Malaysia Real Estate

trojan · Joined: 17 Mar 2006 Posts: 142

aiyoh... xen & ussranger, u r giving me completely contradicting message...

I reword my question:

I want so service my loan installment commences the month immediately after FIRST DRAWDOWN. Can or cannnot?

Thanks.

tengster · Joined: 19 Jan 2006 Posts: 952

trojan: some bank can and some bank simply disallow.....I will alwiz bargain for this flexibility

USSRanger · Joined: 24 Feb 2006 Posts: 150 Location: KL

trojan · Joined: 17 Mar 2006 Posts: 142

So what do you mean by "The payment of the loan installment commences the month following full drawdown"?

I m planning to purchase a house... now calculating my budget and looking for better loan package...

Thanks, anyway!

tengster · Joined: 19 Jan 2006 Posts: 952

"The payment of the loan installment commences the month following full drawdown"?

I think the above means that you can only start paying your loan instalment after developer had claimed 100% payment from you (downpayment) and bank (margin of finance).

Yeah...I think some banks practice the above....

xen · Joined: 25 Apr 2006 Posts: 26

fiscalwise · Joined: 13 Jul 2006 Posts: 25 Location: Kuala Lumpur

An easy way to look at every home loan deal available in the market is to go to ..fiscal-wise.com.my

Its an independant mortgage site that allows you to search, compare and apply to a number of banks at the same time.

Call Centre is 1800188805

Hope this helps

fiscalwise · Joined: 13 Jul 2006 Posts: 25 Location: Kuala Lumpur

Ooops. the site is: ..fiscal-wise.com.my

trojan · Joined: 17 Mar 2006 Posts: 142

I was trying to estimate mrta quotation from your website => Insurance Quotation.
I think it doesn't work. Hope you can check on it.

BTW, what do coverage ratio, mrta-a, mrta-b and mrta-c in the tool mean?
How to fill up these information?

Thanks.

cw17 · Joined: 06 Jun 2006 Posts: 81 Location: KL

If every other thing constant, i wonder how much cheaper is MRTA compared to MLTA? say, 30yrs loan and paying one lump sum.

was told the diff is not much (percentage wise lah, coz the higher the loan amt, the absolute diff definitely bigger) anyone has any idea?
_________________
life goes on;)

mda · Joined: 18 Nov 2004 Posts: 25

Hi ,

I took a bank loan of RM280k. I am taking a term life insurance . Shall it cover the RM280k or RM280k + bank interest for 30years?

Need answer urgently...thx.

tengster · Joined: 19 Jan 2006 Posts: 952

mda · Joined: 18 Nov 2004 Posts: 25

thx tengster

Banzai · Joined: 25 Oct 2004 Posts: 3368

don't think i have mentioned it in this forum, but if you have the chance, you should buy your term life in other countries.. SG's term life is much better value (cheaper and better coverage) than MY's term life..

after checking the rates, i've cancelled nearly all my insurance in Msia and parked it over in SG.

edwinlee · Joined: 22 Oct 2006 Posts: 3

what is MLTA or MRTA or other... what is different..? Crying or Very sad

Banzai · Joined: 25 Oct 2004 Posts: 3368

MLTA = mortgage level term assurance.. MRTA = reducing

with hindsight, both are a waste of time.. there are better products out there..

mda · Joined: 18 Nov 2004 Posts: 25

banzai,

do you recommend term insurance or the savings type of ins?

agents seem to be very keen to recommend the latter...

tengster · Joined: 19 Jan 2006 Posts: 952

Banzai · Joined: 25 Oct 2004 Posts: 3368

I agree with tengster's approach but not for the same reasons.

if you would like to play it safe, you can buy an equivalent of the MRTA which is generally known as the reducing term assurance. This way, it is not tagged to your mortgage at all. MLTA is just plain silly.

With hindsight, i will buy insurance separate from my investments. And unlike some people who are very pro-whole life or very pro-term life, i advocate a balanced approach, i.e. you have a bit of everything.

I will stay away from savings (endowment) type of insurance. Premiums are high for the wrong reasons.

trojan · Joined: 17 Mar 2006 Posts: 142

Is Nonparticipating Life or Participating Life premium categorized as insurance and can be declared as relief in Income Tax ?

Thanks.

Homelink · Joined: 19 Jun 2005 Posts: 268 Location: Kuala Lumpur

fattyboy1 · Joined: 27 Sep 2006 Posts: 17

I took 250K loan but the bank says MRTA is not compulsory...

what if I take this instead of MRTA:
.://..publicmutual.com.my/page.aspx?name=insurance-Mutual-Life-Plus

I have survey whole-life policy around from AIA, Great Eastern agents but whenever I enquire about term they always recommend whole-life. But to me whole-life is expensive but they always say whole-life got money back?

Coming back to CI, if i buy a whole-life, I have to attach it with a CI rider......

Also, I have about 90K existing coverage for CI as I bought it when I was younger). Now I am confused whether i shud buy whole-life again plus CI rider because it's getting more expensive....

mda · Joined: 18 Nov 2004 Posts: 25

fattyboy,

the insurance agent gets a better commission by selling the whole life ins. compared to term life. Normally from my experience they are not bothered about your budget, only their sales target. Even though they are your so-called friends.

They will always use this magic word: ...at least you will get back something at the end of the policy...if you buy whole life.

what is the purpose of Insurance? Protection. That's it. Term ins. is cheaper but you get a bigger coverage. At the end of the day go for what you can afford, that's it, what you can afford! Don't let these fellas hoodwink you with all their fancy talk of returns, waiver etc.

The in thing now is their investment linked insurance...I feel if you want to invest, it is better for you to look elsewhere like properties. if you are not investment savvy then maybe you could consider theirs as an option.

trojan · Joined: 17 Mar 2006 Posts: 142

If buy non-participating/participating for housing loan, is medical examination required?
If yes, ING/AIA will absord the cost?

Thanks!