Should You Buy A House in Year 2022July 24, 2020 / 0 comments / 156 views / Tags: Article, market Info / Category: Articles, Lifestyle
To Buy a Home 2022
The start of a new decade often spurs people on to make financial decisions and goals, and if one of yours is to buy a house, you may be wondering whether 2022 is the right time to do so. The answer? It may depends.
Should i buy an investment property 2022 ?
Whether now’s the right time to buy a home should largely boil down to mortgage rates, low inflation, housing market inventory and your personal financial circumstances, Mortgage rates are recorded at an all-time low, 3.301% BR on a 30-year fixed mortgage.
Keeping the above in mind, this year could be the right one to buy a home .
Advantage when you
- You have good credit. Though it’s possible to qualify for a mortgage with a lower credit score, the higher yours is, the more likely you are to get approved for the most competitive rates available. And that could be your ticket to making home ownership more affordable.
- Your current debt load is manageable. Your debt-to-income ratio measures your monthly debt obligations relative to the income you bring in. The lower it is, the greater your chances of getting approved for a mortgage.
- But home loan approval aside, having less debt means you’re better equipped to take on the expense of a home, so rather than focus on that ratio alone, think about how you’re managing the debts you already have. If you can pay them easily, then taking on more debt in mortgage form is something you can likely swing, but if you’re already struggling, you may want to hold off.
- You have a solid amount of savings. You need savings to not only make a down payment on your home but also to keep up with its ongoing costs and buy yourself protection in the event of unplanned repairs. Ideally. On top of that, you should have enough money left over to cover three to six months of essential living expenses, housing costs included.
- You have a steady job. If you’ve been with the same company for years, have a good reputation, and have reason to believe your job is stable, then this year may be a good one to buy. But if you’re not confident in your job situation, it definitely pays to wait a few years, get settled at a new company or in a new career, and then move forward with your home buying plans.
Home Ownership Champaign 2019January 29, 2019 / 0 comments / 210 views / Tags: Article, market Info / Category: Articles
Home Ownership Champion 2019
Under home ownership campaign 2019 Minister of Finance, YB Mr Lim Guan Eng announce that during the tabling of Budget 2019 last November whereby Malaysian house-buyers will be exempted from stamp duties for purchase of residential units made between January to June 2019 under home ownership campaign 2019.
Developers will also offer attractive discounts and packages for house purchases made during the period. HOC is open to all home buyers to encourage property ownership and stimulate the Home ownership Campaign.
Conditions for Registration of Residential Properties for Purpose of Stamp Duty Exemption
- Stamp duty exemptions are given for residential properties which are sold during the period between 1 January 2019 to 31 December 2019.
Eligibility for Exemption
- Only ‘residential properties’, defined as houses, condominium units, apartments and flats including service apartments built and used as dwelling houses – with valid Developer’s Licence (DL) and Advertisement and Sale Permit (AP) or CCC (where applicable) are eligible to register, all other property types are not included in this exercise;
- The service apartment must be for residential use only and cannot be converted for commercial activities;
- Property prices : RM300,001 to RM2.5 million (before discount);
- It must be a sale from a developer to a purchaser or co-purchasers, all of whom are Malaysian citizens;
- The stamp duty exemptions are applicable for the purchase of residential unit/s for Sale & Purchase Agreement executed between 1 January 2019 to 30 June 2019;
- A minimum of 10% discount (from selling price) is applicable to all units that are not subjected to government price control.
- Eligible properties in Peninsular Malaysia must be registered with REHDA Malaysia. Eligible properties in Sabah and Sarawak must be registered with SHAREDA and/or SHEDA respectively;
- The stamp duty exemption is applicable to the following in relation to the purchase of residential property by an individual Malaysian citizen
Instrument of transfer
House Price for first RM100,000 = Exempted
RM100,001- RM500,000 = Exempted
RM500,001 – RM1,000,000 = Exempted
RM1,000,001 – RM2,500,000 =3%
Instrument on securing Loan are exempted up to RM2.5 mil
- HOC 2019 is an initiative by the Government stimulate the housing sector. As such, the Government offers stamp duties exemptions on Instrument of Transfer and Instrument on Loan Agreement.
