May i know what medical insurance that you got?

Prudential Takaful Malaysia...sign up during promotion, as I remember late 2015.

Waaa arigatooooo sifu...I never know that bank also will calculate future dividen as income too..

Normally only for asb and house loan application. Not applicable for personal loan and cc application. Bank only take 80% from the future dividend. Let say for 50k asb loan, 7% dividend would be RM3,500. Only take 80% from RM3,500 and divide by 12 months you will get around rm233 for additional income per month.
*This is for Cimb bank. I'm not sure how others bank calculate ya 😉

How good was the promotion then?

Thank you in advance.

Your post is accurate, although I need to double check with my sources soon on the DSR table. If I am not mistaken, for the minimum DSR of 60%, it is based on net income of RM3,000, not gross income of RM3,000. Things may have changed or I may have forgotten a few things. Will get back to this

But as a whole your whole post is accurate, including the DSR calculation

It applies to other banks as well, except for RHB which sometimes only take 50% of the variable income as part of the applicants' income.

This is out of topic, but Prudential BSN Takaful still has medical cards that start from RM120/m~ for adults below 30. I would know. BUt any discussion of this sorts should be done away from this thread.

This post has been edited by wild_card_my: Sep 1 2018, 02:18 PM

Perhaps we could move to a proper thread then.

Please share the link. Still holding enrich+ product. Need to clarify few things

Links? Er I do not usually do links, would prefer to explain in person or through a personal channel. I will have to hold this discussion away from this topic though, because we are going tangent.

from the looks of the lists of your commitment yes u still are eligible to apply for another 50k or 100k. At CIMB bank we take 60% of dsr if the income is less than 3000 while 85% if the income is above than 3000. CIMB also will take future dividend as an income.

do u mean your house rental? No the bank will not take it as commitment. Takaful also not included.

This post has been edited by haziqnet: Sep 4 2018, 09:29 AM

It have been a long time since im sharing about ASB Financing here. So many sifu's arise lately so i think i will keep sharing knowledge about ASBF to those who are still new.

Today the topic i want to share about is

DO I GET PENALTY IF I TERMINATE MY ASBF TOO EARLY

To answer to the above question yes it does previously. Currently most bank doesnt give any penalty to those who terminate his/her asbf too early (less than 2 years). But you need to be careful if your loan have any SHORTFALL or not.

What is SHORTFALL? Look at the example below ;

Your ASB Loan amount is 200k but your loan balanced is 201k. Thats mean you need to pay for 1k shortfall before you can fully terminate your asbf. Fail to do so your name will have bad debt record and will make you harder to apply for loan in the future.

Why there is a shortfall in asb financing? Usually this only apply to those who apply asbf with takaful. As we all know if apply ASBF with takaful there will be a premium charges added into the loan (max is 5% from your loan amount) For example

Loan 200k
Premium charge max is RM10,000 than your total loan will become 210k not 200k. When this happen for several years (3 years and below) the principal will only deduct the premium charges not your ASB loan amount. Thats mean if u really want to terminate your ASBF without paying any SHORTFALL you need to make sure your loan balanced is below than your ASB loan amount. For example :

Loan 200k
Loan balanced 199k
No shortfall payment

Thats why most consultant will advise you not to apply ASBF with takaful. If incase of emergency you need to terminate your asbf than you will need to pay for the shortfall if you have any.

OK guys thats all today. Hope you guys understand more about this SHORTFALL in ASB financing.

This post has been edited by haziqnet: Sep 4 2018, 09:47 AM

Too late for me.. just continue paying for now

How bank determine an income to apply ASB Financing.

-I have a rental income? will bank take it as an income too?
The answer is YES. CIMB bank will take 100% of monthly rental income as an income if you provide STAMPING TENANCY AGREEMENT and 6 month of BANK STATEMENT.

-CIMB bank also will take current or future dividend (either one) as an income when you apply for ASB Financing.

-How bout if I dun have any payslip but I have voucher payment? Yes CIMB bank also will take it as an income but 6 month of Bank Statement must be provide. (make sure the payment was credited into your bank acc)

-I dun have any payslip but my father have. Can i apply for asb financing too? YES can. Just apply for joint applicant during application.

-My company only pay commission and have commission statement every month. Can I apply ASBF? YES can. Only provide 6 month of commission statement and 6 month of bank statement.

-For government employee only need to provide 1 month of payslip.

-For private employee need to provide 3 month of payslip and latest EPF Statement



At cimb bank if the salary or income is below than 3000 per month the eligible DSR is 60% while if the salary or income is above than 3000 per month the eligible DSR is 85%.

This post has been edited by haziqnet: Sep 4 2018, 10:08 AM

Going forward, when you want to refinance the ASB loan or a mortgage, I would recommend skipping the bank-attached insurances. The problem with these policies is that they are absolute-assigned to the banks


So in the event that you choose to close your ASB financing account with CIMB for example, the Sunlife policy with be force-sold by CIMB and you wont be able to keep the policy for future financing application

if u can pay the shortfall you can terminate your ASB financing. Remember you will get your takaful surrender value later on so you are not in loss actually. Plus you will get dividend next year. Just it take some time to get back your capital + profit.

This post has been edited by haziqnet: Sep 4 2018, 10:14 AM

Haziq.

Can you explain the cash value as per the nunbers below?

For exmaple if the policy is terminated in the 1st, 5th, and 8th year for example, how much will the client get back from Sunlife?



This post has been edited by wild_card_my: Sep 4 2018, 10:47 AM

Sorry i dun have the knowledge about the takaful cash value calculation. If I know later I will share it here. I only know how to calculate the premium charges if the customer apply asbf with takaful. Usually I will advice the customer to ask the banker how much cash value he will get back from takaful before terminate the ASBF.

This post has been edited by haziqnet: Sep 4 2018, 10:45 AM

Thanks for sharing a real world example of the negatives and what happens when one simply signs up and terminates wrongly. Much better than blindly advocating that folks refinancing is always the best without first taking in certain valid exceptions. Gotta say, actually missed your posts.. At least, now people in such scenarios will understand that they have to keep at least 3 years (ideally longer till loan finished to max the insurance) and loan balance lower than the 200k.. Before thinking of termination and reapply.

Haha tq bro. Sorry for not posting long time in here. Have lots of work to do lately and most of the time when I come here to check most of the question already answered by other sifu. Inshaallah i will keep posting and share everything i know about asbf.

Sorry for out of topic, can we increase cc credit limit using Asb dividend?

You mean taking ASB dividend as your income?