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 ASB loan, worth to get it???

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ttwangsa
post Dec 18 2008, 01:37 AM

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From: Puchong, Selangor
QUOTE(Syd G @ Dec 17 2008, 03:57 PM)
Collected info :

RHB : BLR - 1.25% for whole tenure
CIMB : First three BLR - 1.6%, rest BLR - 1.3% or First 5 years BLR - 1.4, rest BLR - 1.3%

Maybank's rate given by Vieri777 is only for loan >50k
*
on tuesday,
i went to cimb jalan duta
and i saw the rates were different
5.xx for 3 years, BLR - 1.3 for the rest
and
5.yy for 5 years, BLR - 1.3 for the rest
5.yy is more than 5.xx

so, erm
are the figures accurate or up-to-date?
any internet links on the rates?

btw, i still cimb offer the best rates for ASB loan.
ttwangsa
post Dec 19 2008, 06:18 PM

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From: Puchong, Selangor
QUOTE(Syd G @ Dec 19 2008, 09:12 AM)
ASB loan Maybank BLR-2? I called my personal loan officer smile.gif

OD can start from 5k onwards. BLR-1 for CIMB (90%), BLR for RHB (100%), BLR for Maybank (90%)

I heard from the radio news that OPR is going down again (US planning to cut to 0.25%. wow). Good news to people with good payment history. Cheap loans smile.gif
*
2 minutes ago i called 1 300 66 88
http://www.maybank2u.com.my/site_functions...us.shtml#callus
QUOTE
Maybank Group Customer Care
(24 hours daily, including holidays)
Tel: 1-300-88-6688
(for domestic customers)
603-7844 3696
(for overseas customers)
pressed 1 for Malay Language
pressed 2 for Maybank2u
pressed 99 for Talk to customer service executive

i asked about the maybank asb loan
according to the lady
it depends on promotion but as of today
for 50k and above (the best rate)
year 1 - year 3 = BLR - 1.45
thereafter = BLR - 1.3

why is your personal loan officer's rate
different from maybank official rate?
ttwangsa
post Apr 29 2009, 08:38 AM

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Senior Member
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Joined: Oct 2005
From: Puchong, Selangor
you have to payback the principal
if you want a calculation like that, go for ASB O/D.

Added on April 29, 2009, 2:35 pm
QUOTE(DenshaOtoko @ Jan 29 2009, 10:00 PM)
I am still blur about ASB loan until now wether it is worth to take or not. I have read many books regarding investment such as Rich dad poor dad and from Azizi Ali (millionaires planet). Both of them never recommend to borrow money to invest because of bank interest. Should I listen to both these millionaires guys about no to borrow money to invest (ASB loan) or any one can tell me wether this advice is wrong or not? blink.gif

One thing, I had read somewhere in the website (forgot where already.. blush.gif ) regarding comparison between self saving and loan about this asb. The study was written by someone (officer) in Maybank for comparison. From her study, self saving every month will always outperform the ASB loan in term of nett profit because of no interets deduction and it is nett. She never recommend to take take a loan for ASB as it is not worth it. If someone cannot commit to save every month for saving then why he/she able to pay monthly debt (loan)? Any idea is it correct or wrong?

Just asking... biggrin.gif
*
you read wrongly la,
buy house = take a loan
azizi has a book property
rich dad too

key word here is leverage..

a question i ask my friends

if someone is willing to lend you 1 million, with 200% interest per year, would you take it?

the answer is it depends on whether i can put the 1 million and get 300% in profit.

leverage.

borrow from lower rate, put in higher rate, get the difference.




This post has been edited by ttwangsa: Apr 29 2009, 02:35 PM
ttwangsa
post Apr 29 2009, 07:45 PM

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Senior Member
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Joined: Oct 2005
From: Puchong, Selangor
i guess the post was posted when BLR was 6.75 and abs loan rate was BLR + instead of BLR -
so
at BLR 6.75 + 0.5 compared to ASB return of 7
obviously its what you would call a "bad debt" debt that makes you poorer.
borrow 7.25% get return 7%

but at the current condition
most ASB loans are BLR -
BLR - 1.56 i think for CIMB
anyways
5.55 - 1.56 is less than ASB return (less just call it 5% because economy is very bad)
so
its still profitable.

put it this way
if you buy a house, you take a loan
down payment + all the legal docs = RM 500
you pay the bank 500/month,
the rent is 550/month
would you take it?

same goes for ASB loan.

you get 7% out of RM 200k per year

if in doubt
just fire up your excel sheet and do the calculations yourself
ttwangsa
post Apr 30 2009, 05:04 PM

On my way
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Senior Member
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Joined: Oct 2005
From: Puchong, Selangor
i guess
O/D's concept is like this

using your already existing ASB account, mortgage it to the bank
you only pay the interest (BLR - 1.25 for CIMB, 90% of face value)
every year you get the dividend from your ASB
its like renting a house for RM 500, and re-renting it for 550
the house won't be yours

asb loan,
you take a loan to get your ASB
you have a fixed amount to pay,
this is like buying a house and renting it,
per month basis, this pays less than ASB O/D
but it all becomes yours at the end of the loan period.

i guess its all leverage and
which one is more profitable depends on a few things
like how big is your current ASB account size,
how well do you THINK this year's payback will be,

basically you can even treat your O/D like an ASB loan,
but not vice versa
i guess that's why the rate for ASB loan is better than O/D.

i'm not sure if this answers your question or if my explanations has a few holes in them, but i hope it helps you understand.
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