“Those who applied but are under 40 years old are not eligible,” he told the media after visiting the accountant-general’s department today.

FSA2 aims to help EPF members obtain personal financing from banking institutions. So far, two banks are participating in FSA2, namely MBSB and Bank Simpanan Nasional (BSN).

It involves a maximum financing of RM50,000 (subject to EPF Account 2 balance) and a repayment period of up to 10 years.

An applicant is required to have a minimum amount of RM3,000 in EPF Account 2.

Despite suggestions and calls to allow contributors who are in desperate need of cash to withdraw their money, Ahmad reiterated that the government had no plans to do so.

He explained that EPF withdrawals were only allowed for housing, education, health, certain protection plans such as for chronic illnesses and a maximum of RM3,000 to cover haj cost.

“Members can withdraw from EPF Account 2 for these five purposes while withdrawals from Account 1 are not allowed as the savings are meant for retirement,” he said.

Titiwangsa MP Johari Ghani was previously reported to have said that it would be easier to allow people to withdraw their EPF savings than to use them to support loan applications.

Meanwhile, Ahmad said as of Dec 31, the total assets and liabilities in the federal government’s integrated financial management and accounting system amounted to RM2.85 trillion.

He said the accountant-general’s department was checking for federal government assets in the form of investments, property and various other forms.

“This year, another RM30 billion in assets may be accounted for,” he said, adding that a majority of the assets were in the country.