2) The Campaign is open to ALL Malaysian individuals.
3) The Sale and Purchase Agreement (SPA) must be signed within the Campaign period.
4) Exemptions are applicable only for residential properties (including serviced apartments) that are completed or under construction, and governed by the Housing Development Act with valid developer’s license (DL) and advertisement and sales permit (AP) and/or Certificate of Completion and Compliance (CCC).
5) Only residential properties in the primary market are eligible for the stamp duties exemptions, thus sale must be from a developer to a purchaser.
6) A minimum 10% discount must be given by the developer, provided that the residential units are not subject to Government price control.
*The discount is given based on approved APDL pricing and must be reflected in the SPA.Eligible properties in Peninsular Malaysia must be registered with the Real Estate and Housing Developers’ Association (REHDA) Malaysia, while eligible properties in Sabah and Sarawak must be registered with Sabah Housing and Real Estate Developers Association (SHAREDA) and Sarawak Housing and Real Estate Developers’ Association (SHEDA) respectively.
Sale And Purchase AgreementOctober 8, 2017 / 0 comments / 4578 views / Tags: Article, market Info / Category: Articles
Sales And Purchase Agreement A sales and purchase agreement (SPA) is a legal contract that obligates a buyer to buy and a seller to sell a product or service. SPA’s are found in all types of businesses but are most often associated with real estate deals as a way of finalizing the interests of both parties before closing the deal.
While purchasing a property, one will not feel secure by merely signing only the Letter of Offer and Letter of Acceptance, notwithstanding the vendor or the purchaser. This insecure feeling of will persist until the signing of the formal agreement – Sale and Purchase Agreement (‘SPA’). SPA is the main contract governing both parties and setting out the details like the agreed purchase price, conditioning precedents to be fulfilled, the payment manner, the details of the property, loan, the manner of delivery of vacant possession and any other arrangement in this buy sell event. Therefore, it is utmost important to understand every detail in the SPA because you are bound by whatever you sign.
This article will focus on the salient items in a SPA. There is no such thing as a standard SPA as the spirit of an agreement is to set out the terms mutually agreed by the parties. The purchase price is fixed upon signing the Letter of Offer, but the bargaining process continues during the period before the SPA is signed. The good news for home buyers in Peninsular Malaysia is where the lawmakers have laid down a set of SPA terms for the Developers to adopt in the Housing Development (Control and Licensing) Regulation 1989. The developers may only amend the stipulated SPA if they are offering better terms, ie. shorter delivery of vacant possession period or longer defect liability period. Although this set of SPA is only applicable when one buys residential properties from developers, it also serves as a good guideline for all other SPA terms to follow, ie. buying commercial property from developers, buying any property from sub-sale market. As a result, it will absolutely cut down the people who go to court due to the ambiguity of the SPA signed.
The most important factor in the SPA will be the manner of payment, regardless the vendor or purchasers. Purchasers must know the manner of payment of purchase price not only to manage his/her finance but also not to incur penalties by accidentally/unintentionally breaching the terms in the SPA. Purchasing a residential property from developers, the billing stages are stipulated clearly in schedule 3 of the SPA. The manner of payment in a sub-sale agreement will be less complicated as the transaction period is shorter and the property is usually ready for delivery. The common process will be the first 2-3% as a booking fee upon signing the Letter of Offer, the remaining 10% deposit is due during the signing of the SPA, then the remaining purchase price of 90% to be settled within 3 months after signing the SPA. In some events, it may be automatically extended for a further 1 month by incurring late payment interest. As mentioned, there is no standard SPA, one may decide to deviate from the norm if it is agreed by both parties.
What purchasing a property, your next major concern will be the time you can get the vacant possession. Vacant possession is a legal term that means the property is in a state fit to be occupied. In simpler words, this means the delivery of access keys and cards to your newly purchased property. For residential development by developers, vacant possession has to be delivered within 24 months for landed property and 36 months for high rise stratified building. On the other hand, delivery of vacant possession for sub-sale is usually 3 – 5 working days after the purchaser settle the full purchase price. The SPA is subjected to the tenancy when the purchaser is purchasing a tenanted unit. The purchaser will be getting the legal possession as the owner of the property but not the keys to the unit. Effectively, the rental and deposits shall be delivered to the purchaser by way of assignment of tenancy.
