Saturday 30 November 2013

Differences between MRTA/MDTA and MLTA

                         MRTA                                                                           MLTA
       Mortgage Reducing Term Assurance                               Mortgage Level Term Assurance

-Payment made lump sum and most of the time it             -comes in yearly installment, half year installment,
    will be financed in the loan amount it self                          quarter year or monthly installment
-Amount paid is non refundable                                       -guarantee return
-No nomination                                                              -nomination and often the sum insured will be                                                                                                 paid to the nominee
-Non transferable to a new property or new re-               -can be transferred
    financing bank loan




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