Ive done many refinancing for my clients who were under AKPK. My general advise is to not approach any banks while you are sill under the AKPK program. Once you have fully settled your loans with the banks and get your name off the AKPK status on your CCRIS, you can start applying for a mortgage broker.

One wrong move (applying to too many banks at once) can result to all the banks knowing that you have been under AKPK and that would stay with them for however long they want unless we have a law to purge old data (we dont)

Yes, you can start applying for loans once your CCRIS report is cleared of any AKPK related loans. However, all the banks that you are applied to while you still have the AKPK (including the bank for the loan with the AKPK status) will remember that you have had an AKPK.

That's why I said not to reapply for too many banks because by going for just one bank you would know how/why/what is happening with you records.

Wait, have you checked your CTOS? Those banks that rejected you may also have checked for your CTOS that have just been cleared. Those CTOS records dont go away unfortunately even after you have settled the debt. But different banks have different ways of ignoring CTOS. For example, for this one foreign bank, you can settle the CTOS and show proof of payment and letter of settlement and the bank will ignore the CTOS record.... but that is only for CTOS with vendors other than banks.

If you have CTOS with a bank, you need to wait 2 years from the date of settlement before this foreign bank would ignore that CTOS records.

Don't play play with your credit ratings!

As a mortgage broker, I always come across a number of clients under AKPK who wishes to apply for a loan. The short answer would be no, you can't apply for any new loans from the banks because the AKPK remark will appear in your CCRIS under the loans that is under AKPK.

What you should do is to try and settle the loan with the bank, get the loan record out of your name, and then apply for the housing loan. No banks would know of your records unless you apply to them while still under AKPK, so as someone who is in the business, I would recommend AGAINST applying for any loan anytime soon.

Also, just so you know there is joining AKPK twice. Once you are in it, you have one chance of making it right. The second time you are under your personal financial crisis, the AKPK will not be helping you.

This post has been edited by wild_card_my: Dec 8 2014, 11:38 AM

Im not familiar with Ar Rahnu, but as far as I understand, they are not a bank, so it leads me to believe that they do not participate in reporting to CCRIS thus they have no access to them. As such, they wont be able to check your CCRIS so they wouldnt know that you are in AKPK.

Having said that... as a Muslim i do suggest that you stay away from all those Ar-Rahnu "gold" thing. They don't sound right and smells like a ponzi (which is haram) to me. I am not qualified to talk about it more than that, I suggest you look into it and decide for yourself.

It's going to be difficult, but you could talk to your bank to release you from the AKPK program, then you would continue paying like normal (whatever you can nego with your bank)

Once you have been released from AKPK (despite not paying all your loans) you could try to refinance your property to consolidate all your loans into one mortgage account. But make sure your CCRIS is clean, your other repayments that are not under AKPK need to look nice too


Go ahead and print out the CCRIS, that will help figure your credit out

The bank will look into his/her account and credit history and will find out that the person does have loans under special attention (AKPK) and will most likely reject the application.

Have you asked your banks for a loan statement from them? You can see your payments and the amount of principal reduced over the years.

Next to zero. All the banks can see the indicator that some of your loans are under AKPK, and it will be very unlikely to agree to finance you.

My advice is to settle those AKPK loans, as soon as possible.

Benefit? You wouldn't be declared bankrupt, and you get a lifeline to repay your loans and correct all your mistakes that you made in the past years you have been spending without any check on your finances.

Weaknesses? No banks would give you any loans during the time you have a loan account with AKPK.