Since it's already known to many that we can no longer use ASB to pledge for overdraft purposes, I was thinking of using Fixed Deposit instead....
I was at the bank the other day signing some document for my ASB loan, and I took the opportunity to enquire about pledging the FD for O/D purposes.
First and foremost, we all know that the FD return is low. Seriously low. About 3% if I'm not mistaken.
Secondly, the bank will give you 1:1 for the overdraft. So if you have RM30k in your FD, you can pledge the amount for your od.
Third, why would anyone wanna do that? Well...for some and for me, OD has helped me a lot in 'enhancing' my financial being. It has helped me in diversifying my investment. So, I was just thinking, if I have some cash to 'spare', I'll put it in FD and then pledge it for OD.
To be honest, my OD account is not ''big'' but it is enough for me to use to spread my investments and my risk in different baskets.....
Hence, I believe, by 'expanding' my OD, I could have some 'ready' cash with me at any one time.
I've yet to determine whether to go ahead with this small 'project' of mine or not.....
Let's see how it goes lah....
Showing posts with label OD. Show all posts
Showing posts with label OD. Show all posts
Wednesday, December 22, 2010
Thursday, July 22, 2010
OD...not again
A friend called me up the other day on how to make full use of an OD facility. So, I explained to him a bit of what I know about it (despite my limited experience and knowledge that is).
To make a long story short, he was ready to plunge himself into the OD-ASB world like I did, and perhaps, like some of the people I knew did. Fast forward to earlier today, he called me up and said that his OD application (by pledging his ASB cert) in CIMB has been 'frozen'. He doesn't actually know the reason but he called up Maybank and he gets the same answer. He even mentioned that individual application for OD is not allowed unless you have a company. Or...something like that lah. (I couldn't understand what was he trying to say....heheeh)
To be frank, this is news to me. In fact, I was told about this perhaps about 2 weeks back during my sister's wedding by my friend. I still remember last year, maybe about the same time when I had my application 'frozen' by Maybank due to some instruction from PNB. At that time, I was a wee bit frustrated as I was in the midst of purchasing a property and obviously I needed some cash to pay the deposit. Anyways, after being left in the lurch for about a few weeks, after numerous calls to Maybank, the bank upon the green light from PNB approved my application. Phewwwww...
I really hope that this will be the case for this year. Perhaps, PNB needed some buffer time to sort themselves out. It seems now that everybody is taking advantage of pledging his or her ASB to the bank so that he or she have money to use for one reason or another. Let's pray that this is only temporary.
Anyways, what if, they decided that we can't use ASB as a collateral anymore. What options do we have? Put our money in Fixed Deposits? We know that the return for FD is not that great but still, it's an option kan? For example, if you have RM50k in your ASB, why don't you put RM25k in FD and then apply an OD for 90% of that amount? You win some and you lose some kan? At least, ada lah sikit kan daripada takde langsung.....
Hrmmmmmmm.....For time like these, it's a good time to take a step back and think what options do we have and what can we do about it. Of course, there is an element of frustration if some of us need to use some cash urgently. Like I mentioned above, last year was a testing period for me when they said that they are not accepting anymore OD application. ASB despite whatever being said, is a tool for many of us to use to enhance our financial standings. It is a tool that many of us should be taking advantage at. It is a tool that makes some of us more financially secured.
Again, I hope and pray that this is temporary. If and when they decide to allow such application again, we should learn to be more appreciative of the privileges that some of us have.
To make a long story short, he was ready to plunge himself into the OD-ASB world like I did, and perhaps, like some of the people I knew did. Fast forward to earlier today, he called me up and said that his OD application (by pledging his ASB cert) in CIMB has been 'frozen'. He doesn't actually know the reason but he called up Maybank and he gets the same answer. He even mentioned that individual application for OD is not allowed unless you have a company. Or...something like that lah. (I couldn't understand what was he trying to say....heheeh)
To be frank, this is news to me. In fact, I was told about this perhaps about 2 weeks back during my sister's wedding by my friend. I still remember last year, maybe about the same time when I had my application 'frozen' by Maybank due to some instruction from PNB. At that time, I was a wee bit frustrated as I was in the midst of purchasing a property and obviously I needed some cash to pay the deposit. Anyways, after being left in the lurch for about a few weeks, after numerous calls to Maybank, the bank upon the green light from PNB approved my application. Phewwwww...
