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km2090
Joined: 29 May 2007 Posts: 8
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Posted: Thu May 15, 2008 1:29 am Post subject: Between MRTA & MLTA |
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Hi,
Im first time property buyer. 31age. Actually the property cost about RM344K, and the loan amount i taking is RM310K, loan tenure is 30yrs.
Anyone have any idea how much i will be paying for MLTA for the loan amount of RM310K?  |
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Scott123
Joined: 25 May 2008 Posts: 45
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Posted: Tue Jul 08, 2008 8:43 pm Post subject: |
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Well….I think if you wait for some more time… you can get a lot better suggestions that this…I am out of any ideas for this!!!! |
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klguy
Joined: 01 Feb 2009 Posts: 11
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Posted: Mon Feb 02, 2009 4:26 pm Post subject: MLTA |
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Dear KM2090, you still looking for MLTA insurance coverage?
my email is kenny5365@gmail.com
thanks |
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MickeyM
Joined: 11 May 2009 Posts: 40
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Posted: Thu Jul 30, 2009 9:16 am Post subject: |
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Hi,
What's the difference between MRTA, MLTA and Term? I am looking for one too, pls adv.
Thanks  |
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klang-valley
Joined: 11 Jun 2009 Posts: 121 Location: Petaling Jaya
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Posted: Fri Jul 31, 2009 10:49 pm Post subject: |
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MRTA
- sum insured based on loan outstanding amount (decreases with time)
- pay up front, one time
- will not get any money back
- cheapest
MLTA
- sum insured based on a fixed amount upon first inception
- pay annually
- will get the money back + some interest
- more expensive than MRTA, but if for long term it can breakeven
Contact me for an appointment now. Some people don't want to buy MRTA or MLTA. If something unfortunate happen eg TPD or death, they better make sure they have enough savings to cover the mortgage loan, if not the bank will auction off the property. _________________ Mortgage Loan in Klang valley...
.://..Klang-Valley.com |
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MickeyM
Joined: 11 May 2009 Posts: 40
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Posted: Sat Aug 01, 2009 11:30 am Post subject: |
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Hi
Thanks for your reply. How about Term insurance?
You mean I don't have to get insurance if I don't want to? I tot it is a must in order to get your loan approved by the bank?
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MickeyM
Joined: 11 May 2009 Posts: 40
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Posted: Sat Aug 01, 2009 11:42 am Post subject: |
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BTW, can quote how much should I pay for:
1) Tenure: 30 years or 20 years
2) age : 38 years old
3) Loan amount: 402,804
MLTA
MRTA
Term
Thanks very much  |
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klang-valley
Joined: 11 Jun 2009 Posts: 121 Location: Petaling Jaya
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Posted: Sun Aug 02, 2009 6:50 pm Post subject: |
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MRTA/MLTA is not mandatory if you take the loan from the bank, some bank want you to buy for protection. If you take MRTA/MLTA, the bank normally can offer you a good loan package, but not always.
Age 38, non smoker:
(a) Tenure 30 years
MRTA = RM25151.08 ( one time) _________________ Mortgage Loan in Klang valley...
.://..Klang-Valley.com
Last edited by klang-valley on Wed Aug 05, 2009 8:36 pm; edited 1 time in total |
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MickeyM
Joined: 11 May 2009 Posts: 40
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Posted: Mon Aug 03, 2009 11:15 am Post subject: |
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Thanks for your reply. How about 20 years? |
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klang-valley
Joined: 11 Jun 2009 Posts: 121 Location: Petaling Jaya
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Posted: Wed Aug 05, 2009 8:42 pm Post subject: |
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For exact quote, pls visit my website and send me an email. Not everyone will have the same quote depending on factors like smoker, etc. _________________ Mortgage Loan in Klang valley...
