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Interest for MRTA during construction
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mini orchard
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 Oct 22 2019, 02:07 PM
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QUOTE(MrGeex @ Oct 22 2019, 12:43 PM) Hi all, I bought an apartment this year and get loan from the bank. At the same time I also purchased the MRTA from the same bank. However i have been asking to pay the MRTA interest during the project construction. Is it correct? I have thought we only have to pay the progressive interest, i did not expect that we have to pay interest for MRTA as well. Please comment on this, thanks! You took loan for your MRTA? |
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mini orchard
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Oct 22 2019, 02:41 PM
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QUOTE(MrGeex @ Oct 22 2019, 02:34 PM) Yup, MRTA is bundled into the loan. Bank pay first on your behalf, definite have to charge int every month ... same as bank paying on your behalf to your seller through housing loan. This post has been edited by mini orchard: Oct 22 2019, 02:44 PM |
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mini orchard
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Oct 23 2019, 07:43 AM
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QUOTE(apalexar @ Oct 22 2019, 09:13 PM) Try ask your bank whether you can choose to start paying your monthly installment, else yeah you don't have choice but pay progressive interest for both until your unit VP. Interest payment until full settlement of loan. Monthly installment after vp is inclusive of mrta portion. This post has been edited by mini orchard: Oct 23 2019, 07:47 AM |
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mini orchard
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Oct 24 2019, 08:30 AM
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QUOTE(vinceleo @ Oct 24 2019, 05:34 AM) How to calculate the interest portion for tax deductibles? Appreciate the sharing Not necessary to calculate. Refer to your yearly loan statement. The interest portion charged is shown every month. |
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mini orchard
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Oct 25 2019, 09:13 PM
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When I purchased my 2nd property many years ago, I did an assignment of my life policy to MBB instead of buying MRTA. When I sold off later, I did a cancellation of the assignment.
My current loan from HLIB where MRTA is optional. As for fire policy. I am allowed to purchase from my own insurance co but have to do an endorsement to state that HLIB is the financier.
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