I really hope that this will be the case for this year. Perhaps, PNB needed some buffer time to sort themselves out. It seems now that everybody is taking advantage of pledging his or her ASB to the bank so that he or she have money to use for one reason or another. Let's pray that this is only temporary.
Anyways, what if, they decided that we can't use ASB as a collateral anymore. What options do we have? Put our money in Fixed Deposits? We know that the return for FD is not that great but still, it's an option kan? For example, if you have RM50k in your ASB, why don't you put RM25k in FD and then apply an OD for 90% of that amount? You win some and you lose some kan? At least, ada lah sikit kan daripada takde langsung.....
Hrmmmmmmm.....For time like these, it's a good time to take a step back and think what options do we have and what can we do about it. Of course, there is an element of frustration if some of us need to use some cash urgently. Like I mentioned above, last year was a testing period for me when they said that they are not accepting anymore OD application. ASB despite whatever being said, is a tool for many of us to use to enhance our financial standings. It is a tool that many of us should be taking advantage at. It is a tool that makes some of us more financially secured.
Again, I hope and pray that this is temporary. If and when they decide to allow such application again, we should learn to be more appreciative of the privileges that some of us have.
Tuesday, March 23, 2010
OD Part 3...Approved.......and Signed!!!
Yeahhhhhh.......Finally got the offer letter signed!! ...and the bank decide to charge RM10 for preparation of LO...the banks really know how to take money from the masses ehh?....
Anyhoos, I got no choice...btw...the BLR rate now is 5.80%....urghhhhh......it used to 5.55%...wonder why it has increased.....
Anyhoos, I got no choice...btw...the BLR rate now is 5.80%....urghhhhh......it used to 5.55%...wonder why it has increased.....
Monday, March 1, 2010
od'd again..n again....
yeahh....finally....after days of procastinating...i finally managed to drag myself to the ever-reliable bank to increase my OD facility....as usual, gotta fill in all those blanks in the papers, handed them my 3 months salary slip and this time, I'd make sure that they didn't screw up like the last time.
If I can remember correctly, the last time, it took them 3 months to disburse the money. First, they say that OD using ASB has been stopped...or tak terima or something to that extent....then, wrong 'wording' letter offer....believe me...all that can go wrong...went wrong that time...no wonder it took them 3 months...talking about the No 1 bank in the country ehh...Well, i choose them as they're only a few steps away from my office as I refuse to drive to bangsar Telawi area due to the daily traffic madness....heheh...
Perhaps, when my OD reaches 200k, I'll go somewhere else....RHB maybe...hahaha....
Alright then...now...that's done and dusted, let's wait and see how long it would take this time.....
If I can remember correctly, the last time, it took them 3 months to disburse the money. First, they say that OD using ASB has been stopped...or tak terima or something to that extent....then, wrong 'wording' letter offer....believe me...all that can go wrong...went wrong that time...no wonder it took them 3 months...talking about the No 1 bank in the country ehh...Well, i choose them as they're only a few steps away from my office as I refuse to drive to bangsar Telawi area due to the daily traffic madness....heheh...
Perhaps, when my OD reaches 200k, I'll go somewhere else....RHB maybe...hahaha....
Alright then...now...that's done and dusted, let's wait and see how long it would take this time.....
Sunday, February 21, 2010
Looking at life thru a tire hub.....
Yeah....finally...managed to go to PNB and get certified!! This will be my 3rd time doing it. So tomorrow...another short visit the Bank to top-up my current OD facilities. Very nice!!! More things can be done if you have enough dough!!....
