PDA

View Full Version : bank loan approved & MRTA issue



fcloh
10-06-2010, 07:26 AM
hi all, very good morning,

my bank loan approved end of last year and now I got the key ready for renovation....and now the MRTA rejected...any one having this issue?

fRaNkY
10-06-2010, 08:30 AM
Probably they think u r a high risk in insurance (MTRTA)- ie smoker, health problem, family health history or at an advance age... 50+ :D

Meaning that incase something happens to you, your property payments wont be covered. That is your risk.

When I bought my apt, there was no MRTA requirement and when I was aware about MRTA, they also rejected me... but as long as I live till payment finish, no problem. Payment completed. Just remember to cover fire insurance for your property.

You can also look for other "Malaysian" insurance like takaful, maybank, ... they are less stringent. The foreign ones are more parpai.

fcloh
10-06-2010, 08:36 AM
Probably they think u r a high risk in insurance (MTRTA)- ie smoker, health problem, family health history or at an advance age... 50+ :D

Meaning that incase something happens to you, your property payments wont be covered. That is your risk.

When I bought my apt, there was no MRTA requirement and when I was aware about MRTA, they also rejected me... but as long as I live till payment finish, no problem. Payment completed. Just remember to cover fire insurance for your property.

You can also look for other "Malaysian" insurance like takaful, maybank, ... they are less stringent. The foreign ones are more parpai.

aha..thanks Franky. :D

LMei
10-06-2010, 09:14 AM
My insurance agent advice me to upgrade my life insurance instead of getting the MRTA. For MRTA, if nothing happens to you, what you pay is "gone". At least for life insurance, if something happens there's money to pay off the bank loan. If nothing happens, you can enjoy your money upon maturity.

fcloh
10-06-2010, 09:31 AM
My insurance agent advice me to upgrade my life insurance instead of getting the MRTA. For MRTA, if nothing happens to you, what you pay is "gone". At least for life insurance, if something happens there's money to pay off the bank loan. If nothing happens, you can enjoy your money upon maturity.

hi Lmei. thanks for reply...

what you means gone?? means that the loan come with the MRTA ?

for eg: if loan approved is 200k, and with MRTA 220k, means have to pay 220k?

gtl
10-06-2010, 10:23 AM
My insurance agent advice me to upgrade my life insurance instead of getting the MRTA. For MRTA, if nothing happens to you, what you pay is "gone". At least for life insurance, if something happens there's money to pay off the bank loan. If nothing happens, you can enjoy your money upon maturity.

life insurance is much more ex compare to mrta......it is a choice.

ahtal68
10-06-2010, 10:30 AM
Yeah, we used our combined life insurance policy instead of MRTA, banks do consider them... only thing is make sure you change the beneficiary later once loan has been paid off.

Rhiga
10-06-2010, 10:36 AM
My insurance agent advice me to upgrade my life insurance instead of getting the MRTA. For MRTA, if nothing happens to you, what you pay is "gone". At least for life insurance, if something happens there's money to pay off the bank loan. If nothing happens, you can enjoy your money upon maturity.

The need for MRTA is depend on individual, and the bank requirement for loan application.

If the bank doesn’t insist, you don’t need to especially if you think you have adequately insured.

The good thing of MRTA is if you settle your loan earlier, you will get back a portion of the premium which you pay one lump sum earlier.

My opinion is - when you purchase MRTA or any insurance,you don’t want to win.

The best is you “wasted” the entire insurance premium, but safe and healthy at the end.

Cheers