hi guys, plan to buy my FIRST house double storey landed for INVESTMENT(may sold off later).the house name will put my mother's name, but the loan i will use my own name only. neither me or my family will be staying in the unit.

Should i buy mrta or mlta since the loan only by myself only? can i refuse to buy? Hope the experts can enlighten me.

first of all, hardly any banks approve entirely 3rd party loan.

3rd party loan that is approved by some banks are like:-

house under A
loan under A & B

OR

house under A & B
loan under A

===============

so check which bank allows entirely 3rd party like ur situation first

house under A
loan under B

oh i see, i didnt know that. thanks for the info bro. will check with the banker.

and in your case... its safer to take MLTA... since u going to be changing one or more properties soon in your life....

MLTA is tie to your name and its functioning like a saving plan.... in the end of the tenure u can get back your money with some additional interest and at the same time still insured your life specifically on property only....

MRTA is cheaper, and you take it at the beginning of the loan. MLTA is much more expensive, and will affect your monthly cash-flow.

The only way is to ask yourself what kind of protections you need, and the costs that you are ready to pay for that protection

[QUOTE]
What does banker normally push?

I think it's the Islamic one, where anything happen, the property is gone

[quote=PrincZe,Jul 15 2017, 12:20 AM]
[QUOTE]
What does banker normally push?

I think it's the Islamic one, where anything happen, the property is gone

[/quote]
banker wil lusually ask you to get their own MRTA/MLTA product and finance that into the loan.

what "happens" that results to property being gone? Whatever happens for "Islamic one" and allow the property to be gone, will have the same effect for "conventional one" i bet.

Same effect? In other words no matter which u choose will still be gone lol

Taking a life insurance isnt about you per se, it is about your family and your legacy. You can either leave them with debts or with asset. Your choice.