EPF should set up housing bank, says Fomca

SHAH ALAM: The Employees Provident Fund (EPF) needs to set up a housing bank, to provide financing for contributors whose housing withdrawals fall short of the purchase price of their house, said the Federation of Malaysian Consumer Associations (Fomca).

Its president Datuk N Marimuthu said such a facility would be useful especially to the lower-income group, and overcome the need for the contributors to borrow from banks which imposed high interest rates.

In welcoming the EPF’s 6% dividend for 2011, Marimuthu said it is a sign that the economy has been picking up.
“We are glad the dividend is higher. It is important to maintain a strong investment return even as the membership keeps growing,” he added. — Bernama

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