It’s good advice cuz it should be the least damage. That’s of course for those who aren’t presented with the option to simply extend by another 6 months. It’s all about the numbers and for now, we don’t know exactly how it’ll fall. Generally, monthly repayment amount is more than interest charged per month. So if for example you pay RM900 but interest is RM750. If extend by 6 months and not paying extra to offset the accrued interest.. You’ll end up rugi about RM150 X 6. This in the long run can be considered insignificant la.. But who’s counting is counting..

There’s an option I’m hoping they’ll offer.. Total the accrued interest and divide evenly by 6.. Then add that plus normal monthly repayment amount...deduct normally via SI.. All accrued interests during the moratorium should then be settled in the next 6 months. After which all returns back to normal AND ideally with no extra charges or penalties. Seems to me like a win win sorta situation..No?

True..Thing is, mine been deducting as usual all these time except for the first month or so??? So, I'm particularly not worried about "consequences".. And yes I know should have bugged the bank to opt in proper.. But eh.. still have to pay anyways..now better than later.

Oh they know all this.. But just you wait... Best case, they remember and or do the "rightful" thing..but let's get real.. At the end of these moratorium all. One who enjoyed it, now owes more money. it's only fair to think of that extra as "additional extra borrowed from the lender" during the same period. So even though you didn't call or walk to ask for more money, by not paying...You kinda just did? BLR goes up and down, your interest amount also goes up and down.. It's generally accepted, but Is that allowed? Well, I'm no expert with the religious stuff..want logic? we can talk all day and night.. And to me, logic dictates that extra charges will be imposed upon certain conditions. Money owed is money owed. Banks will find a way. Like i mentioned earlier, they've had and still have all these time to come up with strategies. Which and to be fair to em, this is a loan that helps one make money.. No like? terminate. Easy.

IMO...You are right to want to extend PROVIDED you are offered a "no extra fees/charges" repayment plan for extending. Don't matter payout low or highest ever.. Others are also right telling to pay up. Now we are just speculating. So until we know further... Both options are "right".

Because...
1. They are bank... They must make money and most times it’s through vague explanations, TnCs, etc.. So must always do due diligence before signing.
2. It’s a loan and YOU as the taker is expected to fully understand all possible pitfalls that may occur whilst utilising the banks money.. Yes, it’s still the banks money. It’s NOT yours until you settle. Which also means, it’s in their best interests to keep milking as much as they can.
3. I believe the moratorium though was sprung upon them by BNM or the government.. Then the blame and major works of how to implement...thrust upon them. There wasn’t enough time I guess to come up with clean clear or standard options at the time. So i won’t blame them.. Either way, due to system glitch, wasn’t opted in to the moratorium.. So not particularly concerned about what happens after.

No.. just no.. Meagre returns some more, not even sure will cover. I would just leave it all in to keep compounding over the years and be withdrawing from the 100k each month (if parked elsewhere earning) or annually and pay upfront. Why annually? Because it instantly reduces your principal = lesser interest charged in the beginning..

I think Bora2 guy just wants simply explanation about if we earning or not after this. While you know, I know la.. We understand the numbers and pitfalls.. Here got some who don’t.. For instance, your earlier calculations shows that for those who opt in...principal owed would be higher in the end and that means interest will be calculated higher.. So technically, does not paying even save us much? Particularly if we still have to pay all 6 months accrued interest in one shot else face more charges. Versus, some repayment plan that spreads the payments out SEPARATELY so principal stays as if one has fully paid off the accrued interests.. At this point my brain’s with the possibilities.. So as earlier, I know we just speculating je.. See how in a few months..

Welcome back by the way.... Wildcard dude seems to have been taken down by his own hubristic personality.. I did warn him about it.. But of course, his ego & bigoted self won’t let him see past that. Hope you don’t follow in his footsteps. /K does not forgive or forget.

Haiya... rileks fam... I’m sure he meant no harm.

Great.. Can “refinance” without having to start from zero on the ASB side.

There are always people struggling with their finances.. Even $multimillionaires have to hustle so they don’t lose so much more if they lose on a “bet”. You should take your own advice and not be condescending towards others just cause you “aren’t struggling”.

Anyways, I do agree with the point that just saying “you still profit” isn’t enough. I mean, that has always been my stance here for day one and you are aware... So...

