Fiji National Provident Fund has rolled out the COVID-19 Response, Home Loan Assistance from today.
FNPF Acting Chief Executive Officer Viliame Vodonaivalu says this assistance is specifically for members affected by the pandemic.
He says these members can now access their FNPF savings, inclusive of 50% of their Preserved Account, to pay for their monthly home loan repayments for a minimum of three months to a maximum of 12 months.
Vodonaivalu says the Fund has identified 809 members who qualify for this assistance.
He says eligible members must visit their banks or lenders with a copy of their FNPF eligibility statement.
The Acting CEO says this home loan eligibility statement is specific to this assistance and can be collected from FNPF from today.
Vodonaivalu says the Preserved Account, which equates to 70% of members total balance is preserved for retirement and can only be accessed by members who are buying or building their first home.
He says FNPF will place a charge for those accessing their Preserved Account for the second time if they are to withdraw in excess of $9,000 from the same account.
Vodonaivalu says applications for this relief is open from today to 30th June 2021 and will have to be lodged with the members’ bank which can be ANZ, BSP Bank, Bred Bank, Westpac, HFC Bank or their lenders Housing Authority of Fiji and Fiji Development Bank.
He says the key requirements for the assistance includes that members must have an existing home loan and made arrangements for a loan repayment holiday with their lenders by 31st March 2021, the member must be the legal owner of the property under mortgage and he or she must reside on the property.
Vodonaivalu says the Fund has been working closely with the banks in terms of the application process as well as ensuring system readiness.
He says while the banks have allowed a grace period through a moratorium, this assistance will enable these members to access their funds to service their loan repayments for up to 12 months as they look for alternative employment or until borders open.
Vodonaivalu says processing of the application will take between 8 to 30 working days, depending on the charge placement.
