Empowering You to Own Your Home: Explore Our Scheme
ABOUT OUR HOME OWNERSHIP SCHEME
Mortgages are offered at an interest rate of 15% per annum. The repayment period is linked to statutory retirement age of 60 years (civil servants) and 55 years (Defense forces).
HOME OWNERSHIP SCHEME ELIGIBILITY
WHAT ARE THE REQUIRED DOCUMENTS FOR HOME OWNERSHIP SCHEME APPLICATION
The Home Ownership applicant shall submit the following documents to the loans office:
1. Introductory letter from Ministry or Department written on official HEADED PAPER indicating the following details;
- Employee Number
- Employee engagement date
- Signed by an Authorized Officer, preferably from Human Resource
- That the letter supports the employee to obtain a loan.
2. Duly completed Application Form (to be provided and filled at PSPF Offices).
3. Certified copies of the lastest Payslip
4. Certified copy of NRC
5. Certified copy of confirmation in service/ Attestation letter/Enlistment
6. Marriage certificate for Joint Application
7. Copy of the Title Deed for the house to be purchased
8. Offer Letter from the vendor and a copy of their NRC
9. Bank Statement duly stamped and signed on all pages for three latest months
10. Statement for loan buy-offs (Bayport statement to be brought in by Wednesday)
For Construction Cases, in addition to documents 1 to 6, the following will also be required:
11. Applicants copy of Title Deed/Land record/Occupancy License
12. Detailed estimate of costs, done by a competent person /Material ScheduleApproved building plans
ENTITLEMENT:…………………………………………………………….
MONTHLY REPAYMENT:…………………………………………………..
REPAYMENT PERIOD:…………………………………………………..
INTEREST RATE: 15% P.A
LOAN REPAYMENT METHODS
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.
2. 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.