The FNPF Board today announced a new fee structure for housing assistance benefits which includes the elimination and reduction of some of the current charges. The new fee will come into effect on 1 July, 2015.
The legal fee of $200 will no longer be levied on members as FNPF has stopped placing securities (FNPF Charge) on members’ properties, following the decision to reserve 70 per cent of member’s balance for retirement. As such, the need to place securities on these properties to safeguard members’ funds used is no longer applicable.
In addition, members will save on consent application fees of up to $70 as approved lenders do not need FNPF consent for members’ to increase their mortgages for any additional lending or for refinancing of loans.
The discharge fees for titles of properties held by the Fund, has been reduced from $60 to $50 per application.
A new processing fee of $100 will be levied for all housing applications related to purchase of property, surveyors’ fee, to pay-off or reduce of home loan, to build, renovate or extend, acquire a property under estate, electrification or installation of water tanks and solar systems.
The newly introduced Quick Repairs benefit that allows members to access a maximum of $5,000 will be levied a $50 fee. A fee of $10 will be charged for those reactivating their housing application after a lapse of 3 months or have not complied with requirements within 14 days of lodging their applications.
Assistant General Manager Member Services, Mr Alipate Waqairawai said the new fee structure is in line with the Fund’s commitment to continuously add value to members’ assistance benefits.
“Housing is a basic need for all our members. It is our hope that the review of these fees will ensure that members can access this assistance; either directly with us or through a lender,” he said.