I think, I'm gonna pop down to cyberjaya during the weekends to do some 'soul-searching'. Hehehe....thnx for your tips ya Rohaniah!!!
Oh ya...the audit is almost complete. And yes, they did ask me the same lame and stupid questions all over again. The auditors seems so fresh and whenever I raise my voice a little bit, they looked like they wanna cry. Ck ck ck ck ck...very bad of me!!
Btw, the condo in Desa Melawati has yet to be rented out, so if any of you know anyone who's looking for a place to rent, tolong war-warkan yaaa......Tq in advance..
(the sooner the place is rented the better so that more plans can be executed). As Azizi Ali stated somewhere in his books, property investments is not a race. As long as you know where you wanna go and you know how to get there, that's enough. Heheheh. I know I said earlier in my previous blogs that I'm aiming to purchase another 2 this year. I think it's achievable but of course, a lot of other considerations that I need to think of...
Hrmm...over the weekend, i managed to read a couple of blogs with regards to properties, gold, ASB, investments, etc...I thought it was good and certainly I learnt new things and tips from people that I don't know. I think it's a very good way of sharing information and hope that those writers/bloggers keep on sharing ideas with the masses. Like them, I also hope to share my knowledge and stuff that I think that is useful and have some kind of impact to everyone!!
Have a good week...
I think, I'm gonna pop down to cyberjaya during the weekends to do some 'soul-searching'. Hehehe....thnx for your tips ya Rohaniah!!!
Oh ya...the audit is almost complete. And yes, they did ask me the same lame and stupid questions all over again. The auditors seems so fresh and whenever I raise my voice a little bit, they looked like they wanna cry. Ck ck ck ck ck...very bad of me!!
Btw, the condo in Desa Melawati has yet to be rented out, so if any of you know anyone who's looking for a place to rent, tolong war-warkan yaaa......Tq in advance..
(the sooner the place is rented the better so that more plans can be executed). As Azizi Ali stated somewhere in his books, property investments is not a race. As long as you know where you wanna go and you know how to get there, that's enough. Heheheh. I know I said earlier in my previous blogs that I'm aiming to purchase another 2 this year. I think it's achievable but of course, a lot of other considerations that I need to think of...
Hrmm...over the weekend, i managed to read a couple of blogs with regards to properties, gold, ASB, investments, etc...I thought it was good and certainly I learnt new things and tips from people that I don't know. I think it's a very good way of sharing information and hope that those writers/bloggers keep on sharing ideas with the masses. Like them, I also hope to share my knowledge and stuff that I think that is useful and have some kind of impact to everyone!!
Have a good week...
Thursday, February 18, 2010
Overdraft
Err...
I'm no expert in this OD thingy but I was ask by a friend on how to calculate its interest. I'll try to answer as much as I can and forgive me if said anything wrong ya. Don't sue me!! Please....
Ok here goes....
First of all, let's get the correct understanding of an overdraft.
As stated in wisegeek.com:
''An overdraft facility is a formal arrangement with a bank which allows an account holder to draw on funds in excess of the amount on deposit. Overdraft facility financing is most commonly used by businesses as a way of making their working capital more flexible, although it can also be available to individuals. Banks which offer this service typically have a number of expectations from customers who use it, and it is important to be aware of these expectations before entering an overdraft facility agreement.
The idea behind overdraft facility agreements is that sometimes one needs a bit more money than is available on deposit to deal with various expenses. For example, a business which is always slow in March and April might like to use its overdraft facility to make payroll and keep current with all accounts and creditors. Or, a business might need to make a big one-time expense which exceeds the funds on deposit.
With an overdraft facility, people can repay the funds at their convenience. The bank may charge an overdraft fee for accessing the overdraft facility, and the interest rate can be higher than that for other types of loans. The bank also has the right to demand repayment in full. Balancing an overdraft facility wisely can free up capital and make people more stable financially, but unwise use can lead people into a spiral of debt which may be difficult to escape.
