Malaysia Real Estate

km2090 · Joined: 29 May 2007 Posts: 8

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? Smile

Scott123 · Joined: 25 May 2008 Posts: 45

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!!!!

klguy · Joined: 01 Feb 2009 Posts: 11

Dear KM2090, you still looking for MLTA insurance coverage?
my email is kenny5365@gmail.com
thanks

MickeyM · Joined: 11 May 2009 Posts: 40

Hi,

What's the difference between MRTA, MLTA and Term? I am looking for one too, pls adv.

Thanks Very Happy

klang-valley · Joined: 11 Jun 2009 Posts: 121 Location: Petaling Jaya

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

MickeyM · Joined: 11 May 2009 Posts: 40

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?

Very Happy

MickeyM · Joined: 11 May 2009 Posts: 40

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 Very Happy

klang-valley · Joined: 11 Jun 2009 Posts: 121 Location: Petaling Jaya

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

MickeyM · Joined: 11 May 2009 Posts: 40

Thanks for your reply. How about 20 years?

klang-valley · Joined: 11 Jun 2009 Posts: 121 Location: Petaling Jaya

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

Gavin_Lim · Joined: 08 Jul 2009 Posts: 93 Location: Kuala Lumpur

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

MickeyM · Joined: 11 May 2009 Posts: 40

Thanks for your reply. Already covered with Critical Illness. Just want basic cover for the bank loan. Can adv which is the cheapest? Very Happy

Gavin_Lim · Joined: 08 Jul 2009 Posts: 93 Location: Kuala Lumpur

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

MickeyM · Joined: 11 May 2009 Posts: 40

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 Very Happy

m.mooby@gmail.com

Gavin_Lim · Joined: 08 Jul 2009 Posts: 93 Location: Kuala Lumpur

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! Very Happy

_________________
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

charmine806 · Joined: 10 Jan 2010 Posts: 4

pratishtha · Joined: 20 May 2009 Posts: 10

the difference between MRTA, MLTA and Term? I am looking for one too, pls adv.
_________________
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Gavin_Lim · Joined: 08 Jul 2009 Posts: 93 Location: Kuala Lumpur

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

p3nang · Joined: 09 Jul 2009 Posts: 69

basumayra0910 · Joined: 18 May 2010 Posts: 3

hello guys ...

its really nice post....

i just liked it....

thanks....
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titann16 · Joined: 05 Jul 2010 Posts: 10

Hi guys, really need more info how is this MRTA n MLTA works, kindly advice

stanyseong · Joined: 08 Jun 2010 Posts: 12

jacob_alex12 · Joined: 01 Dec 2010 Posts: 3 Location: Australia

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

vsharma72 · Joined: 09 Feb 2010 Posts: 3 Location: INDIA

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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