Hi. I haven't signed the offer letter & loan agreement. Thanks for your suggestion. I actually thought of that too but the SPA was already stamped. As I said, all these were delayed due to my oversea assignment. I just worried that the developer will issue payment request anytime soon.

The rate is (6.85-2.4)%. I didn't managed to get the quote of the rate in the case I didn't buy MLTA.

Haven't signed Offer Letter, still got time to apply

Just need to chase the Loan Lawyer to quickly get things done, my suggestion, just apply, after all - no charges no commitment

So far I've applied Maybank, CIMB, RHB, Alliance, Hong Leong,Bank Islam & OCBC.
Only Maybank, CIMB & RHB got offer because the rest are either no more limit for the development or they're not panel.
So if I wanna apply, only these 3 banks can offer - My question is: If I already applied and they already gave me offer (but in BLR), can I apply again? I've asked some agents to apply the same bank last month (using BLR) but they told me it cannot be done until I cancel the current offers I got...

They can't apply again as your application already in their system. So you can only cancel the current offer (which will give up the BLR-XX% offer) and re-apply again. By the way, Are you sure that those 3 bank that have an offer to you have the option to finance MLTA? MLTA and MRTA is different. As i know this 3 bank you mention can only finance the MRTA.

I would say If you getting BLR-2.4% or above, it's good enough already. If finance MRTA, then can get BLR-2.45% to -2.5%.

My client just get BLR-2.5% with MRTA and 3 years lock in from RHB. Loan amount below 800k.

We can't say the BR+% is good or bad compare with BR+%. as we all still new to it. So if you want to be safe then why not go for BLR-2.4%++ now which is what we all using so far. At lease you we all know how it's calculated for the loan and most of the term and condition in the loan except the transparency of BLR rate.

Hi. Can quote me the mrta and Mlta for 500k loan. I am 30, non smooker
I need quotation for mrta for 10, 15 and 20 years as well. My loan is 35 years. Tq

Sure, will ready up and sent to you asap.

I see. Noted.

Nope, only CIMB offers. It's called GMTA or something like that. According to the banker it's MLTA nature.
Maybank & RHB gave MRTA.

Yea, I'm not a risk taker, that's why I'm not so keen to the new BR system. Was thinking to refinance (after lock in) if BR is really good

This post has been edited by SmokerBamboo: Jan 10 2015, 12:07 PM

GMTA = MRTA. Just different name using for each bank.

CIMB don't have MLTA which is offer from the bank itself and allow to finance into the loan.

Erm, I signed CIMB loan and the banker also told me the GMTA is MLTA.....

Can you check the coverage table in your GMTA policy? Easiest way to check its Mrta or MLTA.
Reducing coverage = Mrta
Level coverage = MLTA

I still no yet get the policy book. But the quotation stated Group Mortgage Level Term Assurance (MLTA)

Same case as this bro ^

Hi Bro,

I just got this illustration for MRTA from PUBLIC BANK, MRTA from AIA known as GMRTA

For 30 years tenure MRTA is RM15,305.10 for RM510k loan amount.
Then financed into loan RM525,306.

According to banker, if still under financing the initial beneficiary will be bank.
If settle loan early and never cancel the MRTA policy then the nominee appointed will be the beneficiary.

Called AIA to find out if there is any refund for MRTA. Confirmed there is refund if settle loan early.

Currently public bank BR rate is 3.65% + 0.95 / 1.0 / 1.1 (depends on type property and amount of loan)





so what would be your MRTA / MLTA quotation for the same loan amount bro onnying88 ?

i see there is Mortgage Reducing/Level Term Assurance with Critical Illness (MRTA–CI/MLTA-CI)

standard MRTA/MLTA only covers DEATH and TPD only right.

This post has been edited by GHOSTVIC: Jan 22 2015, 11:07 PM

Question:

1. I already have Medical Coverage PRUBSN. Can I convert that into MLTA? How?
2. How much is my MLTA mount, if my home loan is e.g. RM500k?

Hi,

For MLTA the coverage usually just cover for life and TPD, while for medical coverage is only cover for any hospitalize cost. So both coverage will be different.

For example,

MLTA will pay a lump sum of money if you lost your life or TPD (total permanent disability) so that your partner or family have the money to settle the loan and own the property without worrying about the loan installment. This is very important if you are the main source of income earner for you family.

Medical coverage will only pay out money to cover your medical cost for any illness or hospitalized. So i afraid your medical coverage cannot be use as MLTA in this case.

For more detail and accurate MLTA quotation, i will need some of your basic detail such as gender,d.o.b, loan tenure and loan amount. Please pm me the detail ya.


Regards,
Onn

Hi,

Medical Coverage is covered for hospitalize cost, MLTA is covered life and Total permanent disability.

You can pm me your basic info such as gender, date of birth, your loan amount and tenure you apply, so i can provide one accurate and suitable MLTA quotation for you, by the way our company MLTA is Hong Leong Assurance.

Sorry to nip here.

The question was can convert to mlta or not. You meant cannot?

Nope, medical insurance aka medical policy cannot be use as MLTA .

MLTA main purpose is to get a lump sum of money to pay the loan when unfortunate things happen to the loan borrower.

Medical insurance only cover for medical cost when you admit to hospital. Which mean if you pass away, you will get nothing and someone ( your family member) still need to pay for the loan installment if they want own the property.

Hope this help.

Sorry to confuse you over here. As I had listed out the differences the protection of this two type of insurance, medical is not convertable to mlta. It's totally two different product.

Yes it is helpful.