The amount of an overdraft facility is also curbed; people are not allowed to continually take money out and not repay it. The amount of the overdraft is usually pegged to account history and financial information, with the goal of ensuring that people do not end up borrowing more than they can realistically repay through an overdraft facility. The agreed limit can be negotiated with the bank, and some banks are willing to reevaluate if customers feel that their circumstances have changed.
Overdraft facilities provide flexibility and a bit of a buffer which can be used to ride through a period of hard times. However, other lending instruments may be more practical, and it is a good idea to talk about options for accessing lines of credit and loans with a bank staffer or financial advisor before making any firm choices. It is important to avoid making a financial choice which would be problematic later in the hurry to access funds to deal with a current problem''
Faham ka? Tak faham kalu, cuba baca balik........:p
Still, how do you calculate the interest charged dear master? (I'm no master you egget!!!) Ok here comes the million dollar answer..
I have to admit that I'm very bad in answering questions just by writing. Hence, I'm gonna give an example.
Here goes:
Mr Ariff has got about RM50000 of OD facilites from Abe Power bank. All this while he has not got the courage to use the OD facilities for some strange reason or another (strange kan?). So he was wondering what would be his total interest(at the end of the month) if he is to take out RM10k from his OD account. Let's assumed that he will pay the total money used (RM10k) at the end of the 30th day.
The answer is pretty straight forward. Let's do the math.
rm10000 x 5.55%/365 x 30 = RM42.21
In short, Ariff has got to pay RM42.21 at the end of the month for the usage of RM10,000. This Rm42.21 will keep on increasing if Ariff does not do any lodgements for the following days, weeks and months.
faham tak?...
For the second example, please have a look on the table below. A pretty basic calcuation on how the interest is being calculated.
Ok now, from the example above, you can see that Mr A has taken Rm5000 from his OD account on the very first day of the month. On the 3rd day, he took out another RM10,000 from his OD account. Hence, in the end of the 3rd day, his total interest would be about Rm3.80. As you can see from the table, Mr A has also made some lodgements into his account which helped him in lowering his interest charged. The trick here is, always, always put your money in your OD account to help you reduce your interest charged. The earlier the better. (that is if you ever use your OD facilities-having said that, why bother having an OD facilities if you don't use it...dennnggg!!!)
In fact, I have to admit, I managed to settle all my credit cards bills using this method and now I don't have any more headache as to how to settle my credit card bills. Instead of seeing the wording INTEREST CHARGED on the bills, I now see Outstanding Balance: Nil. Hehehe. very nice eh? In fact, I save loads of money using this method rather then paying 5% every month for the CC bills. Anyhoos, that is history and now that I learnt my lesson, I hope that all of you out there won't be in the situation that I was previously. Credit Card is a killer!!! Damn you!!!
Hope I have answer as to how the interest is being calculated. If ada salah dan silap adalah kerna kurangnya ilmu pengetahuan saya dalam bidang nih. This is what I understand for the time being...
By the way, just a point to note, having an od facility helps me a lot especially in terms of expanding my investments. ANd of course, having ready cash with you all the time can always be dangerous unless you're very, very dicipline.
Another subject that I wanna touch is, ways to reduce your OD interest.
Let's take the table calculation example again. We know that Mr A has taken a total of RM15k of his OD facilities. If Mr A doesn't put any lodgements until the end of the month, the total interest charged will be about RM68(+/-).
However, based on the table, you can see that he has made several lodgments during the course of 30 days. Now, instead of paying about RM70 for the interest charged, Mr A now only has to pay about RM44. That's a saving of rm26. Perhaps, RM26 will give you 2 days of good meals....hehehehe
So the trick is, lodge in what ever money that you receive to help lower your montly interest charged.
Masuk Cepat Keluar Lambat. Hehehe. Remember that key word!!
