Guidelines:
- 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.
(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.
- Members request letter
- A current statement of the housing loan account.
- An estimated valuation report upon completion of the project from one of the FNPF Approved Panel of Valuers.
- Four photographs of the house showing areas that need upgrading.
- Approved extension plan (extension purpose only)
- Lenders inspection report stating the list of work to be done with estimated cost.
- Three quotation forms from three reputable hardware suppliers.
- A certified copy of Title from the Registrar of Titles office.