Dear guys/ gals,

Good day,

I recently signed a bank loan with MRTA included in the loan amount. After that the insurance company called me to do a medical checkup as i have a pre-existing medical condition (age 40+), high blood pressure.

Today i received a letter from insurance company that my MRTA application is rejected.

Does it also mean that my approved loan with bank, will also be rejected ? or I need to pay for higher loan interest?

thanks in advance.

loan is another matter with bank, mrta is optional...

usually your bank loan will still be approved just tat you do not have insurance to cover you.
but if gomen loan confirm loan will be rejected.

call your loan officer for clarification.

I had that same shit with Hong Leong. Basically they gave me 3 options:

1. Pay higher MRTA rate to get full protection amount
2. Maintain same MRTA rate but the protection amount is reduced
3. Get 3rd party MRTA from other insurance. But HLB will increase my loan interest since my MRTA is not with them

Have you ever consider MLTA instead?

https://www.imoney.my/articles/mrta-vs-mlta-need

Dear all, thanks for the replies.

Just to clarify, we must buy MRTA or MLTA when buy house? Thanks

Depends on bank

depends on the bank and depends on the package they offered. But since OPR just drop again, maybe u can shop around again. Provided your developer side or seller side still allow time for you

MRTA or MLTA is option to buy.

Thanks guys/ gals again for the reply/ info.

I didn't know that we have a choice to not buy MRTA/ MLTA coz the bank loan officer insisted that i must buy it. Thanks