Have a good week ahead...
I'm no expert in this OD thingy but I was ask by a friend on how to calculate its interest. I'll try to answer as much as I can and forgive me if said anything wrong ya. Don't sue me!! Please....
Ok here goes....
First of all, let's get the correct understanding of an overdraft.
As stated in wisegeek.com:
''An overdraft facility is a formal arrangement with a bank which allows an account holder to draw on funds in excess of the amount on deposit. Overdraft facility financing is most commonly used by businesses as a way of making their working capital more flexible, although it can also be available to individuals. Banks which offer this service typically have a number of expectations from customers who use it, and it is important to be aware of these expectations before entering an overdraft facility agreement.
The idea behind overdraft facility agreements is that sometimes one needs a bit more money than is available on deposit to deal with various expenses. For example, a business which is always slow in March and April might like to use its overdraft facility to make payroll and keep current with all accounts and creditors. Or, a business might need to make a big one-time expense which exceeds the funds on deposit.
With an overdraft facility, people can repay the funds at their convenience. The bank may charge an overdraft fee for accessing the overdraft facility, and the interest rate can be higher than that for other types of loans. The bank also has the right to demand repayment in full. Balancing an overdraft facility wisely can free up capital and make people more stable financially, but unwise use can lead people into a spiral of debt which may be difficult to escape.
The amount of an overdraft facility is also curbed; people are not allowed to continually take money out and not repay it. The amount of the overdraft is usually pegged to account history and financial information, with the goal of ensuring that people do not end up borrowing more than they can realistically repay through an overdraft facility. The agreed limit can be negotiated with the bank, and some banks are willing to reevaluate if customers feel that their circumstances have changed.
Overdraft facilities provide flexibility and a bit of a buffer which can be used to ride through a period of hard times. However, other lending instruments may be more practical, and it is a good idea to talk about options for accessing lines of credit and loans with a bank staffer or financial advisor before making any firm choices. It is important to avoid making a financial choice which would be problematic later in the hurry to access funds to deal with a current problem''
Faham ka? Tak faham kalu, cuba baca balik........:p
Still, how do you calculate the interest charged dear master? (I'm no master you egget!!!) Ok here comes the million dollar answer..
I have to admit that I'm very bad in answering questions just by writing. Hence, I'm gonna give an example.
Here goes:
Mr Ariff has got about RM50000 of OD facilites from Abe Power bank. All this while he has not got the courage to use the OD facilities for some strange reason or another (strange kan?). So he was wondering what would be his total interest(at the end of the month) if he is to take out RM10k from his OD account. Let's assumed that he will pay the total money used (RM10k) at the end of the 30th day.
The answer is pretty straight forward. Let's do the math.
rm10000 x 5.55%/365 x 30 = RM42.21
In short, Ariff has got to pay RM42.21 at the end of the month for the usage of RM10,000. This Rm42.21 will keep on increasing if Ariff does not do any lodgements for the following days, weeks and months.
faham tak?...
For the second example, please have a look on the table below. A pretty basic calcuation on how the interest is being calculated.
Ok now, from the example above, you can see that Mr A has taken Rm5000 from his OD account on the very first day of the month. On the 3rd day, he took out another RM10,000 from his OD account. Hence, in the end of the 3rd day, his total interest would be about Rm3.80. As you can see from the table, Mr A has also made some lodgements into his account which helped him in lowering his interest charged. The trick here is, always, always put your money in your OD account to help you reduce your interest charged. The earlier the better. (that is if you ever use your OD facilities-having said that, why bother having an OD facilities if you don't use it...dennnggg!!!)
In fact, I have to admit, I managed to settle all my credit cards bills using this method and now I don't have any more headache as to how to settle my credit card bills. Instead of seeing the wording INTEREST CHARGED on the bills, I now see Outstanding Balance: Nil. Hehehe. very nice eh? In fact, I save loads of money using this method rather then paying 5% every month for the CC bills. Anyhoos, that is history and now that I learnt my lesson, I hope that all of you out there won't be in the situation that I was previously. Credit Card is a killer!!! Damn you!!!
