Guidelines:
- Transfers for renovation and upgrading will be considered provided:
-
the transfer amount is at least 10% of the valuation upon completion, and
-
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.
- Member/s request letter.
- An estimated valuation report of the property from one of FNPF's Approved Panel of Valuers. The valuation report should not be over 5 years old.
- Receipts from the relevant authority showing evidence that land rental, town or city rates are up-to-date.
- A current statement of housing loan account.
- 3 quotations from 3 reputable contractors/ hardware suppliers up to completion stage.
- 4 photographs of the house showing areas that need upgrading.
- The extension plan approved by the relevant authority (extensions cases only).
- Five working days for approval