Whats is the pros and cons to take the loan with takaful?

It is worth to take takaful?

Just wondering which one is the best offer.

5.2%. 30 years.

Or

5.0%. 25 years.

HI, good ppl of FBI

Im currently 24 years old and planning to get  ASB loan (200k) for 30 years.

As for now I have 15k cash and planning to put it lumpsump to cover 1 year's installment. So my question is:

Is it true that i dont need to pay for upcoming year's installment just by using the dividend? Because some of my friends said that due to the bank interest rate the dividend would not be suffice to cover the installment plan.

P/S: Pardon me if my knowledge on ASB wasnt good. Hopefully members of the forum could help me. Thank you in advance!

Mind to eloborate more why 5.2% 30 Years much better than 5.0% 25 Years?

A. 5.2% 30 Years
Principal Rm100,000
Dividend Rm711,649 (7%)
Maturity Value Rm811,649
Total Repayment Rm550 x 360 = Rm198,000
Total Gain  Rm613,649

-----

B. 5.0% 25 Years
Principal Rm100,000
Dividend Rm472,541 (7%)
Maturity Value Rm572,541
Total Repayment Rm584 x 300 = Rm175,000
Total Gain Rm397,041

------------------------

Differences between 5.2% 30years and 5.0% 25years is Rm23,000.

If Option B continue investing in another instrument such as ASB2, assume dividend 7%, monthly deposit Rm584, duration 5 years.

Principal Rm572,541
Monthly Deposit Rm584
Dividend Rm42,054 (7%)
Maturity Value Rm853,702

Extra Profits Rm853,702 - Rm811,649 = Rm42,053

what i have in mind is like this (correct me if im wrong):

lets assume for 2017, dividend is 6.5%

so in my account now, i have RM192k (122k + 70k)

end of the year i will get RM192k x 0.065 = RM12.48k dividend

minus the installments i actually get 12.48k - 5.004k = about RM7.5k

scenario 2, without 70k loan:

so dividend is 122k x 0.065 = 7.93k

but since i have saved RM5.004k from not having to pay the loan, i can say that i get a total of 7.93k + 5.004k = about RM13k

so technically i get more money every year. But if i continue the loan until the end of the loan tenure, i will get more money in the asb

so what i would like to know now is, what if i plan to cancel the loan in maybe 3 or 4 years time? What is the amount that i would get?

im afraid that one day the dividend will be go lower than the interest rate

scenario 2, by not having to pay the loan, i plan to still save the same amount as the yearly installment into my asb account

if i terminate and reapply, will i get more money? i dont really get how this amortization works. All i can do is use a loan calculator to see the reduced balance. Still no idea how they calculate how much interest and principal i pay every month

Actually, how does the takaful affect the loan? for example: 30k loan, 5.2% and takaful around 1360. let say, if I cancel the financing, the remaining takaful will be reimburse back to me? and at this point, is the 30k loan already reduced a bit?

Hi, I need to ask something, my loan just approved, I have signed with my agent, will be start paying on November. But I notice the PRTT(insurance) is for 30years........I wanna terminate after 7 years. Will Maybank refund the balance of the insurance fee after i terminate or not. Tqvm!

Phew..thanks. I applied when the interest is 5.2%. 50k, and the monthly repayment is 277. Is it ok? If ok I wanna shoot another loan..

Haha really? Maybe bcoz 30years loan. Will do. Tqtq

Eh, last time i got 2.x k something from maybank, for 26 years.. How come you only have to pay thar amount?

Hi All,

Just want to check with you guys, in a situation where a person is taking  a 200k asbf, as the years go by, he would’ve accumulated some dividends and paid principals. I know that you can't do hibah amanah on the certificates which are still under financing. But can you do hibah amanah on the dividends and principals accumulated, which now belong to you, irregardles if you continue or terminate your asbf. Has anyone successfully subscribed to hibah amanah for these portions? Mind sharing your experience?

Is this RM50 a one time cost or there are other costs?

I've checked. It's RM10 per year plus ~2.5K for 200K money in the account. It's a daylight robbery if you ask me. It's just a "penama" for crying out loud. Why must they charge you thousands?