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WITH SETTLEMENT by fjzhangweiyun

VIEWS: 5 PAGES: 20

									       Bangunan Koperasi Pekerja,
          No. 4, Jalan SS19/1D,
          47500, Subang Jaya,
         Selangor DE, Malaysia



 [ KOSPEK My Coop ]
BANK RAKYAT FINANCIAL FUND
 Maximum     financing amount up to RM200,000.

      rate:
 Profit           2-4yrs       :4.99%
 (permanent)       5-10yrs      :5.55%
                   11-20yrs     :5.65%
 Contract          2-20yrs      :6.99%

 Available   to Government Servant & Selected GLC.

A   product that adhere to Syariah principles – Bai al-Inah.
 No   restriction on usage of financing amount.

 Financing    tenure between 24 and 240 months.

 Fixed   monthly installment.

 Entitle   for KOSPEK product
 Organization
    Government servant [Federal, States, Statutory
    Bodies & PDRM]
    Selected GLC such as Tabung Haji, Mardi, Felcra,
    Syabas, Sirim, IJN, Malaysia Airport Holding Berhad,
    Telekom, TNB, Pos Malaysia (inc. Posmen) and etc.

 Minimum   monthly income of RM700 [the gross monthly
 salary is computed based on salary plus fixed
 allowances].

 Mustbe eligible for salary deduction via Angkasa [Biro
 Perkhidmatan Angkasa].
 Permanent staff with minimum of 6 months in service.
 Contract workers minimum 2 years in service.

 Malaysian  citizens aged between 19 and 57 years old.
 60 yrs if have option

         Track Record / History
 Financial
    CTOS RM30K/case. If guarantor no limit
    CCRIS : Wave
 Maximum deduction [60% of the salary]
   Not more than 60% of the salary for Mostly All
   Government Organization & PDRM (exclude PDRM
   Kuala Lumpur & Selangor).

   Not more than 50% of the salary for GLC & PDRM
   (Kuala Lumpur & Selangor). Subject to the approval
   from Human Resource / Administration of the
   respective organization.

   Not more than 40% of the salary (SYABAS etc.)
   Unless have approval letter from employer.
1   original latest Salary Slip.

3 copies of Salary Slip of the past 3 months (certified by
 the employer).

3   copies of NRIC (certified by the employer).

 Respective head of division/department’s confirmation
 and verification letter on employment status.
Acopy of bank passbook or statement (preferably Bank
 Rakyat).

          Settlement Statement (required for
 Certified
 overlapping).

 Copy  of Retirement Option Letter, if applicant choose to
 retire at the age of 56/58/60 (Certified by Employer).

 Copy of Employment Offer Letter in case of service less
 than 1 year (Certified by Employer).
   Processing Fee (RM100).
   Co-op Membership/Stamp duty : RM12 / (RM10)
   Co-op Shares [Refundable/One time deduction] : (RM100).
   6 Months Memberships Fee [Refundable] : (RM180).
   BPA : (1.6% of the loan amount).
   Takaful/Insurance : (2% + scale).
   Sinking Fund/Loan Risk : (2% of the loan amount).
   Monthly Membership : [RM30] (Refundable).
   Advance 3 months installment (Reduce 3 month loan)
 Maximum   loan tenure is 20 years or 1 year before
  retirement.

 Applicants  who choose to retire at age 56 or 58 need
  to attach a copy of ‘retirement option letter’ as a
  supporting document.

          EXAMPLE 1                              EXAMPLE 2
RETIREMENT AGE   :56 Years Old         RETIREMENT AGE   :58 Years Old
CURRENT AGE      :43 Years Old         CURRENT AGE      :38 Years Old
MAXIMUM LOAN     :55 – 43 = 12 Years   MAXIMUM LOAN     :57 – 38 = 19 Years
TENURE                                 TENURE
Overlapping or settlement of the existing loan account is
permissible. There is no restriction on the number of loan
account to be settled by the applicant, should the
deduction amount not exceeding 60% or 50% of the
salary.

The Purpose of Overlapping:
  Reduction of interest rate and installment amount.
  Restructuring of loan/financing deductions.
  Improve ‘net take home pay’.
  Increase the financing qualification.
  Obtain extra cash.
 INCOMEELIGIBILITY = [SALARY X PERCENTAGE
 OF ALLOWABLE DEDUCTION (60%)] - TOTAL
 DEDUCTIONS ON SALARY SLIP - MONTHLY
 COOPERATIVE MEMBERSHIP (RM30)
   Eligibility Income: The maximum deduction allowed by the employer .

   Salary + fixed allowances [Imbuhan Tetap Khidmat Awam, Imbuhan
   Tetap Perumahan, Bantuan Sara Hidup etc]. Not inclusive Elaun Lebih
   Masa, Bonus, Elaun Perjalanan, Elaun Memangku, Elaun Hidup
   Susah etc].

   Percentage of Allowable Deduction: 60% for Mostly all government
   staff. 50% @ 40% for selected GLC, subject to the approval of
   respective employer.

