⇒ Transfers for renovation and upgrading will be considered provided:

(a) the transfer amount is at least 10% of the valuation upon completion, and

(b) all security arrangements are within 100% of the valuation upon completion.

 

⇒ Subsequent transfers may be approved for home extensions, completion and improvements and also to reduce or clear a housing loan, provided that FNPF is granted the 1st Mortgage for the additional transfer and the existing 1st and 2nd ranked charges move to 2nd and 3rd ranking respectively. In such cases, all securities would need to be within 100% of the valuation of the property.

o Member/s request letter.

 

o An estimated valuation report from one our approved panel of valuers. The valuation report should not be over 5 years old.

 

o A current statement of housing loan account.

 

o 3 quotations from reputable contractors/hardware suppliers.

 

o 4 photographs of the house showing areas that need upgrading.

 

o The extension plan approved by the relevant authority (extensions cases only).

o Member/s request letter.

 

o A current valuation report from one our approved panel of valuers. The valuation report should not be over 5 years old.

 

o A current statement of housing loan account.

o Member/s request letter.

 

o The settlement figure.

⇒ 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 debts such as city rates and land rentals.

 

⇒ The member must complete the prescribed application Form 9GIII and pay a processing fee of $43.

 

⇒ Incomplete applications will not be accepted.

o Copy of Title.

 

o Processing fees of $43.00(per applicant).

 

o Sales and Purchase Agreement Note.

 

o Fully complete 9G/3 Application form

 

o Current Valuation of the Property from one of the panel approved by FNPF.

 

o Evidence of Contribution towards the project cost if FNPF Entitlement is not sufficient to cater for the total project cost.

⇒ 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 debts such as city rates and land rentals.

 

⇒ The member must complete the prescribed application Form 9GIII and pay a processing fee of $43.

 

⇒ Incomplete applications will not be accepted.

o Plan Approved by Relevant Authority

 

o Copy of Title (should be free of any encumbrances)

 

o Request Letter with Breakdown of Project Cost

 

o Three Quotations from Three Hardware Suppliers (if self-built)

 

o Fully complete 9G/3 Application form

 

o Processing fees of $43.00 (per applicant).

 

o Three Quotations from Three Building Contractors (if contractor builds)

 

o A Registered Quantity Surveyor’s (QSE) or Civil Engineer’s Estimate of the project to Completion Stage.

⇒ 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 debts such as city rates and land rentals.

 

⇒ The member must complete the prescribed application Form 9GIII and pay a processing fee of $43.

 

⇒ Incomplete applications will not be accepted.

o Plan Approved by Relevant Authority

 

o Certified copy of Title (should be free of any encumbrances)

 

o Processing fees of $43.00 (per applicant).

 

o Four photographs of the house showing areas that need extension.

 

o Request Letter with Breakdown of Project Cost of work to be done stating the Scope.

 

o A registered Quantity Surveyor’s (QSE) or Civil Engineer’s Estimate of the project to completion stage.

 

o Three Quotations from Three Hardware Suppliers (if self-built

 

o Fully complete 9G/3 Application form.

 

o Three Quotations from Three Building Contractors (if contractor builds)

⇒ 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 debts such as city rates and land rentals.

 

⇒ The member must complete the prescribed application Form 9GIII and pay a processing fee of $43.

 

⇒ Incomplete applications will not be accepted.

o Certified copy of Title from the Registrar of Titles office.

 

o Three quotations from three hardware suppliers (if self-built

 

o Three quotations from three building contractors ( if contractor builds)

 

o registered Quantity Surveyor’s (QSE) or civil engineer’s estimate of the project to completion stage (if the project cost is over $10,000)

 

o Four photographs of the house showing areas that need upgrading.

 

o Scope of work.

 

o $43.00 processing Fees.

 

o 9G/3 Application form.

⇒ 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 debts such as city rates and land rentals.

 

⇒ The member must complete the prescribed application Form 9GIII and pay a processing fee of $43.

 

⇒ Incomplete applications will not be accepted.

o Copy of Agreement for Lease

 

o mLoan Offer Letter

 

o m9G/3 Application form

 

o mProcessing fees of $43.00.

⇒ Member(s’) will need to seek FNPF further transfer request first before a formal application is lodged.

 

⇒ 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:

(a). The funds approved under the village scheme were fully and properly utilized.

(b). 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.

(c). The member’s parents or immediate family will occupy the house in the village.

 

⇒ This scheme does not finance purchase agricultural land or commercial properties.

 

⇒ 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 heir 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.

 

⇒ The Fund only assists members to purchase one property. However, in the case where a member is relocated from his/her usual place of residence due to employment reasons and wishes to purchase a property for future occupation, a request may be considered provided the member submits confirmation from his/her employer.

