Its Minister Khalid Abdul Samad (pictured) said the move was seen as able to lighten the burden of buyers, who had been offered such accommodations, by providing down payments.
“The loans from the revolving fund must be paid back in 10 years without any interest being imposed,’’ he told reporters here today.
The fund was collected through fines from developers who sold bumiputra quota units without approval other than the five per cent contributions from the prices of those units which were given the green light to be sold to non-bumiputra.
He said the target of the revolving fund was the B40 group especially for the purchase of their first home.
In the meantime, Khalid said an allocation of RM10 million had been provided for the purpose of recruiting 229 part-time DBKL workers this year for various events such as KL World Book Capital, Visit Malaysia 2020 and the organisation of the Asia Pacific Economic Co-operation (APEC).