The Fiji National Provident Fund in an effort to encourage property ownership for its members, has implemented a number of housing partial withdrawal policy changes, effective immediately.

In a statement FNPF CEO Aisake Taito said housing loan reduction will also be assisted by the FUND whereby further transfers may be considered for housing related debt reduction, provided the member's eligibility will reduce the outstanding debt by 25%.

The policy changes is also good news for its members now residing in rural areas, where if a member was previously assisted with a house in the village, then he/she may purchase a second house in the urban areas provided that the funds approved under the Village scheme were fully and properly utilized.

Members also qualify if their immediate family will occupy the house in the village, however will not qualify if they have previously misused funds under the Village or Direct Housing Loan schemes.

Also provisions for houses built in the remote parts of Vitilevu or in the islands, has been made, saying first payment will be made direct to the hardware suppliers, and in case the member does not want to proceed with the application, hardware suppliers are to return the funds to FNPF.

The Fund however has ceased assistance in paying town or city rates and land rentals.

The Fund has also stated that members previously assisted by FNPF for a property which has been sold under Mortgagee sale may be assisted to purchase another home without repayment of the previous transfer, provided FNPF will rank 1st for the total amount transferred and the Lender 2nd mortgage.

All securities are to be within 100% of the valuation.

Assistance shall also be provided to the purchase of freehold agricultural property or property having lease of 50 years or more.

However if the member decides to subdivide the property then the funds transferred will need to be fully repaid before the subdivision.

Assistance is also now available under the Direct Housing Scheme for the payment of fees to Fiji Public Trustees Corporation Limited to transfer bequeathed property to the member.

However this will only be granted if the title is free of any mortgages, caveats, non FNPF charges.

The member must also have sufficient housing eligibility, and his/her own funds to cover the total project cost, and for every transfer FNPF shall register a charge over the property.

The FNPF said the above changes are effective immediately.


Story by: Ana Naisoro