Purchasing A Dwelling House:
Under this assistance members are able to utilize their housing entitlement to purchase land to build house or purchase land and house.
Guidelines:
- The member may apply directly to FNPF if his/her eligibility is sufficient to cover the project cost and the property should be free of any caveats, non-FNPF charges.
- The member must complete the prescribed application form FNPF 9G/3 and pay a processing fee of $43 per applicant.
- If a member was previously assisted with a house in the village, then he/she may purchase a second house in the urban area provided that:
- The funds approved under the village scheme were fully and properly utilized.
- The member has provided photographs of the house, as well as a statutory declaration confirming that the house was constructed in the specified village location.
- The member's parents or immediate family will occupy the house in the village.
- Members shall not be entitled for any further housing transfers, if they have previously misused funds under the Village or Direct Housing Loan Schemes, unless their previous transferred amounts are fully repaid. Incomplete Village housing transfers may be included in the FNPF charge but each case will be assessed on its own merit.
- Members may apply for a further transfer to purchase another home provided the previous transfers are fully repaid to FNPF and the first property is free from any encumbrances.
- The dwelling house should be occupied by the member.
- Incomplete applications will not be accepted.
- An original stamped copy of the title /lease, showing the latest transactions certified by the Registrar of titles office (the certification should not be more than 1 month old and also to be free of any encumbrances).
- Processing fees of $43.00(per applicant).
- Copy of the Sales and Purchase Agreement /sale note signed by the vendor and purchaser, witnessed by a solicitor.
- Fully complete FNPF Form 9G/3
- Current Valuation of the Property from one of the FNPF Approved Panel of Valuers.
- Evidence of Contribution towards the project cost if FNPF Entitlement is not sufficient to cater for the total project cost. (e.g bank statement or receipts of deposit).
- A current valuation report of the property from one of our approved panel of valuers. The valuation should not be over 5 years old.
The amount approved will be paid to :
Processing Time:(i) Vendor from whom member is purchasing property
(ii) Trust account of vendor’s solicitors.
Approval
- Processing time for approval of your application would be approximately 5working days. It will take longer if all information is not submitted, or queries are not answered promptly.
- The FNPF legal documentation will be done by our legal department at a reasonable fee. The processing time will be approximately 15 working days
- Two working days from completion of legal documentation for payment