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.
- 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 applications will not be accepted.
- Copy of title
- Estimated valuation of the property
- Loan offer letter and acceptances form lender
- Processing fees of $ 35.00
- Current Salary Slip or evidences of Income
- Five working days for approval
- Twenty working days for legal documentation and payment.