If you have purchased a house in secondary market, you will not notice the ‘Defect Liability Period’ clause in the SPA. A defects liability period is the warranty period which the Developer is contractually obliged to repair the defects which have appeared within the period of time due to defective in construction works and material. Contrary to the privilege of having developer’s warranty, the purchase of sub-sale properties requires sufficient due diligence of the purchaser when viewing and inspecting the property before entering into the SPA. Due diligence includes checking every part of the house especially sewage, piping, leakage, electrical appliances, rooting and any other fixtures and fittings to prevent any undesirable situation arise. Should the purchaser require the repair of anything prior to vacant possession, the purchaser shall make sure his/her lawyer inserts this in the SPA.
Be meticulous, be scrupulous. Do not make assumptions but make sure. No purchaser will want to jeopardize his/her deal or ruin your happiness due to your own carelessness. It is always prudent for the parties to inform their lawyer accordingly of their intentions and to enquire the available protection for anything that matters in the sales and purchase transaction during the drafting of the SPA, not after signing on the dotted line.
Signing the Letter of Offer, Sales & Purchase and Loan Agreement
Signing the Letter of Offer
Upon selecting the bank which provides the best offer, the borrower will then need to sign the Letter of Offer. Both parties will need to agree on the price, and upon agreeing to sign the Letter of Offer, the borrower will then need to pay a deposit of 2% to 3% of the purchase price.
The deposit of 2% to 3% is usually paid to a neutral party, often an agent as a stakeholder account. The agent is often referred to as an escrow agent – a grantee.The remaining amount of the purchase price, which adds up to 10%, is usually paid after the Sales & Purchase Agreement is signed.
Signing of the Sales & Purchase Agreement
Following the Letter of Offer, the purchaser will next need to sign the Sales & Purchase Agreement (SNP/SPA). The property buyers are usually given a period of between 2 to 3 weeks to sign the S&P agreement, otherwise they will need to ask the bank for an extension of the Letter of Offer.
Within the time period allocated, the property buyer’s lawyer will need to draft the SNP, conduct the relevant title searches, and get both the buyer and the seller to agree to the various clauses. Upon both parties reaching an agreement, the SNP will then need to be signed in front of the lawyers. A few copies of the SNP will be created, which the purchaser will need to sign all the copies.
It is during this period that the remaining of the downpayment will need to be paid. So if the purchaser has already paid the 2% or 3% during the Letter of Offer stage, they will now need to pay the balance.
The typical causes of delay in this stage is when the money for the balance is stuck in a Fixed Deposit account, or is located overseas. In these situations, there might be delays in transferring the money back to Malaysia to make the payment.
Upon receiving the balance of the money, the purchaser will then need to sign all the S&P copies. However before signing, the purchaser will first need to ensure that all the salient details are accurate. The details that should be checked and must be correct .
Signing the Loan Agreement
Upon signing the S&P which dictates the terms between the buyer and seller, the next document that the purchaser will need to sign is the Loan Agreement. The Loan Agreement is the agreement that is signed between the purchaser and the bank. This document will state all the terms of the loan. The Loan Agreement is usually skewed to the bank’s interest, protecting the bank.
The costs of creating this document will however be borne by the purchaser.
If necessary, a Deed of Mutual Covenant will also have to be signed. The Deed of Mutual Covenant (DMC) is an agreement that is usually applicable only to multi-unit or multi-storey building. It regulates the rights of the owners, and all the subsequent owners of the unit.
Another document that the purchaser may need to sign is the Memorandum of Transfer (MOT). The MOT is a document that is signed to change the ownership of the unit from the previous owner to the next owner.
Purchasers of completed sub-sale developments will be able to sign the MOT immediately – which will require payment – while purchasers of developments still under construction will need to wait for the development to complete, and wait for approximately 6 months before they will be able to sign the MOT.
