Keen on purchasing my first house, 385k condo, completion early 2022.
90% loans approved by mbb, hlb, still waiting response from other banks

mbb 4.2% interest
90% loan + 1.23% mrta

hlb 1st 2 years 4.03% , then 4.25%, mrta additional 8k

interest rate unchanged if not taking mrta.

As I know mrta is not compulsory and is a form of insurance. What do you guys think? It's about additional RM20 each month. I plan to upgrade to a bigger house after staying about 5-6 years.

I also got calls from insurance agent friend who is promoting her own mrta/mlta packages. Is it better to go with bank than with insurance company?

Thanks

Follow. I want to add, what are some tips for investor? If plan to sell in 10 years, let the insurance to cover 10 years instead of 30?

MRTA cover till 30 years only.
MLTA can transfer to another house.
Good side of MLTA is if fall sick ( high blood pressure, diabetes etc) we no longer can get insurance product at least the one you got when still healthy still can xfer to other houses.
Bad side is it is expensive

some banks does not impose MLTA or MLTA. just general fire insurance from master copy can already.
atleast mine dont need. from cimb but its subsale.

MRTA is not fixed must cover the whole loan period.
The tenure and sum insured amount you can discuss back with the bank.

Anyway, even if you covered whole 4 years under construction period + 35 years repayment period, you can still get cash out known as "surrender value" when you sell your house. You are not rugi here for taking insurance to cover entire period. As compare to another person only cover 5 years, coz at the end of 5 years, he will sell the house.

Insurance friend said is better to take mlta or some other form of house insurance instead of mrta since you can transfer it to future houses but mrta cannot transfer and stuck with the same house.

I read some threads here where other people say banks insist on taking mrta otherwise rate no good, haha so I confused. Maybe is up to the branch/banker.

thanks, will ask the bank. they didn't tell me about this surrender value. If the mrta is financed into the loan as additional 1.23% over 35 years, basically after 5 years when house is sold I won't need to pay that 30 years balance of mrta?