.://..Klang-Valley.com |
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Gavin_Lim
Joined: 08 Jul 2009 Posts: 93 Location: Kuala Lumpur
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Posted: Fri Aug 07, 2009 4:32 pm Post subject: |
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If your budget is not too tight, why not choosing critical cover? Coz MRTA don't compensate for critical illnesses. _________________ We Provide Solutions for:
Emergency Needs, Retirement, Child's Education & Business Succession
Estate Administration (Will Writing & Trust)
Home Loan & MRTA/MLTA
..gavin-lim.webs.com
cheahyang_0@hotmail.com |
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MickeyM
Joined: 11 May 2009 Posts: 40
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Posted: Fri Aug 07, 2009 8:48 pm Post subject: |
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Thanks for your reply. Already covered with Critical Illness. Just want basic cover for the bank loan. Can adv which is the cheapest?  |
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Gavin_Lim
Joined: 08 Jul 2009 Posts: 93 Location: Kuala Lumpur
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Posted: Sat Aug 08, 2009 3:20 am Post subject: |
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Reducing term is the cheapest. However, the cheapest may not be the best deal. I don't recommend MRTA/MLTA as those are not transferrable. Let say one day you do refinance to your loan, then your MRTA/MLTA is gone. Moreover, MRTA/MLTA is a one time charge. Normally it will add into your loan then being charge interest until you have settled your loan. If you take MLTA, do you think the cash value is enough to breakeven your money which has been charged 20 years interest by the bank, and also the inflation rate that reduces the value of your money in future?
At the moment you took the critical cover, it's for other purposes and not meant for this loan, isn't it? So do you think it's not necessary to top up for critical cover?
If you choose to take reducing term, you have to take about 480K protection for your 400k loan. Otherwise it may not be enough to offset your outstanding in the future.
Age 38, male, non-smoker, RM480K reducing term for 20 years.
Annual Premium : RM1841.40 (Cover for Death & TPD only)
Have you applied the home loan already? I'm also helping my clients to apply for their home loan as well. We are authourized by 11 banks to promote their products. So if you have any question, please feel free to ask. _________________ We Provide Solutions for:
Emergency Needs, Retirement, Child's Education & Business Succession
Estate Administration (Will Writing & Trust)
Home Loan & MRTA/MLTA
..gavin-lim.webs.com
cheahyang_0@hotmail.com |
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MickeyM
Joined: 11 May 2009 Posts: 40
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Posted: Sat Aug 08, 2009 1:44 pm Post subject: |
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Thanks for your info. Have ask for quote from Banks but they have not replied. Can you email me pls with best quote and your contact no. Thanks
m.mooby@gmail.com |
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Gavin_Lim
Joined: 08 Jul 2009 Posts: 93 Location: Kuala Lumpur
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Posted: Sat Aug 08, 2009 3:33 pm Post subject: |
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A lot of factors can affect the rate that a bank can offer you. Such as zero or non-zero moving cost, completed property or property under construction, your margin of finance, your credit history and the income documents you provide to the bank. Some bank offer cheaper rate for first 2 years then thereafter will increase the rate. We can't promise you with the cheapest rate in town because the final decision is depends on the bank, not us. But we will try our best to fight for a better rate for you. Some of our client can get as low as BLR-2.30%.
For more details, you may e-mail your questions to cheahyang_0@hotmail.com . If you would like to make an appointment, you may call 016-975 1234 / 016-790 8765, but only if you're staying in KL area.
Hope my info will help!  _________________ We Provide Solutions for:
Emergency Needs, Retirement, Child's Education & Business Succession
Estate Administration (Will Writing & Trust)
Home Loan & MRTA/MLTA
..gavin-lim.webs.com
cheahyang_0@hotmail.com |
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charmine806
Joined: 10 Jan 2010 Posts: 4
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Posted: Sun Jan 10, 2010 4:37 pm Post subject: |
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MickeyM wrote: | Hi,
What's the difference between MRTA, MLTA and Term? I am looking for one too, pls adv.
Thanks  |
MRTA suitables for one time buyer and you pay up front together with the loan. After the loan tenure, the return is zero.
