Financial MRTA vs MLTA vs Term Plus..., whatever they call it
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 Dec 7 2011, 09:59 PM
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#1
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Junior Member
61 posts Joined: Jun 2006 
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Hi all,
I was offered on following house loan by HSBC: Loan amount= rm333k Age= 30 tenure= 35 years Property=completed The loan officer introduces "Takaful Mortgage Protector". Is it a MRTA plan?? |
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Dec 8 2011, 08:12 AM
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#2
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Junior Member
61 posts Joined: Jun 2006
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QUOTE(MaxWealth @ Dec 7 2011, 11:51 PM) If the coverage is reducing, then it is a mortgage reducing term assurance (MRTA).. will check out with my banker..You should ask your banker for more info on it.   meanwhile, can qoute me estimated payment for MRTA/MLTA for 15/20/25 years? I'm taking the Islamic loan... Thanks.. |
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Dec 27 2011, 10:06 PM
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#3
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Junior Member
61 posts Joined: Jun 2006
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hi all,
need some advice here... currently i own an insurance + CI with coverage at about 450k... so, do u think i need to buy mrta or mlta for 300+k loan? as i bought the house with my spouse, im thinking to buy mrta/mlta under her name instead... **dilemma** |
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Dec 27 2011, 11:05 PM
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#4
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Junior Member
61 posts Joined: Jun 2006
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QUOTE(MaxWealth @ Dec 27 2011, 10:32 PM) Ermm, do you know the break down of your RM450k coverage? bro.. thanks for the prompt reply...example: life: RM 100k CI: RM 100k PA: RM 200k heath, medical card? RM XXX? But this doesnot pay out cash. Justify how much do your family need per year and how long can they live with the funds after minus the housing loan. If it is sufficient, then you can choose to buy MRTA rather than MLTA or even no need if your coverage is much more than your liability. Depends on who is serving the loan. The one who serve more should cover more Life - rm100k Term - rm350k Both with CI as rider... i'm the main contributor (85%  ) and plan to allocate rm50k per year for family... thus, 5 years they need 250k... left 200k... hmm... should i get a 100k of mrta instead for 20 years?? |
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