Under this assistance, members are able to utilize their funds to off set their housing loan provided that they are the legal owners of the property and their housing eligibility with FNPF s sufficient to clear the housing loan.
Guidelines:
- Member(s’) will need to seek FNPF's approval for a further transfer request first before a formal application is lodged.
- This scheme does finance for clearance of arrears & non housing loans.
- 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.
- Incomplete applications will not be accepted.
- Fully completeFNPF Forms 9G and 9H.
- 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)
- Processing fees of $30 per member
- A copy of the banks mortgage document.
- Receipts from the relevant authority showing evidence that land rental, town or city rates are up-to-date.
- Copy of all loan offer & acceptance letter from the Lender.
- The settlement figure letter showing the breakdown of housing & non housing loans.
The amount approved will be paid to the approved lender.
Processing Time:
- Five working days for approval
- Fifteen working days from approval for legal documentation.
- Two working days from completion of legal document for payment.