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> MLTA cancellation after signed loan SNP

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TSzynxeng
post Apr 2 2021, 02:52 PM, updated 3y ago

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Hi fellow experts,

I am getting a property whereby bank only agreed to provide better interest rate if I get the MRTA or MLTA from them.

Problem is their plan is not as good as the life insurance plan out there.

Question, is it possible for me to temporarily get a MLTA and get the better loan rate first, then cancel the MLTA later ?

Then I able to proceed to get my preferred life insurance plan.

I do not mind to lose the premium for few months so long it will not affect my loan rate for the next 30 years.

It is a completed developer unit.

Thanks a lot in advance.
COOLPINK
post Apr 2 2021, 02:57 PM

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Zwean
post Apr 2 2021, 04:23 PM

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QUOTE(zynxeng @ Apr 2 2021, 02:52 PM)
Hi fellow experts,

I am getting a property whereby bank only agreed to provide better interest rate if I get the MRTA or MLTA from them.

Problem is their plan is not as good as the life insurance plan out there.

Question, is it possible for me to temporarily get a MLTA and get the better loan rate first, then cancel the MLTA later ?

Then I able to proceed to get my preferred life insurance plan.

I do not mind to lose the premium for few months so long it will not affect my loan rate for the next 30 years.

It is a completed developer unit.

Thanks a lot in advance.
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MRTA just take, (PBB does this) MLTA then change another bank.
TSzynxeng
post Apr 2 2021, 04:25 PM

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QUOTE(Zwean @ Apr 2 2021, 04:23 PM)
MRTA just take, (PBB does this) MLTA then change another bank.
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Sorry, do you means that just take the MLTA ? And cancel it afterwards ?

Zwean
post Apr 2 2021, 04:30 PM

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QUOTE(zynxeng @ Apr 2 2021, 04:25 PM)
Sorry, do you means that just take the MLTA ? And cancel it afterwards ?
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MRTA take, MLTA shop for another loan offer.
TSzynxeng
post Apr 2 2021, 04:34 PM

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QUOTE(Zwean @ Apr 2 2021, 04:30 PM)
MRTA take, MLTA shop for another loan offer.
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Yes but MRTA not recommended to cancel later right? As it is very low in surrender value.

Reason being I would like to get a better life insurance in near that able to cover illnesses and greater insured value than the loan.
Zwean
post Apr 2 2021, 05:08 PM

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QUOTE(zynxeng @ Apr 2 2021, 04:34 PM)
Yes but MRTA not recommended to cancel later right? As it is very low in surrender value.

Reason being I would like to get a better life insurance in near that able to cover illnesses and greater insured value than the loan.
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I think you already got an answer.

But for me if loan rate is competitive, just take the MRTA offer and pay with cash.

Surrender value depends on the schedule. Ask for it.
TSzynxeng
post Apr 2 2021, 05:33 PM

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QUOTE(Zwean @ Apr 2 2021, 05:08 PM)
I think you already got an answer.

But for me if loan rate is competitive, just take the MRTA offer and pay with cash.

Surrender value depends on the schedule. Ask for it.
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Thanks for answer man. More precisely, my doubt is :

Possible to temporarily get the MLTA just for the better loan interest rate, then cancel the MLTA few months later ?
Any obligations with bank or law violation ?

Not sure anyone has done this before.
Zwean
post Apr 2 2021, 06:38 PM

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QUOTE(zynxeng @ Apr 2 2021, 05:33 PM)
Thanks for answer man. More precisely, my doubt is :

Possible to temporarily get the MLTA just for the better loan interest rate, then cancel the MLTA few months later ?
Any obligations with bank or law violation ?

Not sure anyone has done this before.
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Why don't you ask the banker? It's different from bank-bank.
TSzynxeng
post Apr 3 2021, 12:07 PM

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QUOTE(Zwean @ Apr 2 2021, 06:38 PM)
Why don't you ask the banker? It's different from bank-bank.
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Yup. It seems like banker wanted to do business. I afraid there are some hidden t&c. Haha.
babygrand123
post Apr 4 2021, 01:05 AM

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interested to know this details, when bank loan force to take MRTA or MLTA

As for now, i still not sure which is the best, let say plan to stay not for flip?

Need Sifu comment
babygrand123
post Apr 4 2021, 01:07 AM

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cryheart
post Apr 5 2021, 01:05 AM

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QUOTE(babygrand123 @ Apr 4 2021, 01:05 AM)
interested to know this details, when bank loan force to take MRTA or MLTA

As for now, i still not sure which is the best, let say plan to stay not for flip?

Need Sifu comment
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i think bank wont force to take insurance but u will get higher interest rate when didnt take any, unless ur banker willing do commission cut to give u a normal rate (this is my case, 0.5% higher if didnt take)

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

TSzynxeng
post Apr 9 2021, 05:51 PM

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Took MRTA in the end due to bank allow to take minimum MRTA.

 

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