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.
- 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:
(a) The 20% rule is not breached.
(b) All security arrangements is within 100% of the valuation on completion of the proposed works.
(c) 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.
(d) The value to the property is considered to be substantially enhanced.
(b) All security arrangements is within 100% of the valuation on completion of the proposed works.
(c) 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.
(d) The value to the property is considered to be substantially enhanced.
- Incomplete applications will not be accepted.
- The original stamped copy of title showing the latest transactions certified by Registrar of Titles Office. The certification should not be more than one month old.
- A current valuation report of the property from one of our Approved/Registeres panel of Valuers. The valuation should not be over 5 years old.
- Receipts from the relevant authority showing evidence that land rental, town or city rates are up-to-date.
- Processing Fees - $70.
- A copy of the loan offer and acceptance letter from the new Lender.
- The settlement figure from the previous Lender showing the breakdown of housing/non-housing loans/a current statement of the housing loan account from the previous Lender.
- Applicant’s/Joint Applicant’s current salary slip or evidence of income.