 

⇒ 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 mortgage.

 

⇒ Repayment ratio after transfer must not exceed 35% of the member’s and joint owners’ gross income per month. Managers reserve the right to consider an application where the repayment ratio is above 35% but not exceeding 45% & is dependent on the total income.

 

⇒ Repayment term of the loan is to be within the member’s retirement age of 55 years, or 60 years, as approved by the Fund under certain circumstances (e.g. if a member is 45 years, his/her repayment term should not exceed 10 years or 15 years maximum).

 

⇒ Incomplete applications will not be accepted.

o Loan Offer Letter

 

o mCopy of Title

 

o Current Valuation report of the property from one of our approved panel of valuers.

 

o mCurrent Salary Slip or evidences of Income

 

o m$10.00 processing fees (per applicant)

 

o mApplication from 9G and 9H

 

o mIf member unemployed than satisfaction letter from lender.

⇒ Member(s’) will need to seek FNPF further transfer request first before a formal application is lodged.

 

⇒ This scheme does not finance for minor repairs & maintenance worth $5,000 or less than 10% of the valuation upon completion.

 

⇒ 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 heir 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.

 

⇒ Repayment ratio after transfer must not exceed 35% of the member’s and joint owners’ gross income per month. Managers reserve the right to consider an application where the repayment ratio is above 35% but not exceeding 45% & is dependent on the total income.

 

⇒ Repayment term of the loan is to be within the member’s retirement age of 55 years, or 60 years, as approved by the Fund under certain circumstances (e.g. if a member is 45 years, his/her repayment term should not exceed 10 years or 15 years maximum).

 

⇒ Incomplete applications will not be accepted.

o Loan Offer Letter

 

o mCopy of Title

 

o mCurrent Valuation upon completion

 

o mLenders inspection report stating list of work to be done together with estimated Cost.

 

o Plan approved by relevant authority.

 

o mCurrent Salary Slip or evidences of Income

 

o m$10.00 processing fees (per applicant)

 

o mApplication from 9G and 9H

 

o mIf member unemployed than satisfaction letter from lender.

⇒ Requests for increase in priority for minor/general repairs and maintenance to properties & for extension purposes, where the property will be rented out will not be entertained.

 

⇒ Request for increase in priority for improvement and major upgrading may be considered provided there is substantial enhancement to the value of the property and that the total commitment inclusive of the FNPF transferred portion is within 100% of the value of the property on completion of the works.

 

⇒ Where properties are valued above F$100,000 all existing security arrangements inclusive of FNPF transfers must be within 80% of the property valuation.

 

⇒ Loan repayment must not 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.

o Copy of title

 

o mEstimated valuation of the property

 

o mLoan offer letter and acceptances form lender

 

o mProcessing fees of $ 35.00

 

o mCurrent Salary Slip or evidences of Income

⇒ 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.

o Copy of title

 

o mEstimated valuation of the property

 

o mLoan offer letter and acceptances form lender

 

o mProcessing fees of $ 35.00

 

o mCurrent Salary Slip or evidences of Income

⇒ 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.

 

⇒ Incomplete applications will not be accepted.

o Copy of title,

 

o mValuation of property from one of FNPF approved panel of valuers,

 

o mLoan offer letter and acceptances from new lender,

 

o m$70.00 processing fees,

 

o mFull settlement figure letter from lender that member is intending to change from.

 

o mCurrent Salary Slip or evidences of Income

o Request letter from member.

 

o mA current statement of the housing loan statement.m

 

o A current valuation report from one of the FNPF approved panel of valuers.

 

o mA copy of title.

 

o mIf member unemployed than satisfaction letter from lender.

o Request Letter,

 

o mSettlement figure Letter from Lender

 

o mCopy of title.

⇒ Transfers for renovation and upgrading will be considered provided:

(a) the transfer amount is at least 10% of the valuation upon completion, and

(b) all security arrangements are within 100% of the valuation upon completion.

 

⇒ Subsequent transfers may be approved for home extensions, completion and improvements and also to reduce or clear a housing loan, provided that FNPF is granted the 1st Mortgage for the additional transfer and the existing 1st and 2nd ranked charges move to 2nd and 3rd ranking respectively. In such cases, all securities would need to be within 100% of the valuation of the property.

o Members request letter

 

o mA current statement of the housing loan account.

 

o mAn estimated valuation report upon completion of the project from one of the approved panel of valuers.

 

o Four photographs of the house showing areas that need upgrading.

 

o mApproved extension plan (extension purpose only)

 

o mLenders inspection report stating the list of work to be done with estimated cost.

 

o mThree quotation forms from three reputable hardware suppliers.

 

o mA certified copy of Title from the Registrar of Titles office.