MRTA with HLA

Chloe came ytrdy to settle the MRTA. I made the payment by HSBC 1st cheque of RM2138 for (15+1)yrs MRTA, issued to Hong Leong Assurance Berhad. Chloe and her bf has bought a 2xstorey terace at Bukit Serdang near to Villa Park. RM255k and lease hold. Well furnished and extended.quite worth it i think although it is a lease hold.

Housing Loan Legal Fee by Yee How & Tan

My case is handled by Eric Lim Chee Kong from Yee How & Tan (Advocate & Solicitor), recommended by HSBC Jennifer Chee. The legal fee is based on the Loan Amount of RM205,920. Eric had handed me a list of charges on the day i signed the Loan Agreement at AH Sales office. The total charges was RM3,950.65. As a 1st property buyer, i'm entitled for a 50% discount (RM525) on the Facility Agreement Stamp Duty (RM1,050) as enforced by Malaysia Government. This charge is considered relatively expensive as compared to the KE Ooi Solicitor which quoted me for OCBC loan. This is because for KE Ooi, i was entitled for a 30% (RM567.43) discount for Facility/Loan Agreement cum Assignment Fees under the 4th Sch. SRO 2006.

I had called up Eric to ask about this issue and he has come back to me yesterday. He said this is applicable and the Legal fee that i need to pay was RM2,868.22. I have made the payment to Yee How & Tan this morning by transfer to their CIMB acc (14220011362050) thru Maybank2U (1348821713). Payment has been received and Eric will proceed the Loan asap. Still i think i will ask for the list of charges and receipt as well. Eric sounds nice and helpful.

Letter from Premier Consortium

Received a registered letter from AH developer, Premier Consortium on 30/10.The letter dated 14/10 is mainly issued to the HSBC Bank to ask for progressive disbursement of roughly 50% (100k plus).Together was the letter for 10% down payment of RM28,800 but since AH marked up the price so that i can get a 100% loan, attached was another receipt stated a RM22,000 discount. So eventually i still need to get back RM200 from the developer since i have made a RM1k deposit. Will need to refer to the AH when will i get my $$ back. The receipt upon receptance of my RM1k deposit was attached as well.

The due for the bank to release payment will be on 16/11 which is 21 working days later. I have contacted Eric from yeehow & tan, solicitor for my bank loan. He will follow up on behalf and will notify me when everything is ready. I'm worry because once the payment is late, a penalty of 10% per annum will imposed and it is bared by the borrower,Me...will follow up again with Eric and Jennifer from HSBC...today is 5th already..

MRTA

Finally we decided to take on HLA MRTA with Chloe superial, Cathryn for 15yrs. She will prepare the agreement for me and i need to prepare the cheque for the payment of ard RM2k. I told her the cheque will only be ready by next week as my cheque is with my father. I have asked her to sms me the exact amount of the MRTA. The cheque is to be issued to HLA as written on Cathryn's name card.

Another 2k goes off easily...haha

MLTA vs MRTA II

Met up with Cathryn from HLA. Basically the plans are as below:
MRTA:RM200k
10 years = RM1,532
15 years = RM1,938
MLTA:RM200k
Monthly = RM164.68
Quarterly = RM494.03 (discount 1%)
Semi-Annually = RM964.53 (discount 2%)
Annually = RM1,882.00 (discount 3%)

Cathryn claims HLA having the best MLTA package among its competitors.


Fui Woon helped to get the quotation from Prudential as well:

MRTA: (RM205,920)
12years = RM1381.72
15years = RM1999.48

Prudential package seems cheaper for 12yrs MRTA. as for MLTA, not sure bout it..


Promise to get back to Cathryn by next week.

