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 fire insurance

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ketnave
post Jun 3 2019, 01:21 PM

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From: douchistan, pekopon
QUOTE(ilovemorgiana @ Jun 3 2019, 01:15 PM)
can the bank actually 'force' you to buy the fire insurance, like legally?

anyone know the related regulations in favor or against that?

thx
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The bank is protecting "their" property, until you've settled your loan, the property is not legally yours.

However, most condo already purchased it, just get it from your JMB / MO, forward it over to your bank and ask them to cancel and refund your premium. If your prop is landed, then different story la, you gotta take it I presume.
ketnave
post Jun 3 2019, 01:27 PM

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QUOTE(popopi @ Jun 3 2019, 01:24 PM)
Either u follow what they want.. or u get loan from other bank.
They force me for the MLTA 5 years.... If not they will not approve the loan.
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MLTA => Fixed Period
Fire Insurance => Loan Tenure => Indefinite !
ketnave
post Jun 3 2019, 01:35 PM

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QUOTE(popopi @ Jun 3 2019, 01:31 PM)
Yes, you are correct.....  nod.gif
What I am saying is follow bank what they want, then only u get the loan.
*
True True to some certain extent ... but luckily for Fire Insurance, you have option not to take from the bank laugh.gif
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