Mortgage tenure is 40 years, usually how many year will you buy for MRTA? 40 years, 30 years, etc?

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Added on October 12, 2012, 12:03 pmin my scenario, S&P will be my husband, my sister and myself. But borrower will be my husband only.

Let say my property value is MYR1mil, though of splitting the MRTA/MLTA into 3, whereby will buy each of us MYR330k.

1) Got to know from some bank, MRTA is only cover borrower. Is that true? Which mean my husband have to buy MYR1mil MRTA. MRTA does not apply to me and my sister as we are not borrower. Is that true?
2) Is it necessary to buy MRTA/MLTA from the bank itself to finance under loan amount?
3) Can i buy separately from ING/Hong Leong assurance?

Need you guys advise. Thanks

This post has been edited by stoppy: Oct 12 2012, 12:06 PM