Well if an opportunity comes along that can earn you better returns then by all means terminate this loan and go for it. Then when you are stable again, revisit the loan.

I remember when I was earning 2k nett those days and I took max loan 200k paying 1.1k a month, leaving me with just 900 to survive. But I did. You will eventually earn more as the years pass by making it easier to service the loan. Your income goes up but ASB loan repayment remains the same! If you're not earning more every year by at least the inflation rate, but prefebly 10% or more... then time to rethink your job, you're stagnant.

I used to terminate the ASB loan every 3 years and reapply max loan and period again...but I can't do that now due to PNB restrictions. Will use this strategy for my ASB2 since no restrictions yet. So to answer your question, the period doesn't matter to me since can terminate anytime. So...I will service the loans until I can make about 80k on dividends per year on my own (without the 600k sijil). I'm now on 50k a year.... 37k (ASB) + 14k (ASB2). Once I reach this target, who knows.... if I still have the earning power, i might just continue to service the loan and build up my nest egg for retirement.

This post has been edited by buggie: Feb 10 2016, 01:46 AM

Yes. Updated one.

ASB max loan is only RM200k. But don't worry, u can go for ASB2 loan as well after 200k one off for ASB. Go for 200k max for ASB and 100k for ASB2. Currently, only Maybank offer ASB2. But soon, Affin will offer ASB2 as well.

Sorry, but why not maximize all the loans for ASB first since generally ASB is the one with higher nett return per annum?

I dont have strong reason just want to diversify my investment.
According to mebeng staff she said asb2 fund is limited. Once finished no more new fund allocated. In comparison to asb it is always open.
Some more according to her, asb2 dividend always following asb one. Dunno la if she just tok kok only or what.

i ve heard about asb2 being limited too. maybe there are some truths in that? anybody has any info on this?
Anyway, im looking to sign up for 200k asb loan as well. probably gonna take affin loan, as seems like they offer the best rate @ 5.0%.
will take 1 x 200k loan first, then will consider adding another 200k for asb2...

Yes, there is a limit of 10 billion units. Once finished then should be very hard to get... everyday need to camping at maybank and keep trying hoping somebody ngam ngam let go. Don't know if there is any way to check how many units left still not taken. So there is some benefit of taking ASB2 first as ASB is unlimitted.

btw, congrats on taking the first steps

just want to ask, submitted asb loan cancellation Jan-7 and till now i havent get the extra money and insurans.. is it normal? did i get any notification once my loan has been cancelled?

bank : maybank

im planning to cancel my asb loan today. do i need to pay any penalty fees? fyi, been taking this loan for 4 years

Just submitted mine also. the officer said normally those extra money they will pay within 2 months. maybank branch -->maybank HQ -->PNB. but still need to pay monthly until they reimburse it

for your comparison:

i have submit my asb loan termination on 4th jan...settled on 21 jan 2016..get the money through cimbclicks

the GASA (insurance) also bank in through cimbclicks but later i.e 5 feb 2016

bank : cimb

it should be 2 weeks...2 months is too long

for those who terminate asb loan early, do you calculate the overall gain from the asb loan? does the dividend received more than the interest/profit paid?

cimb is very efficient then.. i read more on maybank, they tend to take longer for loan termination..

anyway, did u receive any notification once loan is terminated?


updated :

Transaction date Description Debit Credit
17-Feb-2016 SALES PROCEED CREDITASNB REDEM RM200,000.00

so they have processed mine, should be settle in few days..

This post has been edited by mytaffeta: Feb 19 2016, 07:37 AM

Hey Guys,

Do you know which bank has the lowest interest rate for ASB loan?


Cheers

It is worth if u take 5 years and below loan. don't take too long. you can use the dividend to pay your monthly installment and you can enjoy post-installment dividend sooner.

Can one sign up for the max 200k loan regardless of the existing amount balance in the ASB account? E.g. if let's say I already have 100k in ASB, can I apply 200k loan or is it can only apply 100k?

I applied for ASB loan via Affinbank earlier this month but the person contacted me last week saying that their quota for the 5% loan promo already finished.
Anybody knows if I apply from another branch will get same result or just better take loan for ASB2?

Generally no. You need to take out that 100k to take the full 200k loan,

HOwever, If you've earned dividend before, your ASB size would've grown by the dividend amount. so depending on your ASB size, if you leave the 100k in there, you may be able to take more than 100k loan.

general question,

normally for loan application, we will fill in the form and submit to bank.. subject to bank approval they then will produce loan letter offer which we decide to take or not..

my question, can bank disburse our loan if we havent receive or signed loan letter offer?