Perhaps you should also take a class or 2 in English language comprehension? You simply took that statement out of context just to prove what?..? You know stuff here I don’t know? Haha... Fam, read the whole sentence, there was an OR and stuff written before the whole annual thing. As per my usual style, I prefer to present people with more options than might be readily available... Work that brain. But here’s why I included that option, it’s for those who dumped in say ASB2,....might feel manually going to the bank each month to withdraw just RM1K (or less) to deposit into the loan linked account...is too much of a hassle. They have that option, and YES... while yours or the general goal isn’t to settle the loan...some people will feel otherwise.

Again.. take your advice and don’t be condescending towards people.. I don’t know you, don’t think for a second that you know me.

Keywords spotted.. "At Least".. And like Faizfizy mentioned below.. There's no 2 charges. While it may seem like you are being ripped off indiscriminately? I can assure you that there's a system in place that the banks are following. When you signed the loan, you signed to pay a certain amount for a certain amount of time. Take 20 years = 240 months. Just because the govt announced a moratorium/relief from payments for 6 months...DOES NOT mean that you get 6 months free..NO!.. It just means that your payments have been DEFERRED or delayed for 6 months. So at the end (October 1st). You have roughly 4 options.
Option 1: Pay up to the last sen ALL accrued interests till date PLUS what's due from October 1st. Do this and there will be no additional extensions to the previously agreed tenure.
Option 2: Choose to not pay up and your monthly payments will go towards settling the accrued interests first. Then only it resumes as normal.
Option 3: Negotiate a different repayment plan, one that extends beyond an additional 6 months.
Option 4: Just up and terminate the damn thing. get whatever left of the principal and returns. Reclaim your sanity..

Now, the confusion I believe you are pointing out is one that stems from why it gets extended by 6 months when you still pay every month..... That is partly answered by Option 2. Plus, and I didn't do the exact numbers on this.. Who else can..Please do.. Currently, say accrued interests is RM5xxx and monthly repayment is RM1000, this is typically split between interest repayment (lion share) and principal. Logically, paying RM1K every month like normal means that it'll take you "at least" 6 payments till that RM5xxx is fully paid off. Then with the last payment, the balance is tossed into the principal + profit bank again...I would assume it'd be prorated. Anyways, yes.. It should be "6 months" for Option 2. Option 3 will take longer hence the "at least 6 months".

This be my interpretation.. Didn't speak to any bankers, etc...It's just plain money talk.

Correct.

You are welcome.. Sharing is indeed caring..

Another person that refused to read and comprehend my post before commenting. Bora Prisoner simply commented, consciously taking words out of context...Why? I don’t know.. But then, this thread has always been like that..

FYI, Maybank has a thing where you pay ahead and it’s factored into your remaining loan balance. Then every month, that balance is “increased” as “deductions” are made. Guess what? Since your loan balance is reduced, means you get charged lower interest too cuz you’ve technically paid off a sum owed... recalculated every month... How do I know this? Ayam doing it.. So NO! the interest amount doesn’t remain the same as if paying monthly.

This post has been edited by voncrane: Sep 12 2020, 08:58 PM

Oh i get it alright.. Don't worry... I didn't ask you to take my "wrong advice" either.. Please do you. here's what I know as fact..
Option 1.. Every single month, go queue at Maybank to withdraw RM1K from other ASNB funds, etc to deposit into loan linked SA so got fund to deduct when time comes..Hassle, traffic, jam, stress, no benefits beyond "savings" and maximizing. How much savings? IMO? Not worth the hassle.

Option 2. Don't do all that shizz above every month.. got spare cash.. withdraw once for say 6 months or a year and pay upfront. INSTANT interest amount reduction and more time and clear brain to make money elsewhere..

I will pick Option 2 any day any time. Why spend and hour or 2 chasing peanuts when the same amount of time can be used elsewhere for more worthwhile endeavors. End product? Still earn both places. Less stress and more happy. So yeah, you do you.

This post has been edited by voncrane: Sep 22 2020, 08:38 PM

Yeah.. Just did...Options 3, 4, 5, 6, 7, & 8.. Would you like to list all of them? I'm afraid to list them. Lest they can't be fathomed..

Thankfully you are able to crunch the numbers to land at that logical conclusion. Some people here would die2 say to refinance and that one can never lose money... I guess you'll be holding off for a bit more? Who knows, rates might drop even lower to make it worthwhile to just absorb the shortfall and refinance.

lol.. you do you fam.. Just because you don’t understand or can’t comprehend statements doesn’t mean they are not fathomable.. It just means that you can’t. The Earth is round not flat yeah.. As always, it’s a pleasure to tease the smart-a**es out in this group..

