meaning the sv value is equal to 3 months installment?

Check your loan details and look for loan balance.

Example :
----------------

Loan 200k with takaful = 210,000

If the balance is 205,000 means u still have shortfall (if terminate you need to pay for this shortfall)

If the balance is 199,000 it is safe to terminate your loan.

As long as your loan balance is below than your loan amount u can terminate your loan.

Get it bro?

This post has been edited by haziqnet: Jan 10 2018, 12:01 PM

Edited. Answered by haziqnet

This post has been edited by hustlerism: Jan 10 2018, 10:56 AM

Usually how many years would it take to have balance below than 200k?

2-3 years.

Not equal to 3 month installment.

This post has been edited by haziqnet: Jan 10 2018, 12:14 PM

Depends on your takaful amount and financing amount also the profit rate. The best is check with your bank. Can also check at m2u or cimbclick if your financing is with those bank. Not sure with other bank.

Thank you for all the PMs from the bankers here.

I went with Maybank - as it is convenient for me and it’s where my salary is credited too, so auto debit is easier.

Just to update - ASB 1 with Maybank 200k @ 4.8%, 30 years tenure with around RM 7k takaful - monthly is around RM 1.1k.

ASB 2 with Maybank 100k @ 4.8%, 30 years tenure with around RM 4k takaful- monthly is around RM 520++

This post has been edited by xeda: Jan 12 2018, 07:49 PM

^No prob bro

Anyway if anyone is considering to take up Ambank ASB/ASB2 financing then do feel free to drop me a PM. We are currently offering 4.75% for 100k and above up to 30 years with no lock-in period and takaful is not compulsory. Processing fees will be personally waived as well.

Thanks!

Hi, is it really necessary to get takaful with asbf? My agent told me that in the case of death, the asbf will be terminated and next of kin will not have to pay for the loan..

This post has been edited by iamloco: Jan 13 2018, 10:00 PM

no need... asbf can terminate anytime.. so if TPD & death just terminate loan.. waris no need to pay

need two years just to clear your takaful..lol

btw maybank can waive takaful or is it compulsory?

Takaful is not necessarily bad la, you also get back a significant portion of your takaful when you cancel it.

I cancelled a 200k loan with Maybank after 2 years before re-applying this new one and the takaful that I got back was around 3.6k + principal of 3k.

Better to have takaful as who knows even in short term you can die tomorrow in an accident - my main aim is to provide for my family/nominee - so if I die, at least they get the ASB since takaful would have paid for it. I don’t want to leave nothing to them if I die. I don’t mind paying a few hundred more a month for that, since I can afford it, and the drop in ROI by paying takaful is insignificant to me.

This post has been edited by xeda: Jan 16 2018, 10:36 AM

Next of kin doesn’t need to pay, but next of kin only gets whatever principal balance paid only, and like any other loans - the first half of the loan tenure is mostly paying the interest, so whatever principal they would get is not much compared to with takaful.

My 200k loan comes with about 7k takaful cost, the way I view it - paying 7k more just in case god forbid something happens to me, and my nominee would get the full 200k, so...why not? If I don’t pay that 7k extra, my nominee would get considerably much lower, depending on how long I’ve been paying.

Of course, most people won’t be bothered as they’re just thinking of the short term gain, quick and easy money.

Hi guys, was wondering if there is any calculation method to tabulate ASB surrender value?

Different people have different goals/targets in life. Some live in the now and only for themselves, others think about the future and their loved ones.

Nothing wrong with wanting to protect your nest egg. Good on you bro.

You can use any loan calculator which has amortization table. Then look at the principal amount.

Hey thanks alot. Just another question (probably a silly one), the total principal amount exclude the dividends we pay? I assume upon surrender, the total amount is the surrender value + dividend paid during the loan tenor?

No worries, no question is a silly question.

Yes it exclude the amount of dividend. Dividend is from ASB while SV is from the bank you do financing.

Dividend we will get every year while SV only after termination or end of financing.

Ah i see. Been using the dividend from ASB to pay off the loan monthly payment (basically settle the monthly payments for full one year using the dividend) thus was wondering the value i'll be getting back should i explore the option to terminate the loan.

This post has been edited by peinsama: Jan 16 2018, 04:59 PM