Banks agree to extend repayment holiday to March 2021

Minister for Economy Aiyaz Sayed-Khaiyum says banks have agreed to extend the loan repayment holiday till the 31st of March next year while approved FNPF members will soon be able to access upto 50% of their funds to make home loan payments.

While moving his motion to pass the COVID-19 Response Home Loan Assistance Bill in Parliament today, Sayed-Khaiyum says under this bill, banks should continue even after the 31st of March.

He says in the event of banks unable to sustain this, people will be able to access their FNPF funds to continue making some home loan payments.

Sayed-Khaiyum says they want to have the Reserve Bank of Fiji to have an oversight on these accounts because homes are very important.

The Minister says after the bill is passed, a FNPF member can access up to 50% of their funds even though they may have accessed their funds earlier to provide equity towards the purchase of the home loan.

Parliament will debate the bill this Friday.