Guidelines:
- Consent to 3rd mortgages may be considered for approved housing related purposes provided that the additional lending ranks after the FNPF Charge. Such approvals shall be restricted to loans granted by the lenders to carry out normal repairs and maintenance to the property.
- Consent to 2nd mortgages may be considered for approval for all non housing loans such as personal, car and business/investment loans. All securities are to be within 100% of the valuation.
- Consent to 2nd mortgage for a second property on the member's first property assisted by FNPF (collateral property) will be considered up to 20% only of the project cost or its independent valuation whichever is lower provided the first property is free from any mortgages, caveats, non-FNPF charges and other encumbrances. No FNPF transfers will be allowed for the second property. All securities are to be within 100% of the valuation.
- Consent to 3rd part mortgages will not be entertained.
- Loan repayment not to exceed 35% of the member’s/joint owners’ gross income per month. Management reserves the right to consider an application on its own merit where the repayment is above 35% but not exceeding 45%. This however would be dependent on applicant’s total income.
- 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 of $35.
- A copy of all loan offer acceptance letter from the lender.
- A current statement of the housing loan account.
- 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 if required.