether I can get MRTA or MLTA

Thanks for the input again! As I am still learning, so appreciate the guidance / comparison given.

I think if I take into account of the MRTA being included into the financing, the amount would turn out to be RM40k+, banker also did the same calculation for me.

Whereas for MLTA, I have the option to pay for RM4k/annum for 10 years, 600k coverage, in which its sort of investment linked and "supposedly" cover up to 35 years as long as there is still cash value within. On top of that the coverage amount does not reduce also.

So assuming that if I have to pay for 10 years that would be 40k total, and if I assume worst case scenario that the funds would run out (hopefully sometime after 25th year onwards), then the extra amount that I would be paying, I think the risk is bearable for me, as I also expose myself to possibly positive returns also where the cash value still available after the coverage expires.

Would this thought process make sense? As I believe MLTA's beneficiary is whoever that I name, and its credit proof, so there's no immediate freezing of the funds to clear the property's purpose.

At the moment, I do not have the exact calculations with me, but it seems that its entirely possible.

Maybe others can share their thoughts too.

But I think at this juncture I would think that MLTA would be a better choice for me until someone can share their thoughts otherwise.

Is UOB aggressively doing housing loans?

seems like they do give good offers

i also received 3.85% offer for above 500k, but didnt offer 90% for my project