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Financial MRTA vs MLTA vs Term Plus..., whatever they call it
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Aaron212
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 Jun 30 2023, 10:39 PM
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QUOTE(RphAcng @ Jun 30 2023, 05:04 PM) Hi, I bought a property with SPA price 750k, and MLTT is offered by the bank at roughly 30k. I have asked the banker if this is a one-time payment, and the banker confirmed that it is. From my readings, MLTA/MLTT requires preriodic premium payment, but why is it a one-time payment in this case? is that mrta? my mrta needs 1 time fully payment and mlta gets to pay a fixed amount for lets say 5 years |
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Chanzeryl
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Jun 30 2023, 11:21 PM
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The high premium chargeable on borrowers for housing insurance nowadays is an effective way for bankers to camouflage their apparently lower interest rates  |
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ahsui
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Jun 30 2023, 11:44 PM
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Getting Started
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MRTA
10 Years after cant cover loan outstanding (estimation)
Charge u interest
MLTA
Something happened, then settle outstanding loan
Charge u interest
Life
Something happened money is on ur heir
No interest
Correct me if I am wrong.
All my properties have no mrta n mlta.
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RphAcng
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Jul 3 2023, 01:07 AM
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New Member
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QUOTE(Aaron212 @ Jun 30 2023, 10:39 PM) is that mrta? my mrta needs 1 time fully payment and mlta gets to pay a fixed amount for lets say 5 years The letter of acceptance for the insurace states Mortgage Level Term Takaful (MLTT). It also describes the RM30k premium as "being the payment for the single contribution of the takaful scheme you are participating in". |
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loui
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Oct 11 2023, 10:07 PM
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I have few queries about MRTA
1. If I under insured of my loan amount by 20% from day 1. Will my sum insured perpetually 20% below loan outstanding?
2. if I managed to pay loan few years in advance, will the sum insured base on outstanding loan amount or maintain as per schedule reduce loan outstanding
3. If I managed to fully paid the loan 10 years in advance, will I get back the premium for the said 10 yeats
This post has been edited by loui: Oct 11 2023, 10:15 PM
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