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Financial MRTA vs MLTA vs Term Plus..., whatever they call it

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M2K2Land
post Nov 28 2011, 03:03 PM

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QUOTE(jucl @ Nov 28 2011, 12:39 PM)
hi guys,

Speaking about MRTA and MLTA, i bought property 7 years ago. Loan was approved for RM 150k and i opt for MLTA.
I am supposed to pay on quarterly basis via direct debit (credit card) but the problem is I have not paid a single cents since 2004 coz the insurance company did not even debit my credit card. They didnt even chase me for payment. Im not sure whether my account wif them still active or not.

Techinally im servicing my loan now without MRTA or MLTA.

Can this happen? What are the implication? Anybody can help to comment?
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Please call the MLTA company (insurance or bank) to avoid disappointment when you wanna claim.
M2K2Land
post Nov 28 2011, 04:12 PM

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QUOTE(jucl @ Nov 28 2011, 04:10 PM)
Hi M2K2Land,

Can i continue service my loan without paying MLTA?
Since i didnt pay anything for the last 7 years, there is nothing for me to claim unless i default my loan.

Will it create any legal complication with regards to property ownership once fully paid my loan to the bank in future?
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As I told by the Insurance Agent, you might have some cash bonus for deduct from the MLTA but possible not because you havent pay anything for 7 years. For more info, please do call the company which you deal with.
M2K2Land
post Nov 28 2011, 04:36 PM

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QUOTE(jucl @ Nov 28 2011, 04:31 PM)
Thanks M2K2Land, i guess for sure i dun have any cash bonus since i pay  nothing.

Only concern if i call them now, i have to start paying... hehehe
will rather be quiet and continue to service my loan without MLTA.
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I just worry later they accumulate and call you pay in lump sum smile.gif hahaha Better to clarify or cancel if not necessary.
M2K2Land
post Jul 17 2012, 03:54 PM

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i think there alot thread for this, search 1st. For my personal preference I would take MLTA since it goes with your name not ur house.
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