P.S. I still love you all yeah.. Don’t sweat it.

Yeah.. in the grand scheme of things, that’s not a lot.. But still a lot la for now. Better to hold, cuz at least monthly repayment amounts are lower now. The savings there will help catch up faster. Another year of dividends should do it.

Yeah, I think.. last I checked (few months ago)... they offered 2 options. Slightly lower “profit rate” with minimal Takaful OR the normal rate without Takaful. Takaful amount can be paid in full upfront (so it’s not added into your say 200k loan amount which will reduce your earnings) or added into the loan for easier payments. IMO, the latter should be consider if and only if you are strapped for cash or indeed plan to keep for decade or full term.

Nice.. wanted to ask what’s best to compare.. Currently here’s still 3.40 and so no need to refinance.

I call BS.. You do mean offense. Kindly call out those 9 times out of 10 that I was wrong. And I'll point out 9 times out of 10 that I've been right, including accurately predicting the poor returns being experienced today, and that longer time will be required to break even, and also that you can indeed lose money if you simply sign dunno what and not plan.. That's just 3 things I've spoken about that is RIGHT.. So dunno where your 1/10 stats stem from.. Bias perhaps? Pls check it at the door... I dare you or anyone else here can pull out 9/10 verifiable records I was wrong and didn't admit it. See, it isn't the first time that I've been personally attacked. Cuz guess why? you can't fault any opinion or POV I put forth.. So take the easy way out and attack the person instead.. lol..

Nah, I don't troll.. If I wanted to? I'd head over to /K or I would have gotten temp/permaban. But I'm still here ain't I.. Unlike some other folks who actually troll and or clearly show selfish interests. Thankfully, there's ample proof on here to show I've got no affiliations to any finance parties.. I'm just here to learn & also help noobs or those interested not to fall into BS talks or traps..

This post has been edited by voncrane: Sep 29 2020, 05:23 PM

Nah, nothing happened.. I simply asked you to back up your numbers and claims and as expected... no one could step up. Also, do you notice how you didn't say i was wrong about the 3 examples I gave?.. Which means I was right? Thanks for the repeated validation.... AGAIN.. So yeah, I'm justified to call you out about spouting BS. From this, I can quit this game d. You've categorically shown that I do know my stuff and you like the child you call me, sadly & expectedly....You can't back your talk up. I'd say that's conclusive proof right there. When you can? (and we both know you can't) No worries.. Just tag me and I'll pop up again.


Watch me actually resume contributing freely to the thread.

Nah fam... See image below and you can find more information here.

Hi...Since you've got some spare cash and in order to earn from multiple sources at the same time? Yes, It is advisable to go for the longest tenure you can get, whilst locking in a lower interest rate at this time. This way, even if in future the rates drop even lower or increase (eventually when things stabilize more)? You at least started off on the lower side and paying the least amount to continue servicing the loan. IMO, follow as thus to maximize; ASB then ASB2, then ASB 3 Didik. Basically and in theory. The other good thing about investing spare cash elsewhere and maximizing the loan is that, when certain "dry" months come around, you can just go withdraw a bit from there to continue servicing the loan. Sure, you earn lesser over there, but at least for the few months or years the spare cash was there? Dividends will still be paid out based off the lowest amount in the accounts per month.

Edit: Oh yeah, don't just look at or only lock on ASNB stuff.. You can explore other investment instruments and partake as per your risk levels. Example, some people got in on the Top Glove run and very easily tripled their investments...Just like that.. Not saying you go do the same at this time...cuz.. .. but.. there are options out there. Some easier than others.

This post has been edited by voncrane: Sep 29 2020, 11:45 PM

Same here...Even the ones with advance payments. The day is still young & thus I wouldn't worry much. Probably some "glitch" in their system being worked out. Past months, they've deducted one the 1st without fail. If by end of Monday, still no deduction? Then might be worth it to check in on them.

Yup.. Unless it's being adjusted to 1st of the month like most. Interest charged on last day of the month, repayment deducted on 1st.

Yeah.. All done sometime yesterday.

The figure is about right.. Have you gotten official options with figures from your bank?