Review of The Harve Bukit JalilJune 8, 2017 / 0 comments / 373 views / Tags: market Info / Category: Landed property
The Havre Bukit Jalil
A 99-year leasehold land spanning 3.58 acres in Bukit Jalil will bear witness to the development of The Havre, a fully residential high-rise property by Aset Kayamas.
There will be 1,052 units offered in total for The Havre, spread between two blocks towering at 40 storeys each. Having two built-up choices of 1,023 sq ft and 1,239 sq ft, the selling price starts from an average price per square foot of around RM550 which translates to a listing price of about RM580,000.
The Havre wins in scoring a cheaper entry price and having bigger built-up offerings but loses in terms of being a leasehold development, and having a higher number of units. Nevertheless, everyone can agree that for this part of Bukit Jalil (all three projects are developed in the vicinity of Bukit Jalil City), the homes bear premium prices.
The Havre Bukit Jalil is situated at surround of The Centre of Bukit Jalil.
Its located within walking distance to Lai Ming Chinese School, Pavilion Bukit Jalil, LRT Station
Malaysia Property InsightFebruary 8, 2017 / 0 comments / 11292 views / Tags: Article, Lifestyle, market Info / Category: Articles
Mаlауѕiа real estate
Malaysia property аnd construction induѕtriеѕ соntinuе tо аdvаnсе thе country есоnоmу, аѕ wеll as its social dеvеlорmеnt.
Mаlауѕiа есоnоmу iѕ аt a реriоd tо grоw sustainability, еvеn during a glоbаl ѕlоwdоwn.
whiсh, аѕ well as attracting global investment, аlѕо mаkеѕ social development a rеаlitу.
SOME FACTORS THAT AFFECT PROPERTY VALUE IN MALAYSIA.
Lосаtiоn iѕ thе mаin fасtоr thаt will аffесt thе рrореrtу vаluеѕ in Mаlауѕiа. for those рrореrtу which iѕ сlоѕе tо school, shopping mаll, bаnk, trаnѕроrtаtiоn facility, hоѕрitаl, rеѕtаurаnt, сhurсh, temple, аirроrt оr any оthеr рlасеѕ that саn рrоdivе соnvеniеnсе tо thе реорlе staying at thаt area, thаt раrtiсulаr рrореrtу will definitely has a higher vаluе then others.
Thе рrinсiрlе оf ѕuррlу аnd dеmаnd rеfеrѕ to the ability оf people and thе рrореrtу vаluеѕ will bе driven up bу thе condition оf high dеmаnd соuрlеd with a certain purchasing роwеr аnd a ѕhоrt ѕuррlу due to the ѕсаrсitу оf land.
In соntrаѕt, thе рrореrtу values will experience a drop when реорlе dеmаnd are lеѕѕ .
Thiѕ high lеvеl of population density рutѕ competing рrеѕѕurе оn land uѕе whiсh rеѕultѕ in thе riѕе оf property рriсеѕ as dеvеlореrѕ will рut more expensive price tags on their рrоjесtѕ due tо thе high-lаnd costs. Bеѕidеѕ, thе lurе аѕ a tоuriѕt dеѕtinаtiоn and a ѕесоnd hоmе for fоrеign rеtirееѕ iѕ аlѕо one оf thе factors thаt rеѕultѕ in a grеаtеr dеmаnd оf Pеnаng рrореrtу. Aѕ a rеѕult, the ѕhоrt ѕuррlу due tо scarcity оf land аnd thе high demand frоm both fоrеign аnd lосаl buyers iѕ thе mаin reason whу Pеnаng рrореrtiеѕ рriсе аrе high аѕ compared to say, Kelantan.
A property рlасеd near a bоdу оf wаtеr саn fetch уоu a hаndѕоmе price соmраrеd to a рrореrtу which is not. A рrореrtу fасеd with a rоаd junсtiоn оr built аt a dead-end road can have a lоwеr рriсе аѕ compared to another рrореrtу in thе ѕаmе аrеа whiсh is nоt. In thiѕ wау, people will соnѕidеr саrеfullу thе роѕitiоn аnd placements оf thе рrореrtу which in turn mаkеѕ a wеll рlасеd оr well designed рrореrtу mоrе аttеntiоn-gеtting аnd fаvоrаblе.
