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Mortgage Loan Package Inquiries, (Strictly NO Promotion Allowed)
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juvaan
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 Mar 24 2020, 04:54 PM
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Getting Started
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i have a question on MRTA, appreciate some guidance. Loan amount RM588k
I have been offered by 2 banks same loan amount, one bank (Bank B) higher interest rate by 0.17% than Bank A
However the MRTA is different by both banks. bank A asking for RM30k (35+4 years for construction period) whereas bank B asking RM17k (35 years). in the end both installment virtually same amount
why 2 vastly different MRTA amounts? which should i choose and why?
Note: edited/updated interest rate
This post has been edited by juvaan: Mar 24 2020, 10:07 PM
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juvaan
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Mar 24 2020, 10:06 PM
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Getting Started
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QUOTE(apalexar @ Mar 24 2020, 06:48 PM) Are you sure it's 1.7% difference? Or 0.17%? If really 1.7% diff ofc the lower better because it's huge diff If you sure both are MRTA and the coverage amount is same, ofc bank B is better but still depends on the interest rate. My bad. Typo..Its actually 0.17% |
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juvaan
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Mar 24 2020, 10:10 PM
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Getting Started
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QUOTE(keane04 @ Mar 24 2020, 08:59 PM) why dont you apply without mrta and compare the rate only decide. mrta is depends on the sum insured, your age and duration. the premium wont be so big difference. perhaps the 30k one is included some other coverage. Bank A offering x% ; MRTA 30K for 39 years (including 4 years construction duration) Bank B offering x+0.17%; MRTA 17K for 35 years. Sum insured and loan amount same. Ok checking with bank what's the difference. So far that's the only explanation I got. |
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