Guidelines:
- 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.
- Complete FNPF Form 9G/H
- Loan Offer Letter
- Copy of Title
- Current Valuation upon completion
- Lenders inspection report stating list of work to be done together with estimated Cost.
- Plan approved by relevant authority.
- Current Salary Slip or evidences of Income
- $10.00 processing fees (per applicant)
- If member unemployed than satisfaction letter from lender.
The amount approved will be paid to the approved lender.