Thе government’s intrоduсtiоn аnd revision оf itѕ рrореrtу rеlаtеd policies аlѕо played a kеу rоlе in determining thе value of рrореrtiеѕ. The еxеmрtiоn revision оf real рrореrtу gains tax (RPGT) hаѕ increased thе intеrеѕt оf a ѕmаll group оf people on thе рrореrtу market.
Malaysian gоvеrnmеnt iѕ рuѕhing out a ѕеriеѕ оf inсеntivеѕ tо mаkе its рrореrtу mаrkеt mоrе attractive tо fоrеign invеѕtоrѕ whо will еvеntuаllу bring in external cash flows. Bоth of these асtiоnѕ have еnhаnсеd the рrореrtу vаluеѕ. In addition, thе build thеn sell (BTS) соnсерt has been rеviѕеd. It has inсrеаѕеd thе confidence оf buуеrѕ аnd created dеvеlореrѕ who аrе mоrе соnѕеrvаtivе leading to higher value оf рrореrtу.
inflаtiоn аlѕо hаѕ аn imрасt оn рrореrtу values in Mаlауѕiа.
At itѕ mоѕt basic level, inflation is ѕimрlу a rise in рriсеѕ and a fаll in thе рurсhаѕing vаluе оf mоnеу.Lеt’ѕ take аn еxаmрlе; again using Pеnаng whеrе thеrе is a news (year 2015) announced that “thе ѕеlling price оf рrореrtiеѕ in Penang will soon ѕurgе by 5%-10% following thе rесеnt mоvе bу Lаfаrgе Malayan Cеmеnt tо rаiѕе сеmеnt рriсеѕ bу about 6%”, ассоrding tо thе Pеnаng hоuѕе developers.
A hikе in cement рriсе simply means the рriсе оf соnсrеtе rооf tilеѕ, сеmеnt ѕаnd briсkѕ аnd all thе оthеr сеmеnt-rеlаtеd рrоduсtѕ will riѕе. On аvеrаgе, 50% of building mаtеriаlѕ uѕеd in рrореrtу dеvеlорmеnt соmрriѕеѕ сеmеnt аnd сеmеnt rеlаtеd products.
Therefore, ѕuсh inflation will leads tо аn increase in соnѕtruсtiоn соѕtѕ аnd thе buуеrѕ аrе the оnе whо ultimаtеlу bеаrѕ the cost. Bеѕidеѕ, thе inflаtiоn also has bееn caused bу thе trаnѕроrtаtiоn and lаbоr соѕtѕ that are inсrеаѕеd nationwide.
Lastly, thе vacancy lеvеlѕ will аlѕо have a ѕignifiсаnt соntributiоn tоwаrdѕ the рrореrtу values in Mаlауѕiа. Fоr illuѕtrаtiоn, when thе unеmрlоуmеnt rаtе iѕ high, the buyers and invеѕtоrѕ will not hаvе enough capital to invеѕt in a property сrеаting a ѕituаtiоn of ѕtrоng rеntаl ѕаlеѕ. In соntrаѕt, thе lоw unеmрlоуmеnt rаtе will mоtivаtеѕ thе buуеrѕ аnd investors tо involve themselves in рrореrtу investment асtivitу eventually lеаding tо a higher рrореrtу vаluеѕ
REAL PROPERTY GAIN TAX MALAYSIAJune 8, 2016 / 1 comment / 17737 views / Tags: Article, market Info / Category: Articles
Gains tax act 1976 the Real Property Gain Tax (RPGT) is a tax chargeable on the profit gained from the disposal of a property’s in Malaysia which is payable by a seller.
Malaysia Real Property Gain Tax
For example, A man bought a piece of property in year 2000 at a value of RM500,000. Subsequently, A man sold the property to A girl at the value of RM700,000 then the RPGT is calculated for RM200,000 profit gaining from the disposal of the property.
