Guidelines:
- Request for change of lenders shall be considered for approval provided that all existing security arrangements remain intact and the FNPF security portion is within the valuation of the property.
- For properties valued above F$100,000 all existing security arrangements inclusive of FNPF transfers will have to be within 80% of the property valuation.
- The lender may register 3rd mortgage for the excess of 80% provided the total commitment inclusive of FNPF transfers is within 100% of the valuation of the property.
- Non-housing related loans shall be excluded from all future security arrangements, unless FNPF is granted the 1st mortgage with the lender assuming 2nd for its total lending and provided it’s within 100% of valuation of the property.
- Where an additional loan for major renovations, extensions and /or upgrading is involved with a request for a change of Lender, consideration may be granted for the additional housing related loans and existing housing loan to rank 1st above the FNPF charge; subject to:
- The 20% rule is not breached.
- All security arrangements is within 100% of the valuation on completion of the proposed works.
- Loan repayment not to exceed 35% of the member’s/joint owners’ gross income per month. Management reserves the right to consider an application in it’s own merit where the repayment is above 35% but not exceeding 45%. This however would be dependent on applicant’s total income.
- The value to the property is considered to be substantially enhanced.
- Incomplete requests will not be accepted.
- Request letter from the lender.
- An original stamped copy of the title showing the latest translation certified by the Registrar of Titles (The certification should not be more than 1 month old)
- A current valuation report of the property from one of FNPF's Approved Panel of Valuers. The valuation report should not be over 5 years old.
- Processing fees of $70.
- A copy of loan offer acceptance letter from the new lender.
- The settlement figure from the previous lender showing the breakdown of housing & non housing loans.
- Applicant’s/joint applicant’s current salary slip or evidence of income.
- Five working days for approval
- Fifteen working days from approval for legal documentation and settlement.