Need some advise on this ASB loan/saving strategy...I just use rough calculation

Let say I apply 30k loan for 10years right now
Loan commitment : ~RM3xx/month
Finished paying back 30k loan after *3years

By then, I have the 30k+interest as I finished serving the loan using my own money, after that I took all the money from ASB and apply for 200k loan for 25 years
Loan commitment : ~RM1xxx/month
Paid the first year monthly loan commitment using my 30k and let it on autopilot, pay using own money whenever possible

What do you think of this strategy? Any flaws? Anything that I should be aware of? Should I opt for longer or shorter term for my first loan?
I'll be unable to commit for long term right away as I'm planning to get housing loan in ~3-4years time. Currently I don't have any loan commitment, already have transport and house. No CC.

*minimum lock-in period

This post has been edited by petirbuas: Aug 3 2013, 06:46 AM

You understand that right. So monthly saving is better at this point(the initial 30k)? I've calculated it and indeed a loan will set me back a few grand...

It just that I don't have any CCRIS record before(all stuff paid in cash; no CC). I'm just afraid that I can't secure the 200k ASB loan later on if I don't have any proven track record and already serving my housing loan at that time. Say my monthly salary is 4k, 1.5k/month for housing loan, no other commitment, is the 200k loan achievable?

Correct me if I'm wrong

Seng_Kiat
ah_suknat
Great! thanks for the info

I can live with half of that right now but who knows in the future...but yeah, sure need to work harder

solsekuin44
Based on my reading on this whole thread, you'll only get the 200k cert in the end, as all divident will be credited directly into your account yearly. Don't touch any of the divident and in the end of the 25years, you'll have the XXXk worth of dividen in ASB account and bank will give you the 200k cert.

Affin is doing promo currently. 5% for ASB2 for minimum 100k
PM me for more info.

7.05% not bad lah, for low risk and liquid investment

Affin offered 5% for ASB loan. But finished already last month.
I believe current best rate is from CIMB

5.x%
You can refer on their website

Agent got their commision once your loan disbursed. They don't lose anything when you terminate in 3years time.
In fact I think they'll be happy to help you to reapply later.

Assuming 2k nett,
Depend on your other commitment, ASB loan is the easiest to get approved for. Got many people went up to 70% of their income. Thats why people make loan for car and house first.

100k loan for 25years tenure equal to ~620/month repayment. Thats just ~30% from your salary.

This post has been edited by petirbuas: Apr 8 2016, 11:12 AM

In case you forgot, if you want to do that,make sure you take longest tenure and minimum insurance to maximize your profit.

Can't remember.
By default bank will push for full loan period. Actually you can apply for less. Even only up to 5years.

You can check Maybank repayment table here
Lets say RM200k for 25years. According to table its RM1,193 but plus 25years insurance, I'm paying RM1,224/month.
If you plan to terminate and reapply every 3years, there is no point taking long insurance period anyway.

Compulsory. But you can negotiate the insurance period, and its all depend on bank and your agent.
Maybank usually don't allow shorter period. Affin & RHB ok. CIMB not sure.

Yes

Many people overlooked Affin, but I think they have the best rate for now. For both ASB & ASB2 loan
- 5% interest for min 100k
- Max 30 years
- Flexible insurance period
- No lock-in
- Fast process(maybe due to my banker, but takes 2 weeks only to disburse)
- Straightforward. No family plan crap

But its not Islamic. PM me if anyone need contact. My banker is one of the earlier forumer that actively contributed to the original CG thread. Still does in FB too.

haziqnet
Have you compare with Affin offer?

While Islamic means no lock-in period. Conventional doesn't always means that there is lock-in period. There's few ASB conventional loan without lock-in period, Affin is one of them. So you can cancel anytime without penalty.

But generally, terminating your ASB loan(Islamic or conventional) in less than 18month makes not much sense as your ROI is lower than saving yourself(without loan).




PM me your contact number so I can ask my banker to reach you. He's based in Affin Kelana Jaya and usually cover whole KL & Selangor.

Which part of Negeri Sembilan? If Nilai/Seremban I think no problem.
I'll ask him.

Sudah send abang~

Yup. This is my contact too

Follow this FB Group for more info. There's a lot of bankers too.

Nice. 30years for ASB1 too?
How to get? my ASB1 loan 200k 5.2% for 25years old only

yourself
I can't recall where did I put my copy of list of all companies ASB invested in.
But the only concern is Maybank. And JAKIM have published booklet to answer that. See attachment.

Also, please listen to explanation given by Dr Asri(Perlis Mufti) on the issue.


If I remember correctly, only Selangor and Perak Mufti decided that its haram based on their consideration. The rest of Mufti aligned with Dr Maza's view.

 FAQ_Hukum_Pelaburan_ASB.pdf ( 3.05mb ) Number of downloads: 53