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> ASB loan, worth to get it???

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haziqnet
post Jan 11 2019, 09:35 AM

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QUOTE(Bold III @ Jan 7 2019, 09:05 PM)
Sorry to interrupt, i ve been reading about unit boleh beli cap, so just check mine.. currently my sijil is 200k plus saving 26k, total 226k and my unit boleh cap up to 18k..i already pay instalment for 1 year and i also potong gaji 1.5k per month to my asb acc..so my question is if the 18k cap is use up, do the limit will increase? Or i have to stop monthly potong gaji?
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Yes once the potong gaji already reach the 18k cap, your deduction suppose to temporary disable because u already reach your cap until you received dividend next year.



This post has been edited by haziqnet: Jan 11 2019, 09:38 AM
haziqnet
post Jan 11 2019, 09:43 AM

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Some bank if the bank rate is increase and the difference of the incerement is below than RM50, than the current installment will remain unchange. However if the increment is more than RM50 the bank will automatically increase the installment.

So make sure you check with the bank either the installment is remain or increase. If not you might end up paying less and your asbf will automatically terminated. Usually you will received the changes of payment by letter or email.

This post has been edited by haziqnet: Jan 11 2019, 09:44 AM
haziqnet
post Jan 11 2019, 09:45 AM

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QUOTE(debonairs91 @ Jan 10 2019, 09:42 PM)
Just to update regarding my soft cap. Called asb earlier today and ask about my cap. The guy confirmed to me my account old account that's why got 300k cap instead of 200k. drool.gif  drool.gif  drool.gif

So can take another 100k loan to make my asb 300k. Hmmm which bank to take
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Congrats bro.

This post has been edited by haziqnet: Jan 11 2019, 09:46 AM
facktura
post Jan 11 2019, 01:39 PM

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QUOTE(haziqnet @ Jan 11 2019, 09:43 AM)
Some bank if the bank rate is increase and the difference of the  incerement is below than RM50, than the current installment will remain unchange. However if the increment is more than RM50 the bank will automatically increase the installment.

So make sure you check with the bank either the installment is remain or increase. If not you might end up paying less and your asbf will automatically terminated. Usually you will received the changes of payment by letter or email.
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So even my octopus bank rate increased to 5.35% now, but the increment is less than RM50, i dont need to refinance aite?? Can we check whats the amount need to pay now at octopusclick website?? If its already revised??
Bold III
post Jan 11 2019, 05:47 PM

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QUOTE(haziqnet @ Jan 11 2019, 09:35 AM)
Yes once the potong gaji already reach the 18k cap, your deduction suppose to temporary disable because u already reach your cap until you received dividend next year.
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Thanks for the reply sir!
missboo
post Jan 12 2019, 10:12 PM

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QUOTE(facktura @ Jan 11 2019, 01:39 PM)
So even my octopus bank rate increased to 5.35% now, but the increment is less than RM50, i dont need to refinance aite?? Can we check whats the amount need to pay now at octopusclick website?? If its already revised??
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Normally the total amount won't increase but you'll notice the principal payment would decrease. mad.gif
wild_card_my
post Jan 12 2019, 11:48 PM

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QUOTE(facktura @ Jan 11 2019, 01:39 PM)
So even my octopus bank rate increased to 5.35% now, but the increment is less than RM50, i dont need to refinance aite?? Can we check whats the amount need to pay now at octopusclick website?? If its already revised??
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1. Yes, you can check the amount at the bank's site. This applies to most banks, including CIMB, MBB, and RHB that I know of. the current effective interest rate (EIR) would be displayed on your respective loan's bank's websites. For example, here:

user posted image

2. As to your question whether you need to refinance or not, it depends entirely on yourself. Given the nature of my business, I would be inclined to favor one over the other. Over time plenty of people would ask me the same question, I am just going to copy-paste it:

» Click to show Spoiler - click again to hide... «


QUOTE(missboo @ Jan 12 2019, 10:12 PM)
Normally the total amount won't increase but you'll notice the principal payment would decrease.   mad.gif
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1. This is right, when the banks do not increase the installment after increasing the rate applied to your loan, the amount that would go towards loan repayment would be reduced, since the total interest payment is increased. Remember, when you pay your installment, it is split into 2 parts: loan repayment and interest payment. Banks will always insist that their interest (profit) is paid first, and the rest would go towards the loan repayment

2. This is very easy to calculate. The formula for daily interest calculation is: [(interest rate in %)/365] x loan outstanding . For example, if your rate is 5.35%, and have a loan balance of RM180,000 (original loan amount is RM200k, with a tenure of 30 years, thus the installment is Rm1,116/m), to know the interest rate you need to pay of this month of January with 31 days is:

2a. 5.35%/365 x RM180k x 31 days = RM818 worth of interest payment for this month. Given that your installment is RM1,116, the principal repayment made on 1st February is RM1,116 - RM818 = RM298.

