Apr 21, 2010

MRTA vs MLTA

MRTA (Mortgage Reducing/Decreasing Term Assurance) or MRTT (Mortgage Reducing/Decreasing Term Takaful)
- Protect the property
- Coverage in term of Death or TPD (Total Permanent Disability)
- Based on reducing term, anything happen to buyer after 10years, the MRTA will cover the rest of the loan.
- One time Lump Sum Payment
- Non-transferable, if you sell the property or refinance it, you have to take a new MRTA policy
- No cash value meaning ZERO cash value at the end of the mortgage tenure
Protect Our Property *from Google
MLTA (Mortgage Level Term Assurance) or MLTT (Mortgage Level Term Takaful)
- Double Protection (can be 2 or 3 properties cover up together)
- Coverage in term of Death or TPD (Total Permanent Disability)
- Special design for Mortgage Loan borrower
- Based on Level Coverage, anything happen to buyer after 10years, the MLTA still cover total amount of your property.
- Transferable, if you sell or refinance it, still can use the same MLTA policy to cover the new property.
- No need to pay One Lump Sum
- Cash Value at the end of the Mortgage Tenure, if your loan 25years, you can withdraw from MLTA after 20years for full early settlement.

Jika sekarang anda merancang untuk mempunyai property yang baru elok jika dipertimbangkan MLTA, atau property yang sudah ada tapi belum lagi mempunyai MRTA. Ingin dapatkan penjelasan lanjut tentang MRTA/MLTA, saya sedia membantu.

7 comments:

  1. good info..nak tanya ni..kalau dah mmg on MRTA boleh ke tukar kpd MLTA? cemana nak buat? & satu lg,TPD mmg dua2 ni cover ke?sb setahu akak MRTA cover death jer..thanx.

    ReplyDelete
  2. ieda,
    nak tukar tu byk kerja sketlah... kena apply for MLTA first lepas tu kenalah buat surat pada bank tuk replace MRTA dengan MLTA, attached with MLTA policy copy.

    kalu amik MRTT (Mortgage Takaful) memang cover death and TPD, plus ada benefit funeral expenses lagi 1k.

    ReplyDelete
  3. Wan, TQ for the useful info.. :-)

    ReplyDelete
  4. thanx wan..nak kena cek balik agreement ni..selalu tak penah bother pun.

    ReplyDelete
  5. Hana: not a problem, sharing is caring

    ieda: kena bother lah lepas ni.... duit yg kita bayar lump sum tuk mrta tu jika dimasukkan dalam mana2 pelaburan yang memberi pulangan tinggi, untung kita.

    Belajar dari kesilapan kan :)

    ReplyDelete
  6. Hmm, After so many years of looking for home loan, only now I know that MRTA/MLTA premium paid burns everytime I refinance or sell house. If I knew about the disadvantages of MRTA/MLTA earlier I would have bought RM1mil worth of life insurance since 2009 to cover any of my property loan until end of my life.

    ReplyDelete
  7. Miss Karen Yong,

    If I can like 1000x your comment!

    ReplyDelete

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