FNPF expected to make announcement on home loan assistance
April 1, 2021 7:54 am
The Fiji National Provident Fund is expected to make an announcement soon on the home loan assistance passed in parliament in December.
The COVID-19 Response Home Loan Act, allows FNPF members to dip into 50% of their retirement savings to pay off home loans if they have been financially affected by the pandemic.
Under the Act, this withdrawal is only effective after March 31st.
FBC News understands the FNPF has been in talks with the Association of Banks over the past few weeks to iron out some issues in regards to this assistance.
The Fund and the Association are expected to make a joint announcement in due course.
The Act, covers Fijians who are not provided extensions on the loan repayment holiday as of today, despite being unable to make payments.
If people do access their preserved amount in the retirement savings, the FNPF takes a charge over the home.
This means that if a property does end up being sold, Funds taken from FNPF will be paid back into the specific member’s account.