2b. Now imagine that you are with Sotong, and experienced a 0.1% increment of interest rate, but Sotong did not increase your installment. This is your interest payable for month of January:

5.45%/365 x RM180k x 31 days = RM833 worth of interest payment this month. Since Sotong did not increase your installment and you keep paying RM1,116, the principal repayment made on 1st February is RM1,116 - RM833 = RM283

3. Notice that RM283 (with 5.45% interest) is lesser than RM298 (with 5.35% interest), this means you would take longer to finish paying off your loan because each month you would repay the loan at lesser amounts that originally planned. If your original tenure was 30 years, I guarantee, based on numbers, that the tenure would end up being extended.

4. I believe I have mentioned above that, if unsure, calculate. I've done your calculations for you. Up to you all to refinance of not - it is your money, your installments to pay, your investments to grow and protect. I am only here as a facilitator.

5. Just to be clear, the 4.85% p.a. promotional rate would end by the end of this month (31st January). Any submissions made after that would revert to normal, non-promotional, board rate of higher then 4.85% p.a. It's your money, your call.

This post has been edited by wild_card_my: Jan 13 2019, 12:23 AM
ychan11
post Jan 13 2019, 10:53 AM

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QUOTE(debonairs91 @ Jan 10 2019, 09:42 PM)
Just to update regarding my soft cap. Called asb earlier today and ask about my cap. The guy confirmed to me my account old account that's why got 300k cap instead of 200k. drool.gif  drool.gif  drool.gif

So can take another 100k loan to make my asb 300k. Hmmm which bank to take
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I thought loan certificate accepted by PNB max to 200k no matter how many certificate u have as long as sum up at most 200k?
enkil
post Jan 13 2019, 12:58 PM

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I would like to know bout this too
buggie
post Jan 13 2019, 01:59 PM

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QUOTE(ychan11 @ Jan 13 2019, 10:53 AM)
I thought loan certificate accepted by PNB max to 200k no matter how many certificate u have as long as sum up at most 200k?
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Yup. You got it right. This means the guy has only taken 100k loan so far
wild_card_my
post Jan 13 2019, 07:06 PM

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QUOTE(buggie @ Jan 13 2019, 01:59 PM)
Yup. You got it right. This means the guy has only taken 100k loan so far
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Yes, based on his previous posting, he has taken only 100k loan too
haziqnet
post Jan 13 2019, 11:01 PM

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More people apply asbf hence whatever rate it is. Its gud by the way. The higher rate for me only give small significant compare to those who apply asbf at short tenure and full takaful.

However if can choose to apply at lower rate should pick that. Some people cant choose because the dsr permitted calculation is different at each bank. Its better than doesnt apply at all right.

Im glad i can change some people mind to make asbf after knowing the advantage for doing it. Some people are hard to change but its their loss.

Asbf is a platform that can help people to save money more than the conventional method. Maybe not the best but proven since its established more than the decades ago.

This post has been edited by haziqnet: Jan 13 2019, 11:02 PM
wild_card_my
post Jan 14 2019, 12:21 AM

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Newsflash: Once the 4.85% rate is gone by the 31st of January, the next best rate would be 4.9% from a different bank. While it is important to chase the best rates, even if you miss the 4.85%, it is still important to get a financing if you need to invest. Given the same ASB dividends going forward, even at 5% financing, you would be making more money than if you had invested using cash, going forward.

Different banks offer different rates and conditions, including whether getting insurance/takaful is compulsory to get their best rates, and what are the conditions of the "minimal takaful".

Make sure you are clear about these, and use your calculators before signing up to one.

This post has been edited by wild_card_my: Jan 14 2019, 12:22 AM
5il3nc3r
post Jan 14 2019, 03:03 PM

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I will be 35 this year, planning to refinance my ASB loan soon. Do you guys think it is still possible to get the max tenure of 30 years for the loan?
wild_card_my
post Jan 14 2019, 05:16 PM

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QUOTE(5il3nc3r @ Jan 14 2019, 03:03 PM)
I will be 35 this year, planning to refinance my ASB loan soon. Do you guys think it is still possible to get the max tenure of 30 years for the loan?
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Not only it is possible, my clients who are 35 have been getting max tenure of 30 years. When were you born?
voncrane
post Jan 14 2019, 06:12 PM

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QUOTE(5il3nc3r @ Jan 14 2019, 03:03 PM)
I will be 35 this year, planning to refinance my ASB loan soon. Do you guys think it is still possible to get the max tenure of 30 years for the loan?
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Yes you still can. At least from MBB..

