Setia Eco Cascadia

[malpaso]

Public Bank suggest purchasing MRTA -- RM5249 (5 yrs), RM 7920 (10yrs), RM29391 (30 yrs). But based on my online search, some say MLTA or term insurance is better. I'm confused! Anybody care to share your views?

Public bank is the most efficient (ie fastest) but the most 'ngiau' in terms of documentation process and risk management. In fact, I think you're mistaken, it is not "suggest" , I think it is "must purchase". I heard about this MLTA is better from friends too, but somehow I'm not buying the story. Cos you'd be paying a lot more for MLTA and i think it needs to be a certain number of years before you break even the amount of premium paid (if you're taking the type with 'investment' component'). I believe someone else has posted that their insurance in m'sia is not worth it compared to sgp.

Another way is to just purchase the shortest MRTA from public bank (their insurer is AIA) to meet the loan approval requirement. Say MRTA 5 years. Also, you can stipulate a lower amount than the loan. Say "I want MRTA of 6 years for sum of RM500,000 only". One thing you must check (which i havent) is if you purchase an MRTA tenure shorter thn the loan tenure (they allow), what happens if you still servicing the loan when the MRTA tenure ends? Will Public bank force you to purchase another MRTA in future?

I'd go for another bank that doesn't stipulate that I have to purchase an MRTA/MLTA as condition for loan offer, and then proceed to bump up my POGIS in Singapore. That would be way, way cheaper. I gather you are a civil servant and eligible for POGIS?

 

[rosnyus]

yup, a civil servant but have not heard of POGIS though? are you also looking for loans or already secured one? any recommendations?

Have oheard from Alliance and Public Bank so far (just sent in my loan docs to Setia only on Monday though)

 

[malpaso]

No lah i haven't secured . banks still processing. public bank is so far the most on the ball. POGIS= public officer group insurance scheme. If you haven't heard of it, maybe you are a veteran civil servant with >10 year service? cos the newly employed civil servant all on the POGIS scheme. I'm paying something like 30$ for 250K cover and include critical illness too. So if i get a loan wihtout mrta in m'sia, i intend to increase my POGIS cover.

so your side alliance and public have offered you? recommendations - no lah, don't know enough to recommend with confidence. It seems they're all almost the same. But for sure i can say that public bank and ocbc, they have a lot of charges for banking services and it's all more expensive than maybank (which is m'sia largest and local bank). example, sgd cheque clearing, TT, redraw of principal repayment etc are more ex. however, MB is not on the panel for SEC. I'm waiting for RHB, hope their offer is better.

 

[rosnyus]

this is my 11th year haha...

they have contacted me with regards with processing of loan but in terms of the specific details and loan approval not yet. AMBank (paiseh not Alliance) is very troublesome, need a lot more documents.

 

[malpaso]

this is my 11th year haha...

they have contacted me with regards with processing of loan but in terms of the specific details and loan approval not yet. AMBank (paised not Alliance) is very troublesome, need a lot more documents.

check what insurance scheme you are on for your deparmtnet 0and check the insured amount cover for death and TPD.if you have no problem to settle the principal amount you loan in MYR (you know, touch wood, in case something happen) , then you can go for a bank loan that no need insurance requirement. I believe OCBC don't need.

you mean you submit loan docs to Setia? i called and talked to the banks myself. didn't know setia had this 'additional ' service. :(

 

[potter]

something is not right here..wahaha.. Good to liaise with bank(s) banker directly.

 

[Rocker]

something is not right here..wahaha.. Good to liaise with bank(s) banker directly.

Oh! I fowarded all my docs to Setia too. Cos' after I have placed the booking, Setia give me a list of their bankers. However, when I call them (bankers) up, they are all not ready to finance this phase... reason: Not lauched yet. So after weeks, when I went back to Setia office to hightlight this issue, gotten to know they can help to forward to the bank.

