MARANG: The public need not worry about their savings in the Employees Provident Fund (EPF) despite the money to be used to fund loans for the purchase of public housing projects, said the Prime Minister.

Datuk Seri Najib Tun Razak said EPF members’ interest would be always protected.

He gave an assurance that the scheme would not affect the EPF because the value of the houses were higher than their selling price.

Riding high: Najib waving as he cycles onwards to Dataran Shahbandar to meet with shop owners during his visit to Marang, Terengganu, yesterday. Together with him are Terengganu Mentri Besar Datuk Seri Ahmad Said (in white, left). — Bernama

“If at all there are loan defaulters, the houses can be sold for a much higher price,” he told reporters after a meet-the-rakyat session in Rhu Rendang yesterday.

Fomca had recently urged the Government not to use EPF money to fund loans for purchases in public housing projects as it would not make money for the fund and the risk of payment defaults would be high.

Federal Territories and Urban Well-being Minister Datuk Raja Nong Chick Raja Zainal Abidin had said that EPF would channel RM1.5bil to the Federal Territories Foundation as part of a special funding scheme.

The Prime Minister previously announced that the scheme would start on March 1 to help those keen on owning homes under the National Economic Action Council’s people’s housing programme as well Kuala Lumpur City Hall’s public housing schemes.

Najib said Raja Nong Chik would be asked to further explain the scheme, adding that it was designed to help the lower income group who failed to obtain loans from financial institutions to own houses.

On a separate matter, Najib said the past three years saw the Barisan Nasional-led Federal Government implement many policies that had benefited the people.

“Give us another five years and we will do more for the rakyat,” he said.

Later, the Prime Minister went on a walkabout on a bicycle along Jalan Tanjung until Dataran Shahbandar.

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