Jun 7 2012, 10:36 AM
QUOTE(davidlow7 @ Jun 1 2012, 04:43 PM)
Currently I am in dilemma as to purchase MRTA or MLTA.
I am a first time buyer and is still trying to understand both MRTA vs MLTA.
My purchased price is 370,800 so loan 90% is @ RM333,720.
As I need to take MRTA in order to get -2.4%, judging from the MRTA is going to cost me about RM12k for an aged 28 person.
I am considering to take 50% of the loan amount into MRTA for 10 years.
While perhaps 50-70% of the loan amount for 30 years.
What do you all think???
The reason I have this idea is:-
- I am not sure if I will sell this house in 5-10 years, although my current idea is to make it my home.
- MRTA finance into loan is really pain for interest while MLTA you are paying monthly as in taking another insurance for yourself. Judging by the extra in interest, perhaps an adjustment into taking a mixed of this may be a better choice?
- MLTA can help me to get some tax relief
- I am still young, at aged 28 and is my first house perhaps it is good to buy since it is transferable to my another property in future.
- MLTA covers 36 illnesses as well, another life insurance since I won't be ending with only 1 insurance policy with me anyway.
I am still waiting for my insurance agent to get back to me on the table/quotation to fully decide.
Perhaps any input from you guys will help.
Don't forget, MLTA got cashback. after 15 years you can drop policy and you will get back everything you paid for. unless you have rider like CI, then you won't get all, probably slight deduction. I am a first time buyer and is still trying to understand both MRTA vs MLTA.
My purchased price is 370,800 so loan 90% is @ RM333,720.
As I need to take MRTA in order to get -2.4%, judging from the MRTA is going to cost me about RM12k for an aged 28 person.
I am considering to take 50% of the loan amount into MRTA for 10 years.
While perhaps 50-70% of the loan amount for 30 years.
What do you all think???
The reason I have this idea is:-
- I am not sure if I will sell this house in 5-10 years, although my current idea is to make it my home.
- MRTA finance into loan is really pain for interest while MLTA you are paying monthly as in taking another insurance for yourself. Judging by the extra in interest, perhaps an adjustment into taking a mixed of this may be a better choice?
- MLTA can help me to get some tax relief
- I am still young, at aged 28 and is my first house perhaps it is good to buy since it is transferable to my another property in future.
- MLTA covers 36 illnesses as well, another life insurance since I won't be ending with only 1 insurance policy with me anyway.
I am still waiting for my insurance agent to get back to me on the table/quotation to fully decide.
Perhaps any input from you guys will help.
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