MLTA is like you put your right pocket money to your left pocket money. You can use it to settle your loan and also you will get some interest after you plan to terminate it. Also, your premium will not be so expensive when you purchase second property.
Kindly contact me at 0122337985 if you need further info.
For term, although it is cheap if compare with MLTA but it is not worth if your loan tenure is long.Nowadays, almost everyone will buy two house.So it is not worth to buy term insurance coz you will get zero return at the end. But, if financial status don't allow you to buy MLTA at that time you can consider term. |
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pratishtha
Joined: 20 May 2009 Posts: 10
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Posted: Fri Mar 19, 2010 8:10 pm Post subject: |
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the difference between MRTA, MLTA and Term? I am looking for one too, pls adv. _________________ Cheap Web Design |
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Gavin_Lim
Joined: 08 Jul 2009 Posts: 93 Location: Kuala Lumpur
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Posted: Sat Mar 20, 2010 6:35 pm Post subject: |
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Hi pratishtha,
Please give me your e-mail address so that I can send more details to you. You can also visit my website at ..gavin-lim.webs.com/homeloanmlta.htm for related info. Thanks! _________________ We Provide Solutions for:
Emergency Needs, Retirement, Child's Education & Business Succession
Estate Administration (Will Writing & Trust)
Home Loan & MRTA/MLTA
..gavin-lim.webs.com
cheahyang_0@hotmail.com |
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p3nang
Joined: 09 Jul 2009 Posts: 69
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Posted: Mon Mar 22, 2010 7:50 pm Post subject: Re: Between MRTA & MLTA |
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km2090 wrote: | Hi,
Im first time property buyer. 31age. Actually the property cost about RM344K, and the loan amount i taking is RM310K, loan tenure is 30yrs.
Anyone have any idea how much i will be paying for MLTA for the loan amount of RM310K?  |
Hi, I am Denny.
The normal price is 3.4k/annum.
But i can help you get up to 2.4k discount with our promotion package.
How may i get contact with you? _________________ Free insurance
Feel free to contact me.
cc_wong1987@yahoo.com
017-4387038 |
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basumayra0910
Joined: 18 May 2010 Posts: 3
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Posted: Wed May 19, 2010 1:05 am Post subject: |
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hello guys ...
its really nice post....
i just liked it....
thanks.... _________________ mercury oem parts
mini oem parts |
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titann16
Joined: 05 Jul 2010 Posts: 10
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Posted: Tue Jul 06, 2010 4:52 pm Post subject: |
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Hi guys, really need more info how is this MRTA n MLTA works, kindly advice |
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stanyseong
Joined: 08 Jun 2010 Posts: 12
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Posted: Tue Jul 13, 2010 11:30 pm Post subject: |
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titann16 wrote: | Hi guys, really need more info how is this MRTA n MLTA works, kindly advice |
Hi titann16,
Can i have your contact? I am able to advise you about this.. You may sms/call me at 016-9781983. KS. _________________ KS Wong
Email: stany_seong@hotmail.com |
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jacob_alex12
Joined: 01 Dec 2010 Posts: 3 Location: Australia
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Posted: Wed Dec 01, 2010 4:13 pm Post subject: |
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MRTA – Mortgage Reducing Term Assurance.
Normally can be purchased from any banks, if you are thinking of protecting your asset against death and total permanent disability. Get advice from your banker as they will provide MRTA loan on top of your housing loan to cover your purchase.
MLTA - Mortgage Level Term Assurance. Can be purchased from Insurance broker / agent.
MLTA is an asset as you get your money back and probably with higher
interest than what a bank would give.
Thanks |
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vsharma72
Joined: 09 Feb 2010 Posts: 3 Location: INDIA
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Posted: Sat Jan 29, 2011 4:28 pm Post subject: |
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You mean I don't have to get insurance if I don't want to? I tot it is a must in order to get your loan approved by the bank?
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