Home-Ownership Eligibility

  1. i) Minimum five (5) years service for one to obtain a loan
  2. ii) Confirmation in service as permanent and Pensionable.

BENEFITS OF JOINING THE SCHEME

iii) Avoidance of destitution at the end of ones work life by having own accommodation

  1. iv) Acquisition of an asset that could be disposed off at a future date if necessary and enjoy the capital gain.
  2. v) Having access to loans fully financed by PSPF without meeting other stringent requirements.
  3. vi) No need to worry about fluctuating interest rates as interest rates are fixed for a certain period.

vii) No longer required to contribute to the scheme in order to be eligible for a loan.

LOAN REPAYMENT METHODS

  1. Interest only Mortgage

Interest is paid during the tenure of the mortgage, and the principal is paid on retirement or whenever the applicant is able to do so before retirement. This method issuitable for those who are not able to meet the full repayment of the loan at the time of making an application.

  1. Interest and Principal Mortgage

Both interest and principal are repaid by the time loan tenure expires provided the interest rate does not change during the period. This method is suitable for those whose income can cover both the interest and the principal repayments.

  1. Interest and Partial Principal Mortgage

Both interest and principal are repaid by the time loan tenure expires provided the interest rate does not change during the period. This method is suitable for those whose income can cover both the interest and the principal repayments. This is similar to number two above except that the principal amount is not paid in full. At expiry, the loan balance is repaid from retirement dues or as in number one above. This method is suitable for those who cannot afford to repay both interest and principal at the time of applying for the loan.

 

WHAT DOCUMENTS ARE REQUIRED AT THE TIME OF

APPLYING FOR A LOAN?

  1. Letter of introduction from the Ministry or Department signed by an authorized officer from Human Resource.
  2. Application Form duly completed and signed.
  3. Copy of latest pay slip.
  4. Copy of an identity (NRC or Passport).
  5. Copy of confirmation in service.
  6. Copy of marriage certificate in the case of a joint application.
  7. Copy of Title for property to be purchased
  8. Letter of Offer from a vendor and copy of his/her NRC.

For construction cases, in addition to documents 1 to 6:

  1. Applicants copy of Title Deeds/Occupancy Licence/Land Record Card Approved building plans
  2. Detailed estimate of costs, done by a competent person
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