Hope I have answer as to how the interest is being calculated. If ada salah dan silap adalah kerna kurangnya ilmu pengetahuan saya dalam bidang nih. This is what I understand for the time being...
By the way, just a point to note, having an od facility helps me a lot especially in terms of expanding my investments. ANd of course, having ready cash with you all the time can always be dangerous unless you're very, very dicipline.
Another subject that I wanna touch is, ways to reduce your OD interest.
Let's take the table calculation example again. We know that Mr A has taken a total of RM15k of his OD facilities. If Mr A doesn't put any lodgements until the end of the month, the total interest charged will be about RM68(+/-).
However, based on the table, you can see that he has made several lodgments during the course of 30 days. Now, instead of paying about RM70 for the interest charged, Mr A now only has to pay about RM44. That's a saving of rm26. Perhaps, RM26 will give you 2 days of good meals....hehehehe
So the trick is, lodge in what ever money that you receive to help lower your montly interest charged.
Masuk Cepat Keluar Lambat. Hehehe. Remember that key word!!
Have a good week ahead...
Thursday, January 28, 2010
AsB...Od'd Again...
I guess, this topic has been discussed over a zillion times among bloggers who are into investments & properties. I'm no different as I'm just 'following' what some of them are doing. I do not know as to what will be the right or wrong way of doing this ASB and OD thingy as long as I know what my aims are...and of course, as long as I reach it...
Anyhoos, somewhere amongst my postings in 2009, I wrote that I would like to achieve a 6 digits savings in my ASB. WEll, have to confess though, I wasn't able to make it last year. What the heck??, it's not a race anyway but I'm super-duper happy to see that with the maegre efforts that I've done througout 2009, I managed to get it closer to that aim. The dividend was ok I think and like I said, I'm grateful that it is now in a very healthy state.
As they say, sometimes, sikit-sikit, lama-lama jadi bukit and I found out that is very true. Perhaps, I might reach my aim this year.
Having said that, I do hope that next week I can make a quick visit to PNB to get it certified and hopefully a quick dash to Maybank to top-up my OD. More OD means more opportunites to buy more properties or investments. It doesn't mean that I can go out and jolly katak but at least, having some OD does provide me with a peace of mind at some stage or another.
Well, just wanna share with you what I plan to do with my ASB and OD in a week's time. Actually, this 'way' has been discussed a couple of times in pie's blog. Anyway here goes. let's say my balance in my ASB at the year ended 2009 is RM25k. So, what I plan to do is to get RM20k certified in PNB and then pledge my RM20k to my OD account. As usual, the bank will give about 90% of the RM20k, so it'll be RM18k. Let's further assumed that I have Rm50k of existing OD facilities. So after topping up, I'll have about RM68k worth of OD facilities. In fact, why not pledge the whole RM25k amount eh?...silly me....
Here comes the million dollar question, what can I do with RM68k? Well my friends, what you wanna do with that money, it's entirely up to you as the money is yours. Just make sure you know how you wanna manage as there will interest involve if you use it. You can even top up your ASB or other investments with that money. As long as it grows!!!
Have a good weekend peeps....
Tuesday, July 28, 2009
OD updates
Remember my posting sometime in May about me applying for an additional OD. Well, yesterday I had to make a quick visit to Maybank and have to re-signed a new letter offer because of some mistakes from the bank's part. What an absolute joke!! If I can remember correctly, the previous letter offer was dated on the 12th of May so since the last few weeks or so I've been calling the bank and ask them why wasn't my OD being disbursed.
The answer given was the original offer letter contained a few 'minor' mistakes. The bank apparently didn't noticed that I have an OD account with them so when I applied a new OD application, they thought I was asking for new account (instead of adding the new OD application with the current OD amount that I have). The bank also said that in June, PNB decide to stop any OD application that was pledged via the ASB certificate...
