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FNPF announces fee reductions

June 12, 2015 8:07 pm

The FNPF Board has announced a new fee structure for housing assistance benefits which eliminates and reduces some of the current charges.

Effective next month, the $200 legal fee will no longer be levied on members.

The FNPF has stopped placing securities on members’ properties to protect their funds since the decision to reserve 70 per cent of member’s balance for retirement.

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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, and to pay-off or reduce home loan.

The new fee also applies for building, renovating or extending, acquiring a property under estate, electrification or installation of water tanks and solar systems.

There are a range of other facilities that have been introduced with minimal fees.

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.

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