HLA - MRTA vs MLTA

Catherine from HLA called up on behalf of Chloe regarding the term assurance. She adviced me to go for MLTA as MLTA is relatively worthy as compared to MRTA. As calculated by her, for RM200k MLTA would only cost me RM160+/month. While for MRTA, it would cost me RM5k in 1 lump sum. The earlier i sign up for MLTA, the cheaper the payment. For MLTA, it will be the same monthly payment for the whole tenure if i were to sign up now. It is something like the insurance. I was worried about the high monthly payment as FP will only join me for the payment as early as next yr. But Catherine told me that with the lump sum of RM5k, i would be able to divide it into monthly payment for MLTA which would be enough for me to pay for years till FP financially stable. What she said has solved my worries as initially when i known about the Term Assurance, i was more into MLTA. I will further discuss with FP. Most probably we will go for MLTA.

I have made an appointment to meet up Catherine on next monday (12/10) at McD Petronas Sg Besi. Her contact no is 012-6780160.

HSBC Housing Loan

We have signed the Loan Agreement with HSBC. PIC from HSBC is Jennifer Chee and Eric Lim from Yee How & Tan Solicitor. The details for the Loan agreement would be:

1. Loan amount = RM205,920
2. Interest Rate = BLR - 2.25 %
3. Loan Period = 30years
4. Monthly Admin Fee = RM10
5. Cheque Book = RM7.50/50pcs
6. RM100 for Mortgage Account Opening
7. Lock in period = 7 years
8. Monthly payment = RM902 (BLR = 5.55%)

The legal fee is around RM3950+ before the 1st buyer 50% discount. After discount would be ard RM3.5K...

The loan is considered settled. Now just wait for further notice...

AJ...

OCBC Home Loan

Received the home loan quotation from OCBC Quines Lai. The offer is as below:

1. Loan amount of RM205,920
2. 1-36mth:BLR - 2.% ; subsequent 323mths :BLR - 2.3% ; 324th mth full settlement
2. Monthly Repayment (BLR=5.55%) = RM930 for 1-3yrs; RM896 for 27yrs
3. Total Interest Paid = RM120,789, Total Installment = RM326,709
4. 5 yrs lock in period
5. Semi Flexi Plan - extra deposite of money in its account will deduct of the principal itself.
6. Redraw of money with 3days notice, RM10 admin charge incurred, and no limit of amount but within facility limit.

HSBC Home Loan

Received HSBC quotation from Jennifer Chee.HSBC offers HomeSmart Flexi Loan.

HomeSmart:
1. Loan amount of RM205,920 with BLR - 2.2% = 3.35%
2. Monthly Repayment = RM908 for 30yrs (BLR=5.55%)
3. Total Interest Paid = RM120,789, Total Installment = RM326,709
4. 7 yrs lock in period
5. Flexi Plan with current account, ATM, Cheque book, Phone and internet Banking.
6. Redraw of money with no notice, no charges incurred, and no limit of amount but within facility limit.

CIMB Home Loan

FP's friend, Chloe met us last thursday to explain to us about the CIMB Islamic Flexi housing loan for our AH2..The important parts are:

1. Lock in period of 5 years - means only after 5years from 1st disbursement only the property can be sold else a penalty will be charged (3% of loan)..
2. Max BLR is 10.xx% which equal to 7xxk.
3. Repayment for 1-36months after loan approval is RM6xx which is the interest only while from 37 onwards will be 98x.
4. BLR-2.0%

For Mortgage Term Assurance, still yet to be decided. But this is optional...

MLTA vs MRTA

Mortgage Reducing Term Assurance (MRTA) or Mortgage Decreasing Term Assurance (MDTA)

MRTA or MDTA is a reducing term life assurance specially designed to protect a loan borrower against death or TPD (total permanent disability) due to natural or accidental causes. Some lenders will allow you to finance and add the premium to your home loan (up to a certain percentage of your loan amount).MRTA or MDTA is a simple insurance policy and has become a common and acceptable policy taken up by the borrower whenever he takes up a mortgage loan. The premium is paid upfront in one lump sum. Some lenders will finance and add the premium to your loan. The borrower can choose the amount and tenure of the coverage and the amount of premium will be determined by these factors as well as his age and gender. Banks normally encourage the borrower to take up this policy by giving better pricing on their interest rates if the borrower signs up a MRTA or MDTA policy.To the borrower this is relatively a hassle free, affordable and necessary policy as their mortgages are covered in the event of any unfortunate incident that may caused death or TPD.


