Good for you to point out.

Can we get MRTA from 3rd party rather than directly from our bank loan? If so, what company provides good MRTA rate?

Yes you can get 3rd party mrta rather than bank loan, just request banker waive mrta during your loan submission. You can always request banker or agent to quote you mrta and make comparison

Thanks.

Anyone know who provides MLTA? I am interested in getting a quote for the premium.

I'm dealing with Hong Leong Assurance. If you're interested can you pm me your details such as gender, date of birth, your loan amount and your loan tenure

You may visit my thread to check out some of the MLTA /Mrta comparison with some example of the quotation base on different age and loan amount at below.

https://forum.lowyat.net/topic/2807168

Welcome to pm me your detail to get your own quotation too.

Regards,
Onn

Hi, not sure if anyone ask this. I don't have time to read the whole thread.

Is regarding MLTA and MRTA for 2 person. Cover 50/50

If 1 person die. What happen next? How will the loan be covered? What is the process? The next person still need to service the loan in full amount?

MRTA.... the insurance will pay back the loan on 50/50 ratio.... the another person will need to bear the remaining half of the loan....
As for MLTA, it would be the same applies as well..... provided if you both take MLTA half half individually... no point joint name.... since MLTA is bind to you personally....

correct me if im wrong anybody...

This post has been edited by aaron1717: May 14 2016, 10:46 AM

The MLTA/MRTA will be used to pay the bank loan(If the MRTA/MLTA is absolute assigned to the bank), then the ownership of the house will be distribute according to the deceased Will.

Depends on how much you're covered for MRTA/MLTA for the person taking up the loan. If fully covered, then the loan is fully paid off.

Let me know how I can advise u further

Anyone can help on this quotation ?

MRTA & MLTA
Property value 430k
Combine buyer age 25+29 ( both non smoker )

I'm looking at taking up either MRTA or MLTA. If you are insurance agents, please PM me and I will give you the necessary data.

most banks will say it is compulsory to to take MRTA/MRTT offered by them or you will not get good rate, or cannot apply loan at all... which regulations are these banker is referring too?

Hi friend,

If you still looking for MRTA or MLTA, way of comparing them, which one is better, then i think we can have a chit chat. if you interested of course.

Im Nazmi, an insurance/takaful agent under AIA Public Takaful. So far has handled few case of my client to choose MLTA/MLTT to secure their home loan. Maybe i can help you too bro.

search for my FB: Hairul Nazmi. whatsapp 0134567364

Thanks

I have already taken up the insurance. Thanks.

To the best of my knowledge, BNM doesn't enforce such regulation, we as home buyer never compulsory to take MRTA/MRTT which offered by the bank. but most bank are very concern on this, as who will cover the loan balance if anything happen to the borrower, so did they make it compulsory for the borrower (their own regulation)

so we as buyer, has another option which is to reduce term of MRTA/MRTT - to make it as short as possible. let say just for 5 years coverage (even the home loan term is 35 years for example)

I applied this technique myself, still got best rate offered.

Because I already have MLTT / life coverage which is enough to cover the loan.

Ok bro, no problem at all.

sometimes i really hate how those banker work, bancassurance is the culprit of this. Near recent i took up a housing loan and my banker jz add in MRTA to my loan agreement without me or my dad's concern (I use both me and my dad's name for the property) Unfortunately when I told my dad, he just feel too hassle to make the banker remake a new loan agreement. Free commission to the banker woohoo!
SO basically i made a 350k housing loan with cimb and i got 'forced' to take up MRTA of about 12.5k (35 yrs) by sunlife (cimb's banca partner). Banker also gave me just a not too low not too high interest rate, 4.45%. And the mrta is to be included in the loan, so in the long run i'm not just paying for 12.5k, but more! But well, i'm too late to do anything, not really too late as I noticed this before signing the loan agreement, but my partner aka my dad is too lazy to make changes, so bo bian lor D:

While i'm 'mourning' for my 'loss' I checked around everything in finance world, and found out actually, why not people reject mlta/mrta and take up term life insurance instead. Yes it will be a little more hassle when come to claim procedure( you need to claim from insurance company and make payment to bank loan on ur own), but it seems from this way it's cheaper and having benefit of both MRTA and MLTA. Why I feel term life is cheaper? Here i will be taking UforLife as an example. By taking a term life insurance, it's almost similar or cheaper than what you paying for MRTA, but, MRTA only settles the remaining loan due, while life insurance will pay u the sum assured you chose, similar to MLTA. For example if in my case, my loan is 350k, i chose 350k Sum Assured from UforLife, when i died, my family gets the lump sum 350k. Plus I can stop the policy from UforLife whenever I feel dont need it. It gives me a flexibility on this.

However, IF you are paying the MRTA in one lump sum, as in you did not include the amount in loan like me, MRTA might still be a good option. After all it's depending on what you want in the end, then you choose which. I hope this will benefit some people in exploring options other than MRTA and MLTA.

ANDDDD Dammm those unethical bankers that slot in products without ur acknowledgement so that they can hit their target in banca RAWRRR!

Me also got 'forced' by cimb to take up MRTA, then I insist to reduce to only 5 years term instead of 35 years. They agreed, and I still got lower rate offered

We see, the banker also want to makan the commission lor

so another 30 years, u convert to MLTA?