Simple. Check how much you are being charged for profit. Then, compare it with total dividend you received. That’s all.
What is the profit charged to you?
Due to the nature of financing, there will be a cost to you. The banks charge you every month based on reducing balance. Depending on banks, here is how:
Maybank
Log on to Maybank2u and navigate to your loan account. Look for line with description: “PROFIT CHARGED“. Sum up all of the amount for 12 months. Or, you can also refer to your loan account statement.
Ambank
Log on to AmOnline and navigate to your loan account. Look for eStatement, open the PDF and scroll down to Monthly Profit.
RHB
Should you surrender the financing?
Assuming the total profit charged is RM 6,000 for the financing and the dividend you received is anything more than RM 6,000, then, you are good. You don’t have to surrender the financing. Otherwise, you should talk to with your banks to consider refinancing before surrendering the financing.
Be frugal.
Be smart.
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