Feb 6 2012, 12:11 PM
QUOTE(ahlik @ Jan 30 2012, 11:16 PM)
Hi all need your advise
I am first time buyer. Curreny i am applying housing loan through hL bank around 300k.
They offer me MRTT and charge me aroubd 7k++ n my wife 5k++. How come it so high a? Is it an usual charges for this MRTT loan?
MRTT = MRTA (different bank has different terminology)I am first time buyer. Curreny i am applying housing loan through hL bank around 300k.
They offer me MRTT and charge me aroubd 7k++ n my wife 5k++. How come it so high a? Is it an usual charges for this MRTT loan?
I guess your sum assured is 100% to your loan and tenure is 25 or 30 years and therefore the premium is high.
You can ask the bank to
1. Waive the requirement for MRTT , if compulsory to get the preferred rate, then
2. Lower the Sum Assured
3. Shorten the Term (from 30 years to 15 years)
Of course, by doing so you don't get a 100% coverage, but it all depends on your unique situation.
Need further analysis? get a personal financial consultant to help you.
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