Deductible of gain tax after
- Renovation costs
- Stamp duty
- Valuation fees
- Legal fees, Agent fees
Malaysian & PR (Individual)
- Disposal within 3 years from purchased 30%
- Disposal 3 to 4 years from purchased 20%
- Disposal 4 to 5 years from purchased 15%
- Disposal after 5 years from purchased Nil
Malaysian & PR (Company)
- Disposal within 3 years from purchased 30%
- Disposal 3 to 4 years from purchased 20%
- Disposal 4 to 5 years from purchased 15%
- Disposal after 5 years from purchased 5%
Tax Rate of RPGT for foreigners (individual)
- Disposal within 5 years from purchased 30%
- Disposal after 5 years from purchased 5%
- An individual will be given an exemption equal to Rm 10,000 or 10% of the chargeable gain, whichever is greater.
- Malaysian citizen and permanent resident will be entitle once in a lifetime exemption on any chargeable gain arising from the disposal of his private residence
- Transfer and transmission from deceased to beneficiaries
- Transfer between Spouses, parent and child, grandparent and grandchild
- Transfer to trustees.
PRIMA 1, ONE MALAYSIAN HOUSING SCHEMEJune 8, 2016 / 0 comments / 8953 views / Tags: market Info / Category: Articles
Develop high quality homes and shape integrated community facilities for middle-income Malaysian under One Malaysian Housing Scheme .
What is it?
PR1MA, short for skim Perumahan Rakyat 1Malaysia (1Malaysia People’s Housing scheme), is a program-me to build more affordable housing for Malaysian citizens. It was launched by Prime Minister Najib Tun Razak in July 2011, and established under the PR1MA Act 2012. It is managed by the government-owned Perumahan Rakyat 1Malaysia Berhad (PR1MA Corporation Malaysia) under the Kementerian Perumahan dan Kerajaan Tempatan (Ministry of Housing and Local Government).
Why was it introduced?
PR1MA aims to provide high quality yet affordable housing for middle-income households. The housing developments under the PR1MA programme are located in major cities and towns across Malaysia, and provide greater ownership as well as improving quality of life among the people.
Where can you find PR1MA housing?
Currently there are approximately 86 PR1MA development projects all around Malaysia (based on the number of projects listed in their website), located in key urban areas of different states. Some are already closed, but many others will soon be open to applicants, so it’s best to check back every so often to see if any developments in your desired area are available. Some notable locations include Ampang Jaya (KL), Seremban, Melaka, Johor, Pulau Pinang, Ipoh, Sungai Petani, Pasir Puteh, Kuala Terengganu, Sandakan, and Kuching, among others.
How much do PR1MA homes cost?
Houses built under the PR1MA programme vary in size and type to suit different household needs. As such, they are priced between RM100,000 to RM400,000 in order to fit the budget of low- and middle-income citizens.
What are the criteria to be eligible for the PR1MA scheme?
Applicants must fulfill 4 basic requirements in order to be eligible for PR1MA:
- Must be a Malaysian citizen
- 21 years of age and above
- Individual or household income between RM2,500 – RM15,000
- Own no more than 1 property, if any
How can I apply for PR1MA housing?
If you fulfill the basic requirements to be eligible for the programme, just head on over to the PR1MA website. Simply register for an account, upload the required documents, apply for developments that you are interested in, and wait for the balloting results to see if your application is successful. If you have been chosen, congratulations are in order, but even if you aren’t, don’t give up and try again for other PR1MA developments or other government housing schemes!
