Under this assistance, members are able to utilize their funds to renovate/extend their house.
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 not finance minor repairs & maintenance.
- We only finance major upgrading which should be at least be 10% of the valuation of the property upon completion of the project.
- 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.
- Fully completed FNPF 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)
- An estimated valuation report of the property upon completion of the project from one of FNPF's Approved Panel of Valuers. The valuation report should not be over 5 years old.
- 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.
- Processing fees of $30 per member.
- Copy of all loan offer & acceptance letter from the lender.
- A current statement of the housing loan account.
- Applicant’s/joint applicant’s current salary slip or evidence of income.
- The extension plan approved by the relevant authority (extension case only)
- 4 photographs of the house showing areas that need upgrading & 3 quotations from three reputable hardware/ contractors up to completion stage.
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.