Property Loan \ Refinance 

Please download the checklist file. Documents required for any citizen who would like to apply  property loan , property refinance in Malaysia. * 6 months payslip , bank statement record is required * 
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MLTA , MDTA

Mortgage Life Insurance is an insurance that loan owner purchase when buying a property. It is designed to settle the outstanding loan balance in the event that the borrower dies or suffers from total and permanent disability (TPD) prior of settling the loan.

Basically there are two types of mortgage life insurance that are available in the market. There are Mortgage Decreasing Term Assurance (MDTA) and Mortgage Level Term Assurance (MLTA).

The table below shows the different between MDTA and MLTA.

Purpose

Protection

Transferability


Cash Value


Nomination

Payment


Premium

Example on premium

Example if there is no death or TPD*

Example if there is death or TPD*
Mortgage Decreasing Term Assurance (MDTA)
-Protection

-Reducing Protection throughout the loan tenure.

-Non transferable on New Purchase or Refinance. Premium will increase while age increases.

-Reducing Cash Value throughout the loan tenure. Normally is much lower than Premium, and drop to RM0 at the end of loan tenure.

-Beneficiary is bank

-Lump Sum Payment or financed into Mortgage Loan.


-Low

-One time full payment

-At the end of tenure owner will received RM0


-Insurance company will pay the loan balance to the bank & beneficiary will received the home.
Mortgage Level Term Assurance (MLTA)
-Protection, Saving & Cash Value

-Protection is leveled throughout the loan tenure.

-Transferable. One MLTA can be attached to Any Loan.
 Transferable on New Purchase or Refinance.

-Fixed Cash Value (Guaranteed) throughout the loan tenure. Policy Holder will get back the paid premium in the future.

-Beneficiary can be anyone.

-Payment Mode can be Annually, Semi Annually, Quarterly or Monthly.

-High

-Monthly or  yearly or one time full payment
 throughout the tenure
-At the end of tenure, owner will received total premium paid.


-Insurance company will pay the loan balance to the bank & beneficiary will received the home plus cash

Please download the MDTA and MLTA comparison chart.
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