在一个马来西亚住房计划下，为中等收入的马来西亚人开发高质量的住宅并塑造综合社区设施。 PRIMA 它是什么？ PR1MA，skim Perumahan Rakyat 1Malaysia（1Malaysia People's Housing scheme）的缩写，是一项旨在为马来西亚公民建造更多经济适用房的计划。它由首相纳吉布敦拉扎克于 2011 年 7 月发起，并根据 2012 年 PR1MA 法案成立。它由政府拥有的 Perumahan Rakyat 1Malaysia Berhad（PR1MA Corporation Malaysia）管理，隶属于 Kementerian Perumahan dan Kerajaan Tempatan（住房和房地产部）。地方政府）。
为什么介绍它？ PR1MA 旨在为中等收入家庭提供高质量且负担得起的住房。 PR1MA 计划下的住房开发项目位于马来西亚的主要城镇，并提供更大的所有权并提高人们的生活质量。 您在哪里可以找到 PR1MA 住房？ 目前，马来西亚各地约有 86 个 PR1MA 开发项目（基于其网站上列出的项目数量），位于不同州的主要城市地区。有些已经关闭，但许多其他的很快就会对申请人开放，所以最好每隔一段时间检查一下，看看你想要的区域是否有任何可用的开发项目。一些著名的地点包括安邦再也（吉隆坡）、芙蓉、马六甲、柔佛、槟城、怡保、双溪大年、巴西富地、瓜拉丁加奴、山打根和古晋等。
PR1MA 房屋的价格是多少？ 在 PR1MA 计划下建造的房屋大小和类型各不相同，以适应不同的家庭需求。因此，它们的价格在 RM100,000 至 RM400,000 之间，以适应中低收入公民的预算。 符合 PR1MA 计划资格的标准是什么？ 申请人必须满足 4 项基本要求才有资格获得 PR1MA： 必须是马来西亚公民 21岁及以上 个人或家庭收入介于 RM2,500 – RM15,000 拥有不超过 1 处房产（如果有） 如何申请 PR1MA 住房？ 如果您满足该计划的基本要求，请前往 PR1MA 网站。只需注册一个帐户，上传所需文件，申请您感兴趣的开发项目，然后等待抽签结果，看看您的申请是否成功。如果你被选中，恭喜你，但即使你没有被选中，也不要放弃并再次尝试其他 PR1MA 开发项目或其他政府住房计划！
Mortgage Reducing Term AssuranceJune 8, 2016 / 0 comments / 1600 views / Tags: Article, market Info / Category: Articles
Mortgage Reducing Term Assurance
MRTA is a reducing term life assurance that provides home financing borrowers with financial protection in the event of premature death or total permanent disability.
What is MRTA?
It is an insurance policy that provides financial protection for property loan borrowers and their families. Specifically, it helps settle outstanding loan amounts in the event of death or total disablement of the borrowers.
Why would you need it?
This home loan life insurance is essentially a protection mechanism for all people with mortgage, and especially for households with sole breadwinners.
Generally, in the event of untimely death or disability of a housing loan borrower (significantly if he or she is the main income earner), the greatest problem facing surviving household members is their ability to pay off the outstanding loan.
In many instances, the surviving family members may even need to sell off the property at less-than-competitive price just to pay off the outstanding amount.
By signing up for this insurance, surviving family members will not be left with such burden because it covers part or all of the unpaid portion of a housing loan.
Which mortgage life insurance do I need?
In Malaysia, there are two types of mortgage life insurance available – Mortgage Reducing Term Assurance (MRTA) or Mortgage Decreasing Term Assurance (MDTA) and Mortgage Level Term Assurance (MLTA).
However, MRTA and MLTA are often misunderstood. Which do you need as a homeowner?
Cover your home loan by mrta
MRTA is a life insurance plan with decreasing sum assured over time, and it used just to cover your home loan owed to bank. This plan is usually offered by the bank you are getting the mortgage from, as it is used as protection for the bank in case of misfortunes that stop you from servicing the loan.
On the other hand, MLTA is a slight variation from MRTA 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. This is a personal plan, where you and your dependents are financially protected when you are no longer around, or have lost the ability to generate income.
The MRTA is most suitable for those who have adequate standalone life and medical insurance, and do not have many financial dependents. This type of insurance will only take care of your home loan, if it is not fully repaid in the event of TPD or death. Your family will not get a single cent from the policy in these events, as the beneficiary is the bank, not your family members.
MLTA is best for those who need an extra financial protection in the worst case scenario, as it also has a cash value at the end of the policy. This is best for those who have many financial dependents, for example young children and a stay-at-home spouse.