Key Takeaways
- Ever wondered ‘Can I Refinance Loan for Special Attention Account in Malaysia?’
- A Special Attention Account (SAA) is a record of overdue debts under a bank’s observation, impacting creditworthiness.
- Having an SAA makes it impossible to refinance until the outstanding debts are fully settled.
- To resolve an SAA, the outstanding debts listed must be paid off completely.
- Once the SAA is cleared, individuals can proceed with applying for a refinancing loan.
- Steady income and consistent EPF contributions are typically required to be eligible for refinancing after resolving an SAA.
If you have a loan for special attention account (SAA) on your credit record in Malaysia, you may be wondering about your options for refinancing.
An SAA is a red flag that can severely impact your ability to secure new financing or refinance existing loans. However, it’s not an impossible situation to overcome.
In this article, we’ll explore what an SAA is, its implications, and whether you can refinance a loan while having an SAA record.
What is SAA (Special Attention Account)?
A Special Attention Account (SAA) is a record of overdue debts that have not been settled by the borrower and are under the bank’s observation.
Loans with arrears exceeding three months become Non-Performing Loans (NPL), which, depending on the bank’s terms, are listed in the SAA records.
The bank will send a legal action notice stating the overdue amount you need to settle to clear your SAA record from your CCRIS report.
The SAA record will only disappear from the CCRIS report if you successfully make a full settlement for the overdue loan payments.
What are the Implications of SAA
Having an SAA is a red flag for banks and other financial institutions. It signals that you’re facing challenges in meeting your financial commitments.
Not only does having an SAA affect your chances of obtaining new loans, but it can also strain your relationship with the original bank.
Banks may raise interest rates, reduce credit limits, or take other unfavourable actions against borrowers with an SAA record.
Read More: Should You Use Your EPF Savings to Apply for a Personal Loan
Can I Refinance a Loan For a Special Attention Account in Malaysia?
The answer is no – you cannot refinance a loan if you have an existing Special Attention Account record. To refinance, you must first resolve any issues related to the SAA.
This means you need to fully settle the debts recorded in the SAA before proceeding with refinancing. Clearing your SAA record is essential for improving your chances of a successful refinancing application.
Urgent Refinancing Loan Solutions with Bluebricks
If you need an urgent refinancing loan within two to three months despite facing SAA issues, Bluebricks can help.
Bluebricks offers effective solutions for clients with SAA records, assisting them in securing new personal loans to clear their existing SAA first.
Then, Bluebricks will assist clients in applying for a new refinancing loan. However, eligibility criteria include a minimum basic salary of RM5,000 and consistent EPF deductions for at least six months.
Read More: Can I Pay Off a Personal Loan Early in Malaysia?
Bluebricks’ Loan and Consultancy Services
Having a Special Attention Account can be a significant roadblock when seeking to refinance a loan in Malaysia.
However, with the assistance of Bluebricks, a trusted bank loan and debt consolidation agency in Malaysia, individuals can resolve their SAA issues and achieve their refinancing goals.
Moreover, we aim to offer comprehensive assistance for individuals in their financial journeys towards obtaining a substantial loan.
Our services include:
- Personal loan services
- SME loan services
- Mortgage loan services (for buying a new home, refinancing and cashback purposes)
- Collateral loan services
Additionally, we provide tailored consultancy services for your unique financial needs. Our approach meticulously considers factors such as:
- The specific required loan amount.
- How urgent the loan amount is.
- Whether a property has been held by you or your parents for over ten years.
- Your income level.
- Your CTOS score (such as your credit score and credit history).
Why Bluebricks
1. One of the Top 10 Leading Loan Agencies in Malaysia
Our loan agents represent both individuals and businesses, offering technical financial advice to help secure loan approvals. Even if banks have previously rejected you, we provide access to a broad spectrum of loan options. Our aim is to enhance the success rate of your loan applications and minimise rejections.
2. Over 10 Years of Experience
With over a decade of experience and current banking knowledge, we excel in securing personal, business, mortgage, and collateral loans, navigating challenges like CTOS/CCRIS, and guiding clients confidently towards successful loan approvals.
3. One-Stop Solution
We provide a one-stop loan service, compiling various options from banks and credit institutions for you. Simply submit your income statement, assets, liabilities, employment record, and credit history, and we’ll handle the collateral and documentation to streamline your loan approval process.
4. Full Financing with 100% Bank Loans
We ensure 100% bank loan availability to provide full financial support, making it easier to achieve your goals and build a positive credit history.
5. No Upfront Payment Required
Our no upfront payment policy is designed to ease your financial journey, allowing you to start your investment without initial costs, reducing immediate burden and demonstrating our commitment to your satisfaction and trust.
