With this asb dividend, it brings my 2018 haul to 64.5k

This is together with asb2 dividend in 03/2018 (16k) and ASD (6.5k) in 06/2018

All from ASB loan strategy. Not a single cent lumpsum injection other than the monthly repayments for the loans. No proxy even... All from my own account

After this asb dividend, I'm looking forward to asb2 dividends this coming 03/2019, then 06/2019 for ASD.

Compounding interest is addictive!

No banks actually require compulsory takaful. The "compulsoryness" of the takaful is solely on the banker's or the branch's side.

I never force any of my clients to take takaful, however it is possible that the rate would be higher without a takaful. So I would suggest taking a minimal one, for example, for a RM200k loan of a 30-year tenure, take an RM400 premium for 100k portection and 5 years tenure.

The current best rate is 4.85% p.a. This is the hottest item right now.

This goes to eastwest too, when deciding to get the minimal Takaful or nothing at all when getting an ASB-financing. The few things that you should be aware of is that Takaful is never compulsory, but minimal Takaful would allow you to get lower interest rates, of which may end up having lower installment than without Takaful with higher interest rates. Read more to see the illustrations

1. Right now, the best bank in terms of rate is giving 4.85% p.a. with minimal Takaful of about RM400 (one-time) which covers death/disability for RM100k and with a 5-years tenure of coverage. Consider this Takaful "useless" in terms of protection, and only good to reduce the interest rate to the "best-in-market" 4.85% p.a.

The monthly installment for RM200,400 loan (the RM400 being the financing for the "minimal Takaful"), at 4.85% p.a, for 30 years tenure is RM1,058/m.

2. Alternatively, some of my clients are vehemently against "Takaful", as such end up getting higher interest rates of 4.90%.

The monthly installment for RM200,000 loan, at 4.90% p.a for 30 years tenure is RM1,062/m

Readers with a pair of sharp-eyes may notice that even with an extra RM400 financing, due to the lower rate of 4.85%, you end up paying less on a monthly basis.

Note: This does not apply to all banks and bankers (or brokers), because some bankers'/banks' "minimal Takaful" is absurdly high; I have seen figures quoting RM4,000 premium, meaning you would need to get a financing of RM204,000 to get the "best" financing interest rate offered by that particular bank. This is because the bankers' job is to promote (sell) takaful, and the more premium that they have you pay, the higher their commissions and contributes to them fulfilling their KPI

Note2: It is not wrong to sell and upsell for the sake of commissions/KPI, I am a sales person too and I have a KPI that is to fatten my wallet, but all intentions must be clear and sales processes to be transparent.

Tomorrow can check balance ady... *hope*

ah yes!... can see when go to 'rekod urusniaga terkini'

They haven't add to your total yet

You're still missing the point. For this asbf, I would always wanna be at max loan tenure. Settling the loan is never on the agenda. How much the bank makes from me is irrelevant. Its about how much ROI I make. To get max ROI is keeping your repayments low. And getting back amortised value.

I'm too lazy to give figures... I've done so many times in my previous posts before haziq and wild card came on the scene. And when these two workhorses came on, they gave even more detailed calculations than I could ever give.

My advice, just read the posts. In the end, if you're still unconvinced, go with your gut and trust your calculations. As long you're still making money that's fine.

But if you wanna max your returns on investment, however you slice it... Max loan tenure is the way to go

As a real life example, I've just reached 7 figures, and I've still 25-27 years on the loans to repay...

for all the banks that I know of it is65. Mortgages' limit is at 70, as per BNM's instructions (so that credit is tightened). Tenure used to be longer than 35 years for mortgages too.

wow is it really that cimb rates just went up to 5.55% ?!! i'm on second year with them and this rate is quite ridiculous. According to the website, they will start enforcing the new rate from february onwards.

@wild_card_my, bro, do you mind sharing the bank that gave 4.85%? Another thing, is there gonna be a problem if I cancel my current asb finance with cimb and straight applying for new asbf? do they check my updated ccris and so on?

I just got off the phone with the branch that I did the loan and they confirmed that they already sent in the paperwork for cancellation on the 7th Jan. That branch says it Might take a month at most. So I guess I'll just wait till end of Jan.

The branch that said 4-5 months was the one closest to my home and I did the cancellation there instead of the branch where I took the loan.

Additionally, the ASB loan payment due is on the 1st Feb via auto debit. Must I stilll pay if just say havent fully cancelled yet?

No worries. You don't have to.

dont need to but best go back to the branch u apply as it will be much faster

When you mention Takaful, are you referring to ASB loan using Islamic loan? not really sure what you mean. I think for a lot of bank, insurance on asb loan is optional. Even Maybank staff mentioned that they can waive the insurance requirement.

Really appreciate your input buddy.

If no payment 2 month in a row, the loan facility will auto terminate and will be record in ccris. If this happen next time if u want to request for other loan bank might not approve it.

If the person died yes the deceased family need to bring the death certificate to the bank and request to terminate the loan. All the money in the asb acc will be transfer to amanah raya berhad. The heirs need to process the release of the money through there. Distribution will use the faraid law.

Same if u apply with takaful. It will also through the same process and will distribute use the faraid law.

yeah it is a daily charge rate, it should have taken place when MBB changed their rate
it is on the higher side. The best open rate (rate from a new application) would be 4.85% now, and these banks have yet to lower their BR to reflect the lowered OPR by BNM. So there is some change that you would get even lower than that.

Those who enjoyed 4.7% effective rate following MBB's lowered BR, congratulations.

I asked cimb officer 2 months back when I wanted to refinance. He said asb1 quota also almost out.