   Monthly Cooperative Membership : RM30, compulsory contribution for
   new cooperative’s member.
 INCOMEELIGIBILITY = [SALARY X PERCENTAGE
 OF ALLOWABLE DEDUCTION (60%)] - TOTAL
 DEDUCTIONS ON SALARY SLIP - MONTHLY
 COOPERATIVE MEMBERSHIP (RM30)

EXAMPLE 1
SALARY               :RM2,500
DEDUCTIONS           :RM700

INCOME ELIGIBILITY   :RM2500 X 60% = 1500 (Max. Allowable Deduction)
WITHOUT SETTLEMENT   :RM1500 – RM700 – RM30 = RM770
   INCOME ELIGIBILITY [WITH SETTLEMENT)=[SALARY X
    PERCENTAGE OF ALLOWABLE DEDUCTION (60%)] -
    TOTAL DEDUCTIONS ON SALARY SLIP - MONTHLY
    COOPERATIVE MEMBERSHIP (RM30) + INSTALLMENT
    AMOUNT OF THE SETTLEMENT ACCOUNT
                                EXAMPLE 2
SALARY                  :RM3,500
DEDUCTIONS              :RM1,900
SETTLEMENT 1            :KO-ABC [Installment Amount RM770]
SETTLEMENT 2            :KO-DEF [Installment Amount RM530]

INCOME ELIGIBILITY   :RM3500 X 60% = 2,100 [Max. Allowable Deduction]
(WITHOUT SETTLEMENT) :RM2,100 – RM1,900 – RM30 = RM170

INCOME ELIGIBILITY      :RM3500 X 60% = 2,100 [Max. Allowable Deduction]
(WITH SETTLEMENT)       :RM2,100 – RM1,900 – RM30 + RM770 + RM530 = RM1470
   INCOME ELIGIBILITY [WITH SETTLEMENT] = [SALARY X
    PERCENTAGE OF ALLOWABLE DEDUCTION (60%)] -
    TOTAL DEDUCTIONS ON SALARY SLIP - MONTHLY
    COOPERATIVE MEMBERSHIP (RM30) + INSTALLMENT
    AMOUNT OF THE SETTLEMENT ACCOUNT
    EXAMPLE 3
    SALARY                 :RM3,500
                       ;
    DEDUCTIONS
        ;                  :RM2,650
               ;
    SETTLEMENT 1           :KO-ABC [Installment Amount RM810]
               ;
    SETTLEMENT 2           :BANK GHI [Installment Amount RM530]

         ;
    INCOME ELIGIBILITY     :RM3500 X 60% = 2,100 [Max. Allowable Deduction]
         ;
    (WITHOUT SETTLEMENT)   :RM2,100 – RM2,650 – RM30 = (RM580) [Application Not
         ;                 Qualified Due to Deduction Exceeding 60% of The Salary]
         ;
    INCOME ELIGIBILITY     :RM3500 X 60% = 2,100 [Max. Allowable Deduction]
    (WITH SETTLEMENT)      :RM2,100 – RM2,650 – RM30 + RM810 + RM530 = RM760
                                  DETAIL
1) Name                                    Sharifah Aini Bt Hassan
2) Organization                            Jabatan Perangkaan Negara
3) Retirement Age                          56 years old
4) Current Age                             27 years old
5) Salary Slip Detail (Salary):

   i. Basic                                :RM1,585
   ii. Permanent Housing Allowance         :RM180
   iii. Permanent Government Allowance     :RM115
   iv. Assisted Living                     :RM300
   v. TOTAL SALARY                         :RM2,180
Salary Slip Detail (Deductions)
1) EPF                            :RM197
2) Insurance                      :RM130
3) Angkasa                        :RM393
4) TOTAL DEDUCTION                :RM720

 INCOME ELIGIBILITY LIMIT        :RM2,180 X 60% = RM1,308
                                  :RM1,308 - RM720 – RM30 = RM558
 MAXIMUM FINANCING TENURE        :20 Years
 MAXIMUM FINANCING ELIGIBILITY   :RM60,000
                                   DETAIL
1) Name                                           :Ali Bin Abu
2) Organization                                   :Kementerian Pelajaran
3) Retirement Age                                 :58 years old
4) Current Age                                    :37 years old
5) Salary Slip Detail (Salary):

   i. Basic                                       :RM3,555
   ii. Permanent Housing Allowance                :RM400
   iii. Permanent Government Allowance            :RM400
   iv. Assisted Living                            :RM300
   v. Bonus                                       :RM500
   vi. Fixed Remuneration Arrears Entertainment   :RM800
   vii.TOTAL SALARY                               :RM5,955
NOTE: Any type of salary which is not permanently received such as Bonus &
‘Tunggakan’ (Arrears) will not be added for the calculation of ‘Financing
Qualification Limit’
Salary Slip Detail (Deductions)
1) Income Tax                     :RM111
2) Insurance                      :RM130
3) Angkasa                        :RM1,119
4) Public Bank                    :RM300
TOTAL DEDUCTION                   RM1,660

 INCOME ELIGIBILITY LIMIT        :RM4,655 X 60% = RM2,793
                                  :RM2,793 - RM1,660 – RM30 = RM1,103
 MAXIMUM FINANCING TENURE        :20 Years
 MAXIMUM FINANCING ELIGIBILITY   :RM118,000
A. Determine Maximum Loan Tenure

B. Determine Salary Amount (Monthly Fixed Income)

C. Determine Income Eligibility:
   SALARY X PERCENTAGE OF ALLOWABLE DEDUCTION (60%) - TOTAL
   DEDUCTIONS ON SALARY SLIP - MONTHLY COOPERATIVE MEMBERSHIP (RM30)

D. Determine Qualifying Income (With Settlement if any)
   SALARY X PERCENTAGE OF ALLOWABLE DEDUCTION (60%) - TOTAL
   DEDUCTIONS ON SALARY SLIP - MONTHLY COOPERATIVE MEMBERSHIP (RM30)

E. Determine Net Payout [With / Without Settlement]
   LOAN AMOUNT - CHARGES & FEES - SETTLEMENT AMOUNTS

								
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