Question Regarding House Insurance
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 Nov 23 2016, 06:08 PM
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#1
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Senior Member
1,124 posts Joined: Oct 2012 
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It's probably for MRTA - mortgage reducing term assurance.
The insurance company require her to do a medical checkup before they can hold cover. The loan must be quite high and also due to your mother's age. |
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Nov 23 2016, 09:34 PM
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#2
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Senior Member
1,124 posts Joined: Oct 2012
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QUOTE(tryingtolearn @ Nov 23 2016, 06:18 PM) Hi, Look at the letter of offer and see whether there is a condition to take up MRTA.I see. The loan is taken in my father's name (will be payed by my father) but buying the house in my mother's name. The loan amount that we took is RM100K. Father's age is 56 and mother's is 55. Do I proceed with the medical check-up or do I just call the bank I took the loan from for clarification? The lawyer said that the insurance company should and would have sent a letter requesting the medical checkup. We didn't receive any letter, only the call and text message. As this is the first time buying house, we are quite confused. Appreciate any assistance. Thank you.  If there is no condition you can inform the bank that you don't want to take it up and hence not necessary to go for medical checkup. If there is a condition then she has to go for a checkup otherwise the loan will not be released. |
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