Under this assistance members are able to utilize their housing entitlement to purchase land to build house/land & house or house.
Guidelines:
- Member(s’) will need to seek FNPF's approval for a 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:
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The funds approved under the village scheme were fully and properly utilized.
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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.
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The member’s parents or immediate family will occupy the house in the village.
- This scheme does not finance purchase of 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.
- The dwelling house is or is to be occupied by the member.
- 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).
- Legal costs to a maximum sum of F$2,500 may be included in the overall project cost Legal costs exceeding F$2,500 shall rank after the FNPF charge.
- Incomplete applications will not be accepted.
- Fully completed FNPF Forms 9G and 9H.
- Sales & purchase agreement or sale note from vendor.
- An original stamped copy of the title showing the latest transaction 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 fees of $30 per member.
- Copy of loan offer & acceptance letter from the lender.
- Applicant’s/joint applicant’s current salary slip or evidence of income.
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 documentation for payment.