Yes can. No problem at all. But better u apply first terminate later but that if your loan still not max 200k. If already max than need to terminate first and reapply.

Hi, is it possible to revise ASBF? Mine currently is 5.45% (it was 5.2% when I applied back then) and I want that 4.8% without takaful

Or is it the only way is to terminate and apply a new one?

Means for this promo, takaful is compulsory?

Yup only can terminate and reapply. Nothing else. Your interest is high because of the bank spread. Normal bank spread at cimb is 1.3% + 4.15% effective rate. Other bank the norm bank spread / effective rate maybe much higher or vice versa.

Promo asbf get lower bank spread. This bank spread will remain till the end of the loan tenure. Only effective rate is changing over the time.

Yes the takaful is compulsory min 5 years.

At cimb have 5.05% (br+0.9% + 4.15%) promo till end of years.

- takaful is not compulsory
- no lock in period
- islamic financing

This post has been edited by haziqnet: Jul 13 2018, 02:11 PM

What is takaful insurance? What its benefit?

in case death or TPD, your loan is fully covered by the takaful.
so your family will get full amount of the loan applied.

Correct me im wrong, this asb financing is like paying monthly installment but infact its a saving plus bank interest...rite?

You can call it forced savings. But always remember.. It's a LOAN nonetheless and banks will make money off it (as you do too) by you paying interest. Win-win situation.. But do not enter into it lightly. Good thing with ASB type loan is that it's unlike say a car or house loan. Where circumstances can find the value of the item is lower than the remaining principal. Here, it's pretty much 1 - 1 matching value except, say you terminate too early, which means you'll owe the bank in addition to forfeiting past payments. IMO, do not take if unsure of paying diligently for at least the next 5 years. Others may say 3 years and or its harmless.. Nope, as with all things money...enter with eyes wide open.

MBB ASV loan without takaful? Are you sure?

I manage to get mbb 4.9% without takaful 200k. It comes out to about 1061 per month. Initially they said compulsory but i said if not ill. Just take from other bank and they allow.

Just curious.

Why would someone take the ASB Financing without Takaful?

Perhaps someone who plans to not pay diligently till the end and or plans to just keep doing the rinse and repeat method every couple years. Taking Takaful for such would reduce the clear profits at the end.

I see. Thanks.

Incidentally, how much a difference does takaful make on the monthly payments?

Depends on the amount and years to be insured. My SO pays RM50 extra per month. This is for full 200k loan for 28 years. Like this, total would be 50 x 360 = RM18,000 or 50 x 336 = RM16,800.. I can't remember which. But basically.. You would be kissing about a year's worth of dividends good bye in exchange for peace of mind.

This post has been edited by voncrane: Jul 15 2018, 04:24 PM

5 years, as I am told

How much added into installment when apply with takaful is different for every person. The premium will be charge base on age, health condition and so on. Let say the premium charges for your takaful is 6000 for 100k loan. Therefore your total loan is 106k. The monthly is around 572.27 while without takaful your monthly is 539.88. (base on interest rate 5.05% for 30 years loan)

Why consultant advise not to apply takaful because most player asb only want to make asbf for short term less than 10 years. If they want to increase the return of investment, apply asbf without takaful will give u more.

Remember when u apply with takaful, for few year the principal only will deduct the premium charges. Therefore if u terminate too early you might end with no principal values and also pay some charges.

My advice make asbf according to your plan. If short term no takaful is better. Long term apply with takaful.

isn't it very risky to get ASB Loan this year?
with this kind of political condition?

Why risk? Because the dividend might be lower this year? Well usually if the dividend is lower the bank will reduce the effective rate. For example on 2016 the dividend is 6.75%, since then most bank lower their rate from 5.4 to 4.8%.

Dun worry too much when making asbf. If let say one day the interest and the dividend is not relevant anymore just terminate your asb loan and enjoy what u earn so far.

This post has been edited by haziqnet: Jul 17 2018, 05:06 PM

last year is proven the dividen is so low, just barely break even.