Co-operative To Provide Home Loan To Members

  • 24 Jun 2019

National Land and Finance Co-operative Society (NLFCS) members looking to buy their first house can now secure loan from the co-operative at low interest rates. 

The announcement was made by NLFCS chairman KR Somasundram during its recent 52nd annual general meeting in Petaling Jaya. 

According to him, NLFCS has decided to provide loan to its members who purchase low-cost properties, for up to RM80,000, in a bid to encourage home ownership. 

He, however, did not specify, the interest rate offered. 

During the event, Somasundram also announced that it would pay out 8% dividend to more than 56,000 of its members this year - thanks to the profit it enjoyed in 2018, as it had in the last 25 years. 

Somasundram attributed NLFCS's continued profitability to the diversity of its investment portfolio, instead of sole reliance on the oil palm industry, upon which the co-operative was initially set up. 

Among the industries the NLFCS has stakes in today, are real estate, banking, steel and medical industries, among others. 

It also owns 19 estates totalling 35,000 acres, and has nine subsidisaries and two associate companies.

The co-operative was established in 1960 by then Malaysian Indian Congress (MIC) president VT Sambanthan, to serve as a social co-operative to help plantation workers during the British land sell-off. 

Somasundram took over the chairmanship upon Sambanthan's death and had been at the helm since. 

Source: Tamil Malar, Makkal Osai
Photo source: Wikipedia,

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