House

This post has been edited by Sahixo: Dec 14 2022, 03:43 PM

🤔 Single or both named borrower?

This post has been edited by jojolicia: Dec 12 2022, 01:45 PM

If possible go for mlta, mrta will reduce over time. Certain banks allow to waive for mrta.

Single

Sorry to say .... this is a no brainer poll.

Do you buy a brand new car today and insured half the value ?

This post has been edited by mini orchard: Dec 12 2022, 04:58 PM

If you're going to buy MRTA anyway why bother insure half?

Premium so low and it's a one-off premium compared to MLTA.

MRTA if cannot cover your loan in case of death then defeat purpose because none of the money will go to your dependants, all money paid is direct to the lender (bank).

Why would you want to cover only half and even half tenure? The difference between outstanding amount and mrta coverage then would be too much for your kin to cover if something happened to you.

You should request your banker or agent to provide the outstanding amount over years vs coverage amount over years. Then you can see the difference.

This post has been edited by arffrhn: Dec 12 2022, 07:55 PM