Guys,
Does affin, hong leong, public, and alliance banks take asb dividend as income?

What's the reaaon? Is it because of BLR? Or is your loan conventional?

How much is the increment? Does it more than 50? From what i know if the increment is not more than 50 the installment remain.

But actually its better if they increase ur intallment. Your loan tenure will remain the same and your principal value.

Only 5 and 7 ringgit of increment? Maybe maybank dun want the client loan tenure to extend. Thats why they increase the installment.

Not much so dun wori. U apply your loan with takaful right. You will get takaful surrender value several month after.
Cant apply or open asb2 acc anymore. Already full quota.

For question 1-3 the answer is bank will calculate what is left in your asb account as an income.

To understand better about this here i share u a situation.

Assume you already have 100k asbf. After get dividen of 7% u will get 7000 right. So now u already have 107k in your asb acc.

Let say u take out all of the dividend 7k, the 100k is still consider as an income. *However if u dun take the 7k dividend bank will take from 107k as an additional income.

Therefore if u want to apply for another 100k loan bank will calculate as below;

Existing 100k asbf future income (7000) and new 100k asb future income (7000). Combine both bank will calculate 14k as income.
But thats not all. Bank only take 80% (some bank may lower or more) from the 14k than divide it to 12 month.

Here is the formula:

(14k x 80%) / 12 = 933.33/month (here is the amount bank will take as an additional income per month)

This also apply to those who have cash in asb account. If u have 100k of cash during application just attach latest asb statement and bank will take your 100k cash as future dividend income.

Hope u get it bro. 😉

Let say u take out all of the dividend 7k, the 100k is still consider as an income. *However if u dun take the 7k dividend bank will take from 107k as an additional income.

Existing 100k asbf future income (7000) and new 100k asb future income (7000). Combine both bank will calculate 14k as income.
But thats not all. Bank only take 80% (some bank may lower or more) from the 14k than divide it to 12 month.

Here is the formula:

(14k x 80%) / 12 = 933.33/month (here is the amount bank will take as an additional income per month)

For some reason, the last loan i applied with maybank for my house loan, they actually asked for my last years dividend. I showed them my asb statement from myasb.

I fix my statement from post#3136

I just clarify from my upper officer regarding asb dividend as an income.

For those who just make asb financing (not received dividend yet) bank will calculate the income based on the future dividend as an income. At cimb average dividend will be at 7%. Therefore if ur asbf is 100k then bank will take 100k x 7% as future dividend income.

While for those who already received the dividend, bank will directly take the dividend as an income.

The more dividend compounding the more bank will take it as your income.

Additional note:
---------------------------
For new asb financing application for existing asbf customer, bank will add the future dividend from the new financing as an income.

Yes but if calculate start from july than the dividend will not be much and yes the future dividend income will added to existing nett income. Great right.

They are both way. If the loan still not received dividend yet bank will take the future dividend as income. After received dividend bank will take it as an income. I was told like that.

If the loan is less than 1 year, than bank will take future dividend income mostly not the current. You know the answer already.

Here i show u the different if u just compounding your 45k and max your opm

45k compounding 3 years

Rate 5.45%
Monthly = 254.10

Prinsipal sv = 1940
Compound div. = 10,127
Total = 12,067

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-
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45k + 50k + 50k terminate at year 3

45k loan

Principal sv = 1940
Last dividen = 3150
Total = 5090

50k loan

Prinsipal sv = 1514
Last dividen = 3500
Total = 5014

50k loan

Prinsipal sv = 738
Dividend = 3500
Total = 4238

Total earning
5090 + 5014 + 4238 = 14,342 (+-) ✔️✔️

Difference about 2275 in 3 years.

This if u terminate after 3 years. If u hold longer your asbf you will get more because your compounding and principal value will be much bigger.

Sure la different...hehe

The 2nd 50k loan is apply at 2nd year and 3rd 50k loan is apply at the 3rd year

Thats why the principal sv is reduce for each loan. I already edit my posting...sorry for the confusing

Anyone is serving ASB loan with Ambank? Is it true Ambank does not provide any offer letter to sign for the loan once approved?

I'm asking this because recently my ASB loan with Ambank has been approved and installment has started without me signing any offer letter. It seems like I need to serve the loan without any agreement signed. The only confimation is from sms I received stating loan amount, installment amount and 1st payment due date.

They do. I do mortgages and would regularly use the dividend as income.

During application they will want to see your ASB income statement - either downloaded or shown in the book.

Divide that dividend by 12 months, and apply 80% to get this recognized as part of your gross income.

No. To show the dividend earned. This is why if you get our ASB loan in mid year, your HL application will be affected. Because the monthly commitments for the ASB loan is calculated in full but the dividends earned are partial

It have been a long time since im sharing about ASB Financing here. So many sifu's arise lately so i think i will keep sharing knowledge about ASBF to those who are still new.

Today the topic i want to share about is

DO I GET PENALTY IF I TERMINATE MY ASBF TOO EARLY

To answer to the above question yes it does previously. Currently most bank doesnt give any penalty to those who terminate his/her asbf too early (less than 2 years). But you need to be careful if your loan have any SHORTFALL or not.

What is SHORTFALL? Look at the example below ;

Your ASB Loan amount is 200k but your loan balanced is 201k. Thats mean you need to pay for 1k shortfall before you can fully terminate your asbf. Fail to do so your name will have bad debt record and will make you harder to apply for loan in the future.

Why there is a shortfall in asb financing? Usually this only apply to those who apply asbf with takaful. As we all know if apply ASBF with takaful there will be a premium charges added into the loan (max is 5% from your loan amount) For example

Loan 200k
Premium charge max is RM10,000 than your total loan will become 210k not 200k. When this happen for several years (3 years and below) the principal will only deduct the premium charges not your ASB loan amount. Thats mean if u really want to terminate your ASBF without paying any SHORTFALL you need to make sure your loan balanced is below than your ASB loan amount. For example :

Loan 200k
Loan balanced 199k
No shortfall payment

Thats why most consultant will advise you not to apply ASBF with takaful. If incase of emergency you need to terminate your asbf than you will need to pay for the shortfall if you have any.

OK guys thats all today. Hope you guys understand more about this SHORTFALL in ASB financing.

for asbf/lasb, only need to pay zakat simpanan for dividend..
asbf/lasb cert not hak milik penuh, only dividend r ours..
wajib zakat if cukup syarat, 1 year haul & rm14K nisab..
zakat selangor