QUOTE(wild_card_my @ Jan 14 2019, 05:16 PM)
Not only it is possible, my clients who are 35 have been getting max tenure of 30 years. When were you born?
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Already mentioned he/she'll be 35 this year. Which means currently 34+.. Still ask when was born.. Not simple maths meh? Or no need maths.. Since you've already confirmed that those who are definitely 35 are able to get max 30 years.. Sometimes just a little common sense is required. No need to reach for a larger analysis and response. biggrin.gif

This post has been edited by voncrane: Jan 14 2019, 06:13 PM
wild_card_my
post Jan 14 2019, 06:27 PM

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QUOTE(voncrane @ Jan 14 2019, 06:12 PM)
Yes you still can. At least from MBB..
Already mentioned he/she'll be 35 this year. Which means currently 34+.. Still ask when was born.. Not simple maths meh? Or no need maths.. Since you've already confirmed that those who are definitely 35 are able to get max 30 years.. Sometimes just a little common sense is required. No need to reach for a larger analysis and response.  biggrin.gif
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I just want to be clear upfront, to avoid any misunderstanding going foward. Some people consider themselves 35 but when checked they are 36. People forget their age especially due to the new year. Not to mention that I am also doing Takaful, where age matters even more. Just some professional habbit that i picked along the way

It is my business to be specific,Ii like to do things properly and as efficiently as possible. #notyourtypicalmalaysian. You should cheer that the professionals in the industry are being exact with these important details - instead of putting off their efforts. That is part of the reasons we get complaints about bad bankers who missed out on details, because the customers allow them to be substabdard with their work. Stop adopting #takapa attitude.


voncrane
post Jan 14 2019, 06:38 PM

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QUOTE(wild_card_my @ Jan 14 2019, 06:27 PM)
I just want to be clear upfront, to avoid any misunderstanding going foward. Some people consider themselves 35 but when checked they are 36. People forget their age especially due to the new year. Not to mention that I am also doing Takaful, where age matters even more. Just some professional habbit that i picked along the way

It is my business to be specific,Ii like to do things properly and as efficiently as possible. #notyourtypicalmalaysian. You should cheer that the professionals in the industry are being exact with these important details - instead of putting off their efforts. That is part of the reasons we get complaints about bad bankers who missed out on details, because the customers allow them to be substabdard with their work. Stop adopting #takapa attitude.
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I wasn't adopting any such attitude.. I wasn't saying you were a bad banker either. Merely pointed out an easy to note fact, one willfully supplied by the poster. The only way he could have been any clearer was to state.."oh I'm 34 years and x months old". Which was already implied by the statement.."I'll be 34 this year".. So relax.. Not every avenue is a chance to promote your services and or how you do things. It was a simple question demanding a simple answer. No need to over-sensationalize. If he wanted to consider himself 35 when he's actually 36, he would have worded it differently.

Summarily, one is either an age or not. One will either get the full loan or not as that age.. If cutoff point for a service is say 50, as long as officially below that age is acceptable. Whether loan gets approved or not then relies on other factors unrelated to age. See.. I can over-sensationalize things too while being factual. But I chose to give him/her the simple accurate answer that was sought. Stop adopting a #iamsogreat attitude. It's off-putting.

This post has been edited by voncrane: Jan 14 2019, 06:40 PM
wild_card_my
post Jan 14 2019, 07:14 PM

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QUOTE(voncrane @ Jan 14 2019, 06:38 PM)
Stop adopting a #iamsogreat attitude. It's off-putting.
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No, they are not #iamsogreat, it is just how I go about explaining thing that i am passionate about. I have the tendency to over-explain things

No, I don't think it is off-putting, at least not when I am getting what I get from the forum in general. Content marketing is real and people love this. Making moolah hand over fist, Alhamdulillah

No, I will not stop doing something that works just because you jelly. Anyway my partner has mentioned about people being jelly about my abilities - to captivate the prospects' attention abd to capture the sales, to point out the gritty details and to upsell when appropriate; was told to keep it up since it just works

Finally, no, I don't live and work to please you, so nothing is going to change. There are no rules that say that you need to display your annoyance. Best keep them to yourself.

Now can we please get back to discussing ASB financing?
buggie
post Jan 14 2019, 09:41 PM

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QUOTE(voncrane @ Jan 14 2019, 06:12 PM)
Yes you still can. At least from MBB..
Already mentioned he/she'll be 35 this year. Which means currently 34+.. Still ask when was born.. Not simple maths meh? Or no need maths.. Since you've already confirmed that those who are definitely 35 are able to get max 30 years.. Sometimes just a little common sense is required. No need to reach for a larger analysis and response.  biggrin.gif
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Adoi..... Biar lah dia if he wants to be thorough and ask... Even if the answer is straight forward and obvious. Any skin off your back meh? Like that also you want to call out ka?

These comments are totally uncalled for imo. Nak cari pasal buat ape?

Live and let live brother... Less bickering and more about making money.



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