Max asb in 5 years
im 31, i have 30k in savings. my salary is 4.3k after deduction with 2k monthly commitments (car, room rent, study loan,cc,etc). so im left with 2.3k
my initial plan is to loan 100k (for 35years) + 30k saving and add another rm500 monthly into asb which will be max in 16 years. I'll be left with 1.3k for my own spending monthly.
but now im contemplating to loan 200k (for 35years) + 30k saving. in 5 years, it will reach the full amount if im not mistaken. then i can freely use the dividend to pay the loan each month. and the rm9++ i used to pay the loan can be used in other place.
the price of the loan exclude the insurance fee. do you guys think this plan is viable? im not planning to marry or buy a house yet. please help
edit: iirc, the bank say they can give around 4.15 as long as i reopen an account with them