Latest news with #MRTA
The Star
2 days ago
- Business
- The Star
IOI Properties partners with RHB Bank to offer Home and Renovation Loan and Green Residential Property Financing
(From left) IOIPG group chief operating officer Teh Chin Guan and Ng at the launch of the Home and Renovation Loan and Green Residential Property Financing programmes. PUTRAJAYA: IOI Properties Group Bhd (IOIPG) joined hands with RHB Banking Group to launch Home and Renovation Loan and Green Residential Property Financing for eligible residential properties across IOIPG's property portfolio. The strategic partnership underscores IOIPG and RHB's dedication to supporting homeownership, while streamlining the move-in experience and promoting sustainable development approaches in the country. 'We are honoured to work with RHB in developing innovative financing solutions across our portfolio,' said IOIPG group sales, marketing and branding head Nicole Lee Chee Yiing. 'As part of this milestone collaboration, we are proud to offer Home and Renovation Loan for selected residential properties, to help smooth out the home ownership journey for buyers. 'Through RHB Full Flexi Home and Renovation Loan, homebuyers will be given access to obtain financing packages of up to 90% + 30% loan/financing margins for selected residential properties.' Lee added: 'The additional 30% loan/financing margin aims to assist eligible homebuyers in covering renovation costs at attractive overall Home and Renovation Loan rates. 'The Renovation Loan/Financing will be disbursed directly to the buyers in stages based on renovation progress. 'We hope that through this financial solution in partnership with RHB, we will be able to help reduce the financing burden for buyers upon vacant possession, addressing this common pain point among home seekers.' Under RHB Green Residential Property Financing, home purchasers can opt for loan margins up to 95% (inclusive of entry cost financing), with an additional five per cent to finance Mortgage Reducing Term Assurance (MRTA)/Mortgage Reducting Term Takaful (MRTT) coverage. Properties with Green Building Index (GBI), GreenRE or Leadership in Energy and Environmental Design (LEED) certification are eligible under the campaign. IOIPG's collaboration with RHB in the Green Residential Property Financing campaign aligns with the group's overall IOI Sustain Roadmap 2030, specifically its strategic focus on addressing climate change by reducing carbon footprint as it continues to develop sustainable communities, among other initiatives. Sustainability has been part of IOIPG's development approach since launch, advocating for the conservation of the environment for a sustainable future. Aside from green-certified commercial and residential projects such as IOI City Mall and IOI City Towers 1 and 2 in IOI Resort City, as well as COVO, its first transit-oriented development in 16 Sierra, Puchong South, the group also organises frequent public engagement and awareness events such as its Waste to Treasure recycling campaign, IOIPG City Nature Challenge, Earth Hour and biodiversity walks, among others. 'More and more, investors, homeowners and upgraders are not just looking for properties, but responsible investments that take into account the needs of future generation. 'We are here to address this market gap for sustainable homes, as your trusted property partner,' added Lee. 'Today's homebuyers seek more than just financing, they want flexibility, efficiency and long-term value in their investments,' said RHB Banking Group community banking managing director Jeffrey Ng Eow Oo. 'This collaboration with IOI Properties brings together RHB's tailored financial solutions and IOIPG's visionary developments to meet these growing expectations. 'Together, we aim to future-proof the homeownership journey by making it more accessible and sustainable. As a testament to our commitment, RHB has granted over RM2bil in green financing over the past five years, as of March 2025,' he added. To learn more IOI Properties Group Bhd and its exciting portfolio of residential offerings, visit
The Star
4 days ago
- Business
- The Star
Avoid losing your home
PETALING JAYA: Going by market reports, Malaysia's property transactions last year hit its highest levels over the past decade. According to the National Property Information Centre's Property Market Report 2024, the number of property transactions rose by 5.4% to 420,545 last year. That leads to the question: Are Malaysian home buyers getting financial protection for their mortgage? It is not mandatory for house buyers to purchase mortgage insurance, but getting one could protect them and their families from ending up homeless, said insurance professionals. 'This is to avoid adverse unforeseen circumstances that can land homeowners and their families in financial hardship,' said senior insurance consultant Leonard Tan. He explained that when a housing loan is left unpaid, the financial institution will initiate recovery actions, including foreclosure and auctioning off the property to recoup the outstanding loan. ALSO READ: Widow in a rut over unpaid housing loans Tan gave examples of mortgage insurance such as Mortgage Level Term Assurance (MLTA) or Mortgage Reducing Term Assurance (MRTA). 'These policies will provide the necessary funds and ensure that homeowners or their families have a roof over their head in the event of incapacitation or death of the borrower,' he said when contacted. Tan acknowledged that these policies have its pros and cons, so Malaysians taking up housing loans should evaluate which is suited for them. He said the MRTA is a life insurance policy that covers the outstanding balance of a mortgage and in tandem with the declining loan amount. 