Relax fam...Breathe... The rolling method isn't ideal.. but hey, if you gotta go, you have to go..No use getting HBP and barely live month to month. if you haven't already done so..check out your current finances and see what expenses can be cut or trimmed down and adjust accordingly. Then as per what is already shared, if RM500 per month extra will do the trick? Set up monthly online withdrawals then. If more needed? Just head over to the nearest or convenient ASB panel bank and ask to make a withdrawal to your savings account (I assume you already have a loan-linked SA from Maybank). Then breathe freely again for the next month(s).

You are welcome.. Such days will pass. When you are more comfortable, you’ll look back and shake your head with a smile.. True story..

Yes you can. Sometimes, even different branches of the same bank brand will offer different rates. I believe in building lasting relationships with the same bank or 2 cuz when you really need it? They’ll step up & have your back. 8 years of relationship is a long time and should mean something to them. Except CIMB, built a decade of relationship and still didn’t matter.. Terminated and pulled everything out.. went elsewhere where more appreciated.. haha.. So really, No harm asking, done that and gotten lower rates a few times. Doesn’t matter what loan type. Can be “negotiated”. Just don’t be too pushy about it. Cuz fixed is sometimes really fixed and even if the agent would love to offer you a lower rate, can’t do anything more about it. In which case, if a different bank offers you a better offer? Say you are sorry to go and switch. You must definitely be in the black. So no worries about having to top up to switch.

FYI... wrong again.. haha .. I thought my tag made that quite clear.. Once again, comprehension failings.. Not surprised.. haha

P.S. don’t push it.. I already dropped the earlier issue. Don’t tag or refer to me about stuff you don’t fully understand.. Thanks.

It is.. Some people simply think it’s a complex thing that must be taught or lorded over.. It’s basic maths..

Good good.. except number 5. ASBF remains like any loan.. You pay extra it will reduce your principal owed & subsequently “interest” charged is reduced. Don’t believe me? Pick up your phone and call a proper banker with connects..

Also not everyone is comfortable with a 40 year loan or can’t get it.. so who got more cash and wants to flex? Sure flex.. True story: Most people take 30 or 35 year house loan.. Took 20 years loan for almost a mil and paid it off in 8. Why? Flex!.. enuf said.. moving on.

Yes it will be treated as a “regular” bank loan and will affect your records.. But! The positive thing is that, once you begin making some decent “profits” off it, say 2 - 3 years.. When you want to apply for say a housing loan, banks SHOULD take the ASB “profits” as added “income” to boost your DSR. Meaning, provided you can still make repayments? It “is no longer” regarded as a negative for loan applications.

It’s like you bought a house and paying 2k per mth but rent out for 3k. That 2k loan is now a positive thing because it’s bringing in more than it costs to service it.. Making sense?

My advice? If you can handle the monthly repayments, sure get in now because you are entering at a lower interest rate. So if it BNM later declares it lower? You gain more and vice versa if it goes back up again. Basically, those who go in earlier can get better rates than those who go in later.

Proof? I posted awhile back about being on 3.40%. This is an automatic reduction thing. Meanwhile, lowest rates for new sign ups now is 3.50 or 3.55% IIRC. So already in the low end.. no need to refinance. Maintain je.

I don’t like to play favorites for such.. What you really need though is a hungry agent. A good one probably won’t bother with you. So I suggest you arm yourself with the knowledge shared here and just find an agent willing to fast track you.
*Get the lowest rate and longest tenure you can.
*Politely decline any hints of Takaful being tacked on UNLESS your aim is to keep paying the loan for long term, you are concerned about your safety or work in job line like that.. or you don’t already have a separate life insurance plan.
*Read through the contract before you sign.. Don’t rush. I’ve seen instances where Takaful was declined but agent “mistakenly” left it in. Once processed in your name, you signed and all disbursed? Sorry, you have to keep paying the extra and you now owe money. Can terminate? Yes sure can.. BUT, you must top up any extras incurred.. READ the fine print before you sign.

Yes you can... I asked to make sure before max out personal funds.. it’s “yours” on the kid’s behalf .. you as controlling parent (Registered Guardian) can make withdrawals before the kid comes of age (18 years old) ... Consent from kid is only required when kid becomes of age. So max that out too if you can.

Proof? Asked a few officers at KL HQ before dump and ASNB Website below states the exact same thing. “The transaction for minor must be performed by Registered Guardian only.”



Kindly see above.