Anyhoos, hopefully, now that everything is settled, they bank can release my money so that I can be orang kaya. Hahahahahahaha. No lah, it's important for me and everyone else to have an alternative back-up cash in hand. It's not that I wanna use it but who knows I might need it to buy my next property or maybe (just maybe) my new bike...heheheheheh
Have a good week ahead...
The answer given was the original offer letter contained a few 'minor' mistakes. The bank apparently didn't noticed that I have an OD account with them so when I applied a new OD application, they thought I was asking for new account (instead of adding the new OD application with the current OD amount that I have). The bank also said that in June, PNB decide to stop any OD application that was pledged via the ASB certificate...
Anyhoos, hopefully, now that everything is settled, they bank can release my money so that I can be orang kaya. Hahahahahahaha. No lah, it's important for me and everyone else to have an alternative back-up cash in hand. It's not that I wanna use it but who knows I might need it to buy my next property or maybe (just maybe) my new bike...heheheheheh
Have a good week ahead...
Thursday, June 18, 2009
OD updates..
Now this is a shocking news to me. I applied a new OD with Maybank about 2 months ago. Initially, everything was going very smooth and the letter offer went out in the 2nd week of May. Up till today, which is the 19th day of June, they have yet to 'release' the money. So I decided to give them a buzz and what was told to me by the officer left me dumbfounded!!
The explanation given was, PNB decided to 'hold'or 'freeze any OD application pledged by the OD certificate. Now why is that so? I keep my money in ASB, I get it certified so that I can use it to increase my overdraft. What is so wrong in that? Furthermore, the money is gonna be use to create my own wealth. So, I don't see any reason as to why PNB is doing what they are doing now.
Is it because of profit maximization on their part?
hrmm...
The explanation given was, PNB decided to 'hold'or 'freeze any OD application pledged by the OD certificate. Now why is that so? I keep my money in ASB, I get it certified so that I can use it to increase my overdraft. What is so wrong in that? Furthermore, the money is gonna be use to create my own wealth. So, I don't see any reason as to why PNB is doing what they are doing now.
Is it because of profit maximization on their part?
hrmm...
Tuesday, June 16, 2009
3rd property..............
Yeah...as the title goes, I'm in the midst of purchasing my 3rd property for this year. In fact, it's gonna be the 3rd in 6 months!! This time last year, I practically had nil/zero property but as at today, I got 4.
As at today, the loan has been approved (although the bank only decided to give me 80% loan instead of 90%) and tomorrow, the bank officer will come and meet me to sign some papers...I plan to 'give' this new property to the missus..Hope she'll be happy once everything sorted out...
Not too bad eh? Well, I never expected this were to happened. If anyone were to tell me last year, that by June 09, I will have even 2 properties, I will probably die laughing. It's not easy though...and it's not difficult either.
It's just a matter of prioritizing the plans that I've made earlier. Of course, there were some sacrifices had to be made as well.
I kinda miss riding a lot. However, a lot of new and good things has occurred for the last couple of weeks so I don't think I will get a bike soon. Perhaps in 2-3 years time when I have some extra money to buy. (A matter of fact, if you have extra money, don't buy stuff...keep it in ASB..heheheh)
Talking about ASB...i'm glad that the balance looks very healthy to me. Well..not as much as some of my friends, but I thought it was good. DOubt whether it can pass the 100k mark by the end of the year, but certainly going there...
There's that for today...oh by the way, go to carl's junior for a nice & yummy Chilli Fries!!!
Have a good week ahead...
As at today, the loan has been approved (although the bank only decided to give me 80% loan instead of 90%) and tomorrow, the bank officer will come and meet me to sign some papers...I plan to 'give' this new property to the missus..Hope she'll be happy once everything sorted out...