Mortgage Level Term Assurance (MLTA)

MLTA is a slight variation from MRTA or MDTA 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 MDTA and MLTALife

-MLTA

1. TransferableThis 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 GuaranteedYou 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 TransferableIn most cases, new MDTA policy has to be taken up whenever a borrower changes his properties or refinances his loan with another bankExample: 5 yrs later, refinancing at the older age, for same tenure of same loan amount, the MDTA cost is higher.

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

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



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.


Info taken from http://forum.lowyat.net

OCBC Ms Lai

Aptment with OCBC Ms Lai regarding Mortgage Loan ytrday. She promised to sms me her hp but didn't. I have tried everything, called the no displayed when she called me on Wed but that was the office and the lady answer saids she doesn't work directly with OCBC. Then call the Yee Yin on the OCBC Brochure taken from AH2. No tone. Just when i started to give up and wanted to try my luck driving to McD Petronas Sg Besi, she called. I wanted to confirm which McD with her but she stays in Puchong and she is not familiar with the area. I was sure that she has told me she wanted to meet me up at Mobil McD Mint Hotel. Well, i asked to meet at McD Petronas Sg Besi.

Aptment at 12pm and she was quite late. I was sitting inside McD and wondering who will i be meeting with. I had a look at every OL look female that passed by or enter McD. Could her be this Auntie, or that young lady, and so time flies. Almost half an hr i had been sitting there. luckily i had ordered my lunch and i was just taking my time.

Finally, she called and she told me that she was at Mobil McD. I taught her hw to get to here although it is just 2km away. Gosh,she is so not familiar with this area. Finally she showed her face in a Red blouse and Black skit, and of course,high heel. Heavy make up also but i'm pretty sure that she is just ard my age. After passing her the docs she wants, she tried to explain to me whats the difference between Mortgage Reducing Term Assurance (MRTA) and Mortgage Level Term Assurance (MLTA).

She is actually an outsourced agent which means she doesn't represent OCBC directly. Anyhow, she told me that once you have signed the S&P (Sales and Puchase) agreement, you will need to decide which bank and loan you have chosen within 2 weeks time. Her advice is, don't sign the S&P yet. OCBC offers semi-flexi housing loan which differs from total flexi loan. Semi does'nt offer current account and cheque book and ATM. One who wish to withdraw $$ from the account would need to give OCBC 3 working days to process. Full flexi will be the other way round, with cheque book,ATM and current acc.

Well, our aptment ended ard 1pm and i was already late for my work.

OCBC Housing Loan

OCBC Ms Lai called up today. Sam faxed our information to her and the documents she received are not clear. She requests to meet up tomorrow to pass her another copy of photostated IC and EA form. She also asked for more supporting document such as fixed deposit or bank account to show that i'm 'rich'. haha. So i will meet her up 12pm at McD tmr which i have forgotten izzit the McD Mint Hotel or Petronas. She said will send me her contact no but till now i haven't received any sms from her.

Haven't brought my family to see the show house yet. Hmm...i'm not a fillial son.

Housing Loan and Feng Shui

Received call from HSBC Housing Loan Agent,Jennifer in the morning.she will prepare us a proposal and explain to us at AHII soon.HSBC offers total flexible loan.i have heard about fixed loan as well,offered by insurance company.i wonder would it be better to have a fix one.Hmmm...

Visited some website about the fengshui as well.dun reli understand what they mean.mayb i will buy a book for it.8 mansion and bla bla bla.mayb will go for Joey Yap website and books.

started to do my budget plan for reno and general deco.From main entrance up to balcony,can't really afford costly things.will try to go for useful things 1st.start to imagine i carpent some of my deco.

Well,is all about $$$...