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Thread: MRTA or MLTA

  1. #1
    Mr Smith
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    MRTA or MLTA

    when we are making loan from the banks, it is normal that they will demand us to tie up MRTA with them.

    Hardly consumer realized they have another alternative, namely MLTA to be the substitute for MRTA.


    There are certainly a few advantages for MLTA as to MRTA but if anyone knows about it sharing with our friends will be a good thing to do here, right?:008:
    Estonian Forex 160x600en

  2. #2
    ☆NG Splatterz☆
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    Quote Originally Posted by Mr Smith View Post
    when we are making loan from the banks, it is normal that they will demand us to tie up MRTA with them.

    Hardly consumer realized they have another alternative, namely MLTA to be the substitute for MRTA.


    There are certainly a few advantages for MLTA as to MRTA but if anyone knows about it sharing with our friends will be a good thing to do here, right?:008:
    Mortgage Level Term Assurance (MLTA)

    MLTA is a slight variation from MRTA and offers an alternative for a borrower who is looking for a life insurance which offers protection plus savings and in some policies returns on the premium.

    Premium is paid on a monthly, quarterly, half yearly or yearly basis and the policy holder can choose to have a wider coverage other than death and TPD. The amount of the premium will be determined by the usual factors and the scope of additional coverage.

    Comparison and Features of MRTA and MLTA

    Life-MLTA
    1. Transferable
    This policy is transferable whenever the borrower buys a new property or refinances his loan with another bank.

    Example: Transfer this policy, adjust the sum assured to match the new loan, as many times as you need.

    2. Insurability is Guaranteed
    You purchase only once, with the same sum assured, there is no need to prove your health condition again.

    3. With Savings or Returns (Cash Value)
    Premium paid will be accumulated either as savings or savings plus returns. The cash value can be used to reduce or pays off your mortgage.

    MRTA
    1. Not Transferable
    In most cases, new MRTA policy has to be taken up whenever a borrower changes his properties or refinances his loan with another bank
    Example: 5 yrs later, refinancing at the older age, for same tenure of same loan amount, the MDTA cost is higher.

    2. Insurability is not Guaranteed
    Most of the time every time you finance your property, you have to prove that you are healthy to purchase MDTA.

    3. No Cash Value
    It is an expense with zero cash value at end of the mortgage tenure.

    In lament term with example :
    For example : The applicant name is Ken. He's a 24 male and bought a property for 230k but he only take 100k loan.

    MRTA scenario
    So if he purchase RM100k for 30 years MRTA the premium will be RM2165 and the surrender value from time to time is less and less. So, if anything happen to Ken at 5th year, the benefit he get from insurance com will be RM95299 while 10th year will be RM87319. So at the end, the value will be zero at 30th year.

    MLTA scenario
    If he purchase same RM100k and 30 years MLTA, he needs to pay RM61 every month and gets the level protection. He can choose to pay monthly, quarterly, semi-annually or annually. If Ken is TPD and can't make a source to pay for monthly installment, the benefits he get is RM100k no matter at which year. If Accidental death it would be X 2, the benefits will be RM200k. This is consider savings and you get the level benefits no matter 1st year or 18th or 30th year. Because the surrender value is high and higher. If Ken have nothing happen at 30th year, he can get back the value he prepaid. This is the benefit you get from MLTA. And, Ken is only 24, if he buy a better property, he can bring this MLTA over to that property and extend it.
    ....
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  3. #3
    ☆NG Splatterz☆
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    So MRTA hanya kan cover bila berlaku kematian pada peminjam saja..
    MLTA akan cover jika berlaku apa2 pd peminjam @ CI seperti yg dipersetujui dalam policy..
    ....
    Mudah.my makin susah? bole cuba sini ---> www.diskaun.my percuma saje..

  4. #4
    pang5dalam
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    Quote Originally Posted by faizal_bulat View Post
    So MRTA hanya kan cover bila berlaku kematian pada peminjam saja..
    MLTA akan cover jika berlaku apa2 pd peminjam @ CI seperti yg dipersetujui dalam policy..
    biasanyer bank bagi x kita buat pilihan???

  5. #5
    You'll Never Walk Alone
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    Quote Originally Posted by faizal_bulat View Post
    So MRTA hanya kan cover bila berlaku kematian pada peminjam saja..
    MLTA akan cover jika berlaku apa2 pd peminjam @ CI seperti yg dipersetujui dalam policy..
    dah ada mrta boleh apply mlta ke?
    "Saya menyertai Nogold Speakout"

  6. #6
    ☆NG Splatterz☆
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    Quote Originally Posted by pang5dalam View Post
    biasanyer bank bagi x kita buat pilihan???
    bole wat pilihan tapi bank sedaya upaya akan pujuk untuk amik insurance dia..

    MRTA bayr hanya sekali, pastu duit duit burn dan cover kematian saja..

    MLTA bayar bulanan atau tahunan, cover kematian dan juga 36 CI..

    MRTA kalu buyer mati, umah aka settel hutang..

    MLTA bila buyer mati.. Umah setel hutang dan pampasan kematian pun dapat.. pendek kata umah dapat, duit pun dapat.. kalu sakit jantung dan xdapat keje, pun MLTA cover byran bulanan.. xperlu risau..

    misal kata kita xpernah claim apa2 pun sepanjang tempoh MLTA, end of policies dapat balik duit tu.. sbg saving pun ok..

    TQ
    ....
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  7. #7
    ☆NG Splatterz☆
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    Quote Originally Posted by tennoajak View Post
    dah ada mrta boleh apply mlta ke?
    bule je, buat insurance baru bila refinance umah.. byk kelebihan MLTA ni.. :048:
    ....
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  8. #8
    You'll Never Walk Alone
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    Quote Originally Posted by faizal_bulat View Post
    bule je, buat insurance baru bila refinance umah.. byk kelebihan MLTA ni.. :048:
    kalau loan yg dah ada sekarang boleh ke?

    Pastu kalau rumah 2 nama tapi loan sorang je. Yg tak buat loan tu leh beli MRTA @ MLTA tak?
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  9. #9
    PEACE YO!
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    knape korang x beralih ke MRTT? kan lagik bagus psl ianye berlandaskan syariah...

    just my 2 cents

  10. #10
    ☆NG Splatterz☆
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    Quote Originally Posted by tennoajak View Post
    kalau loan yg dah ada sekarang boleh ke?

    Pastu kalau rumah 2 nama tapi loan sorang je. Yg tak buat loan tu leh beli MRTA @ MLTA tak?
    MLTA cover hanya harga umah tu dan peminjam... misal kata harga umah RM250K, so ejen akan kirala berapa premium dia bulanan atau tahunan..

    letsay limit 250K, mybe bulan2 dlm RM200 (bergantung pada umur,pekrjaan dsb).. mcm biasa insurance ada medical card dsb.. so misal kata terjadi sesuatu kt ko (minta dijauhkan la) insurance ni akan cover semuanye.. pampasan dapat, rumah setel.. family senang je.. umah tu bole refinance balik (dah habis bayar), dpt duit tu campur ngan duit pampasan.. bole start meniaga.. contoh la..

    tidak bg MRTA, hanya cover kematian saja.. kalu eksiden dan cacat kekal, loan sapa nk bayar? sebab borrower dh xbekrja..

    ....
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