Not too bad eh? Well, I never expected this were to happened. If anyone were to tell me last year, that by June 09, I will have even 2 properties, I will probably die laughing. It's not easy though...and it's not difficult either.
It's just a matter of prioritizing the plans that I've made earlier. Of course, there were some sacrifices had to be made as well.
I kinda miss riding a lot. However, a lot of new and good things has occurred for the last couple of weeks so I don't think I will get a bike soon. Perhaps in 2-3 years time when I have some extra money to buy. (A matter of fact, if you have extra money, don't buy stuff...keep it in ASB..heheheh)
Talking about ASB...i'm glad that the balance looks very healthy to me. Well..not as much as some of my friends, but I thought it was good. DOubt whether it can pass the 100k mark by the end of the year, but certainly going there...
There's that for today...oh by the way, go to carl's junior for a nice & yummy Chilli Fries!!!
Have a good week ahead...
Tuesday, January 6, 2009
ASB Certificate...and OD'd
Perhaps, some of us don't have any clue as to how and why we want to transfer or replace our ASB book to a ASB certificate. One of the reasons might be for you to be able to pledge the certificate to the bank and with that certificate, entitles you to receive at least 90% OD facilities of the amount that you pledge. For example, you transfer RM10k from your ASB book to the ASB cert, you will get around RM9k worth of OD facilities. Why do you need OD facilities anyway? Well, again, there a lot of reasons, for capital investments, to pay up your credit cards, to make downpayment for the purchase of a new vehicle, etc..etc...
How do I transfer from my book to the certificate?
It's a very simple process actually, go to menara PNB at Jln Tun Razak (Tips: Go early in the morning where the will be little crowd)-don't forget to bring along your blue ASB book. Go to the counter on your left once you enter and ask the receptionist that you wanna make a certificate. He or she will give you a red form for you to fill in and then, take your number (press A) and wait for your turn. Make sure you fill in the amount that you want to transfer to the certificate. Once your number is up, go to the counter, and pass your book to the officer and he or she will ask you to pay RM10 for the cert. Wallaaaa....there's that. Simple process isn't it? With that certificate, take your time to look around the banks that offers the lowest OD rate available. It might be RHB, Maybank, Public Bank, etc..etc....
Cont....
Ok, now we've got our certificate. What do we do? For me, I'm a bit lucky cause I know someone in Maybank that could help me in going through the OD application process. What I did was, I prepared 3 months of my salary slips together with the photocopy of the ASB certificate, I forwarded to my contact in Maybank and she will do the processing for me. I do not know as to how long the process will take but I do hope it can be settled before the 16th of January. As the next day, 17th of January is kinda of a big day for me as I'm going to bid for two properties that are up for auction. Let's just hope everything can be ready before that day.....
How do I transfer from my book to the certificate?
It's a very simple process actually, go to menara PNB at Jln Tun Razak (Tips: Go early in the morning where the will be little crowd)-don't forget to bring along your blue ASB book. Go to the counter on your left once you enter and ask the receptionist that you wanna make a certificate. He or she will give you a red form for you to fill in and then, take your number (press A) and wait for your turn. Make sure you fill in the amount that you want to transfer to the certificate. Once your number is up, go to the counter, and pass your book to the officer and he or she will ask you to pay RM10 for the cert. Wallaaaa....there's that. Simple process isn't it? With that certificate, take your time to look around the banks that offers the lowest OD rate available. It might be RHB, Maybank, Public Bank, etc..etc....
Cont....
Ok, now we've got our certificate. What do we do? For me, I'm a bit lucky cause I know someone in Maybank that could help me in going through the OD application process. What I did was, I prepared 3 months of my salary slips together with the photocopy of the ASB certificate, I forwarded to my contact in Maybank and she will do the processing for me. I do not know as to how long the process will take but I do hope it can be settled before the 16th of January. As the next day, 17th of January is kinda of a big day for me as I'm going to bid for two properties that are up for auction. Let's just hope everything can be ready before that day.....
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