'It is straightforward and covers only the outstanding sum needed to settle the mortgage. 'The premium is a lump sum often paid upfront or included in the principal loan amount taken for a house and paid directly to the financial institution that provided the loan facility. (Click To Enlarge) 'There are no other additional benefits and if one settles the loan earlier, they may only receive a minute sum of the premium in refunds,' he said. As for MLTA, Tan said it is quite similar to a regular life insurance policy with the coverage sum remaining fixed throughout the loan tenure. 'If the coverage is RM300,000, the payout will be the same sum in the event of death or incapacitation even if the outstanding loan amount is RM50,000. 'The MLTA enables the beneficiary to have additional funds in hand when the outstanding loan amount is lower than the coverage,' he said. Although the policy is under the name of the homeowner, he said this sum is transferable and may be used to cover other loans they may take after the main mortgage is paid up. Since the MLTA has a bigger cash or surrender value compared to the MRTA, he said it would be far more expensive. Wealth manager Evan Teo said it is not compulsory for house buyers to purchase mortgage insurance, but some banks may decide to make it mandatory by bundling it with their mortgage loans. 'Some mortgage bankers also cross-sell it alongside the loan by offering a lower interest rate if the buyer takes up the MRTA or MLTA. 'I believe this is because bank assurance products such as MRTA and MLTA are now part of the mortgage banks or bankers' KPI,' he said, referring to the key performance index. But putting aside the bank's or banker's KPI, Teo said purchasing a mortgage insurance ultimately benefits house buyers. 'The majority of house buyers tend to be reluctant to purchase additional insurance unless it's required. 'Even though many insurance advisers are doing their best to educate the public, uptake is still relatively low unless it is packaged (into the loan),' he said. As such, Teo was of the view that the practice by some banks to bundle MRTA or MLTA with mortgage loans is a good move. He said in the past, the family members of loan takers would have to 'inherit' the housing loans when the borrower was not able to continue paying the monthly payment as they did not have insurance protection. However, Teo also advised house buyers to pay attention to the terms and conditions included in their housing loan with banks before purchasing an mortgage insurance. 'For example, the coverage period may be shorter than the actual loan tenure or the policy might only cover death or total permanent disability. 'What happens if the buyer is diagnosed with a critical illness after the insurance term ends and this affects their ability to earn an income and continue loan repayments?' 'So, it's better to analyse your own needs in relation to the mortgage before deciding based on your financial capability,' he said.
Malaysiakini
14-05-2025
- Business
- Malaysiakini
Bank agrees to postpone auctioning chronically ill patient's home
Ambank has purportedly agreed to postpone the auction of a chronically ill patient's home after he was unable to repay his housing loan, pending the outcome of an insurance claim. PSM central committee member Karthiges Rajamanickam claimed that negotiations with the bank have concluded with an agreement to delay the auction while the homeowner Komagan Devadas's Mortgage Reducing Term Assurance (MRTA) claim is being processed...
Yahoo
27-02-2025
- Politics
- Yahoo
NYS budget proposal: Marijuana odor can trigger probable cause
ROCHESTER, N.Y. (WROC) — As part of Governor Kathy Hochul's proposed budget, the odor of marijuana could trigger probable cause for a police officer if someone is driving. This would mean that the officer could order a drug test or search the car, based on the odor alone. Matt Winchell is an associate attorney with Tully Rinckey. He says it's illegal to smoke and drive, like it is to drink and drive, but using odor might not pass the proverbial legal smell test. 'A cop can come to the side of the car, and say 'I smell marijuana, please step out of the vehicle,'' he said. 'And now it seems like they're trying to order a drug test…that seems to have some serious constitutional issues with it.' Winchell also says that this is part of a broader series of changes, directed at changing Discovery Law (related to how evidence is admitted in court) in the state to be more favorable toward law enforcement. This proposed change would override a 2021 ruling that was repealed when the state signed the Marijuana Regulation and Taxation Act. The Office of Cannabis Management essentially carries out the MRTA. OCM — which was called to be part of a budget hearing Wednesday — said in a statement to News 8: New York has taken significant steps to move away from outdated enforcement practices that disproportionately harmed communities of color, and we are working to make sure we can combat drugged driving without undermining this progress. Winchell said this if he were retained by a client to argue it in court: 'I would definitely make arguments that it's an unconstitutional violation of my client's rights,' he said. 'That they were arbitrarily forced to take a drug test because that's going to tell you if someone was in the car.' Winchell added that some of these tests indicate if someone used marijuana within the past 45 days. The final budget is due April 1. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
