If you want MLTA that come with guaranteed surrender value, i can say HLA is one of the best in market. As you can see in my previous
quotation @ Post #437.

This post has been edited by onnying88: Jul 19 2012, 08:08 PM

Hi guys, i've got a question on "Home Building Insurance". This is over and above MRTT insurance. My property is a condo which is still under construction till 2014.

I've got LO from bank, and when i was reading the Annexure, it says "the Bank requires this dwelling/non-dwelling/building in the course of contruction, property to be protected by a Home Building Takaful".

Isn't all under construction development insurance been undertaken by Developer? Will the insurance policies from Developer sufficient to cover this requriement?

Would like to getsenior sifus advise on whether is this requiremen normal in dealing with your home loan agreement?

Nowadays banks are very cunning. The force un-suspected buyers to buy House Insurance Policy when the construction progress reach 80% as stated in the loan agreement. This effectively equal to 0.50 to 1% additional interest every year.
Banks that are practising such tricks are :
1.RHB
2. ??

is there anyway I can calculate the MLTA (for estimation)? like loan 350k for 30 years. If MRTA can opt for shorter term coverage, can MLTA as well? like for 10 years only?

Hi,

I'm new to MRTA / MLTA policy and would like to get some knowledge from u guys. If my loan amount is 520k. 40 years tenure. What is the best policy should I goes to? Thanks!

Mlta

- better for investors or those who own more than 1 property. Becos u can park all ur investment/property under a single insurance which is MLTA. Everything under a 1 roof.
- yearly premium more expensive.

Mrta

- good for first time house buyer or financial constrain house owner becos it is cheap.
- mrta couldn't cover more than 1 property as well as it is non transferable.
- whenever a person wanted to invest a new house or change to new home, they have to surrender the existing mrta and buy a new one.

Which is better? Depends lo... Sometimes cheap doesn't mean good, but sometimes cheap is just perfect for certain situation.

Cheers,
Alvin Fong
Financial wealth planner/mortgage specialist
Nuovo paradigm

Hi, can anyone kindly advice who's the beneficiary under MRTA & MLTA?
Thanks!

Mortgage tenure is 40 years, usually how many year will you buy for MRTA? 40 years, 30 years, etc?

---

Added on October 12, 2012, 12:03 pmin my scenario, S&P will be my husband, my sister and myself. But borrower will be my husband only.

Let say my property value is MYR1mil, though of splitting the MRTA/MLTA into 3, whereby will buy each of us MYR330k.

1) Got to know from some bank, MRTA is only cover borrower. Is that true? Which mean my husband have to buy MYR1mil MRTA. MRTA does not apply to me and my sister as we are not borrower. Is that true?
2) Is it necessary to buy MRTA/MLTA from the bank itself to finance under loan amount?
3) Can i buy separately from ING/Hong Leong assurance?

Need you guys advise. Thanks

This post has been edited by stoppy: Oct 12 2012, 12:06 PM

take MLTA. DM ME

For DIBS project..is it advisable to take mrta immediately with loan agreement or wait till VP..cos i hav to pay mrta separately..need to know the condition..im not interested in mlta..thx..

Just a question for you, when you already sign the loan agreement mean that you start borrowing money and you will have a 30years+- loan to pay. So if anything bad happened to you after you've sign the loan agreement, do you hope that the property will free from debt and your love one can get the property with nothing to worry?

If answer is yes, then please get it now. If no, then wait until VP.

Regards

Thx bro..

Guys ... kindly advise

I just bought a house, MRTA & bank loan (one name) both under OUB bank.
SNP (two name)

If I am dead, does my wife need to continue paying the balance
or MRTA will cover all ? Thanks .

The loan and MRTA are under your name, right?
Did you buy the MRTA in full loan amount full tenure, and how many percent of interest quoted?

Yes, my name.
Yes.
Not mistaken 4.2%

Basically, it is, touch wood if something happens to you, MRTA will pay off your outstanding loan amount.
Technically, in more detail, due to the market BLR fluctuation, the protection could fully cover or can go slightly off the outstanding amount. You can see it better for years down the road.

This post has been edited by ecin: Nov 5 2012, 10:26 PM

Anyone heard of CIMB UTP plan?

Did you mean branch? Or, what is that?

UTP, UiTM, UTM, UNITEN = University. hahahaha. Ya lor, what is UTP?

UTP is the ultimate term plan. Life insurance but should suffice for replacement of MRTA/MLTA