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

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.