 

[malpaso]

Oh! I fowarded all my docs to Setia too. Cos' after I have placed the booking, Setia give me a list of their bankers. However, when I call them (bankers) up, they are all not ready to finance this phase... reason: Not lauched yet. So after weeks, when I went back to Setia office to hightlight this issue, gotten to know they can help to forward to the bank.

same la.. no big diff. but as potter say, you should talk to each banker just to know the differences in their packages offered. But in the end, i found, not really major differences. public bank, for eg, insist you must take an MRTA. OCBC damn laidback, need very little documentation. RHB package seems reasonable and their branch is nearby (austin height). most important is they must allow anytime any amount repayment of principal amount, which i found all of them do.

 

[malpaso]

something is not right here..wahaha.. Good to liaise with bank(s) banker directly.

so, what are the main points you normally ask the bankers? just curious. thanks in advance.

 

[potter]

so, what are the main points you normally ask the bankers? just curious. thanks in advance.

if pretty bankers then ask more questions lor.. otherwise quite standards. friend with bank only in the initial stage, after all, they're bad guys.

 

[Rocker]

if pretty bankers then ask more questions lor.. otherwise quite standards. friend with bank only in the initial stage, after all, they're bad guys. View attachment 10931

LOL.. even for pretty one too?

 

[potter]

LOL.. even for pretty one too?

oh...surely can friends-friends with chio bankers
bank is ugly after all, yioo..

 

[malpaso]

if pretty bankers then ask more questions lor.. otherwise quite standards. friend with bank only in the initial stage, after all, they're bad guys. View attachment 10931

pardon my ignorance, so what are the "quite standard" questions. I wanna make sure I asked the standard questions too, after all, the loan is for a good number of years. So far i asked - allow for capital repayment , BLR-xx, mrta, , tenure, monthly repayment, loan lock in, foreign cheq clearing, account opening fee, ATM branch network, cost for withdraw of repayment of principal, penalty for early repayment, errrm. anything else i missed? thanks in advance.

 

[Rocker]

pardon my ignorance, so what are the "quite standard" questions. I wanna make sure I asked the standard questions too, after all, the loan is for a good number of years. So far i asked - allow for capital repayment , BLR-xx, mrta, , tenure, monthly repayment, loan lock in, foreign cheq clearing, account opening fee, ATM branch network, cost for withdraw of repayment of principal, penalty for early repayment, errrm. anything else i missed? thanks in advance.

Wow! yours is very comprehesive! Some bank might offer Isalmic package.

 

[potter]

pardon my ignorance, so what are the "quite standard" questions. I wanna make sure I asked the standard questions too, after all, the loan is for a good number of years. So far i asked - allow for capital repayment , BLR-xx, mrta, , tenure, monthly repayment, loan lock in, foreign cheq clearing, account opening fee, ATM branch network, cost for withdraw of repayment of principal, penalty for early repayment, errrm. anything else i missed? thanks in advance.

one button, hoot @ banks u love for loan approval.
bang bang bang already..
on top of the above:
check for penalty for late repayment, it may affect yr BLR-xx in the future.
Mandatory for MRTA/MLTA/insurance for some local banks, good n bad. me keep it as simple as possible.

after that.. welcome to PAP club!!

 

[malpaso]

on top of the above:
check for penalty for late repayment, it may affect yr BLR-xx in the future.
Mandatory for MRTA/MLTA/insurance for some local banks, good n bad. me keep it as simple as possible.

after that.. welcome to PAP club!!

tks! me, too , wanna keep it simple. ie. no MRTA if possible! can't vote for PAP, so don't think they welcome me to the club!

 

[malpaso]

Wow! yours is very comprehesive! Some bank might offer Isalmic package.

really, i missed that. i thought islamic package is for bumi or muslims only. how is the pacakge? good? have you enquired? cos OCBC has 'islamic banking'.

 

[potter]

check for disadvantages of islamic loan, do yr maths.

sheep hairs come from sheep body....my england tok kong?

 

[Rocker]

Most banks offer islamic package, but like potter mentioned, need to do the maths. OCBC is one of them.. but this time they are slow on Aurora.

 

[hippoheyhey]

Islamic loan got what disadvantages?