Hi All,

just wondering what type of insurance would be best and cost efficient for a home?

If i am not planning to stay for 10years in it, which is the best insurance to go for?

Also if i am tight in budget which insurance would serve me best?

TIA

Just to be clear, you're talking about insurance for the loan amount itself? Because the insurance/Takaful you've listed is purely for the loan amount, to insure loan in the event of your death/disability ya. NOT FOR PROPERTY DAMAGE.

MRTA/MRTT cheapest by far, but depends on your age and the tenure of the loan. Is usually a one-time premium that you pay upfront and can bundle with home loan. Not transferable to future loan because it's tied to the property itself and amount insured reduces over time.

MLTA/MLTT more expensive overall, is a premium you'll constantly pay over time, but you can transfer to another property easily and the amount insured doesn't reduce, so you can continue to insure future property.

For your case where you want to flip property quickly, better to take MLTA/MLTT, since it's flexible and can adjust amount insured + you can transfer to cover other future home loan.

Unless you are NEVER taking another home loan in future and you want to purely go for cheapest option, then just buy MRTA/MRTT since less hassle to just burn it compared to cancel MLTA/MLTT.

Difference in TA/TT is whether it's conventional or Islamic banking, but in terms of money is functionally the same, just whether you prefer conventional or Islamic banking principles.

Decide from the above if you want flexible protection over time, or pure cost savings at the expense of protection.

This post has been edited by DragonReine: Mar 24 2023, 06:02 PM