Maybank the takaful is compulsory. Min 5 years. Better take asb loan without takaful.

If u can pay using your cc directly to your loan acc sure no problem.

But make sure u cancel the autodebit first. If not bank still deduct as usual.

What's the difference takaful and without?

With takaful (insurance), instalment will be slightly higher depending on the coverage period. There’s no harm to take takaful tho for protection, eg if you plan to terminate in 5 years then can just take a 5-year coverage instead. It will be much cheaper compared to taking a full 30-year coverage.

I mean benefits with and without.. If say one suddenly pass away without having takaful in asb won't burden family members right?

hi sir..i dun get it..its true all asb loan (wutever bank it is) we can instruct bank to autodebit from our cc (c.card)?
kindly advise..

there is now way u can pay debt using cc
so the answer is no

Hmm maybe using jompay to pay asb loan?
Just imagine the cashback on amex😍😍

Ah I see, yup with or without takaful it won’t burden the family members.

With takaful, family members will get back the asb cert amount plus cash value from takaful, while without takaful family members will only get back the principal amount paid if there’s any as bank will liquidate the cert when there was no payment made for 2 mths in a row.

Thanks man, btw do u recommend takaful to ur clients or most doesn't take them?

If they’re keen on taking takaful then I’ll normally advise them to take a shorter coverage period (usually 5-10 yrs) depending on how long they plan to hold the loan as anything may happen during the particular period. It really depends on their investment preferences - some may take and some may not.

I think ronald already explain well. Usually i will advise my client to take separate takaful from 3rd party takaful company for example etiqa or msig takaful. Actually the takaful in asb financing is life takaful. If u plan to make your asb financing for long term (more than 10 years) is advisable to take the loan with takaful. However if u only plan for short term its more advisable to take the loan without takaful because your return of investment will be more.

Eventhough u doesnt take your loan with takaful if anything happen to u, ur heirs still get the money however the amount is the same like you terminate your asbf. For example when u terminate your asbf and get 50k but if something happen to u, ur heirs also will get 50k. Therefore no need to worry if u take your asbf without takaful. The distribution will follow faraid law with or without takaful.

Thanks to both of u for explaining, appreciated it.

Im not sure about this so u better check with the bank u apply the card. Like i said on my previous post if u can use ur credit card to pay
directly to your loan acc so i think its possible. However why u want to pay your loan using cc? Wont it much better if u pay with your own money.

Edit double post

This post has been edited by haziqnet: Apr 25 2018, 05:45 PM

maybank 2 cards has amex as part of the 2 cards. amex gives 5% cashback if spent on weekends.
Just imagine paying through jompay with the amex. RM1000 is already RM50 cashback. 12 months you'd save RM600.
So paying with cc isnt straight forward as replacing debt with another debt. Awareness on benefits that come with the credit card is really beneficial. This is just an example.

That person wants to use auto debit. He might want to get points on the credit card

This post has been edited by Musikl: Apr 26 2018, 08:41 AM

bank wont allow us to pay debt with debt
if not...i wan to pay all my loans using cc and get cashback and points
this matter has been discussed in credit card thread

I see tq bro for the explanation. Now i know why he want to pay his loan using credit card. Hehe

I see so bank are clever also. They dont let people to manipulate the system for their own profit. Hehe.

Obviously... House never loses, no matter the outcome.