for asb loan, can I pay more than installment? considered as reducing balance or advance payment? and does it applicable to all banks?

dear all, i'm planning on taking 100k loan for asb in december this year. i'm oso planning to terminate/reapply in every 3 years.

my question is, will the agent allowed my intentions or i'll just keep quite about it?

and furthermore, if gaji basic 2.5k monthly possible ka apply 100k?

tq in advance

Agent got their commision once your loan disbursed. They don't lose anything when you terminate in 3years time.
In fact I think they'll be happy to help you to reapply later.

Assuming 2k nett,
Depend on your other commitment, ASB loan is the easiest to get approved for. Got many people went up to 70% of their income. Thats why people make loan for car and house first.

100k loan for 25years tenure equal to ~620/month repayment. Thats just ~30% from your salary.

This post has been edited by petirbuas: Apr 8 2016, 11:12 AM

this explains a lot, tqvm!

In case you forgot, if you want to do that,make sure you take longest tenure and minimum insurance to maximize your profit.

well noted, tq for the advice

Insurance? Usually how much?

Can't remember.
By default bank will push for full loan period. Actually you can apply for less. Even only up to 5years.

You can check Maybank repayment table here
Lets say RM200k for 25years. According to table its RM1,193 but plus 25years insurance, I'm paying RM1,224/month.
If you plan to terminate and reapply every 3years, there is no point taking long insurance period anyway.

I see. Thanks.. Is it optional?

Compulsory. But you can negotiate the insurance period, and its all depend on bank and your agent.
Maybank usually don't allow shorter period. Affin & RHB ok. CIMB not sure.

Meaning maybank will require me to pay for 25 years of insurance if take 25 years loan

Yes

Got it!

Hi Everyone,

I am from CIMB Bank and I am doing ASB Loan Application as well.

CIMB Bank can offer up to 30 yrs of tenure or 65 yrs old.
Our loan is as low as 10k up till 200k.
Currently we are having a special promotion and packages
The normal rate that we are offer is BR + 1.2% which is equivalent to 5.2%.
Our BR is 4%.
Aside from that lets say you have done any ASB loan with Maybank we are currently offering refinancing from Maybank which you just only need to provide me a copy of your Maybank offer letter you could enjoy the rate of BR + 1% = 5%

As for CIMB it is optional. You can even not taking up any insurance.

Currently CIMB Bank is also offering loan for ASB 2.
The quota is very limited.
Those that have their ASB Account fully utilized they can now go for ASB 2 as well the repayment and interest rate everything is the same.
As for ASB 2 the quota is also max 200k per person. But the bank have limited quota, therefore for those that wanted to maximise their ASB income can also commit for ASB 2.
The interest rate is still 5.2%.

It is a good offer indeed..but again hassle and tussle with bank documents really make me headache

if take asb loan, the total installment can exceed 40% from net income?

Not sure about that bro...sorry.
maybe some bank guy can clarify on this..

Hi guys.

I have a question to ask regarding ASB.

Let say if my ASB 1 account already have rm280k, the divident they will just count for max 200k only right? So the balance of rm80k wont get the divident right? means better put the rm80k at somewhere else, say ASB 2, to get the divident for the balnace rm80k, am i right? or ASB will gives me divident based from my whole ASB 1 account rm280k?

can anyone clarify?

thanks in advance.