The FundMyHome public forum moderated by EdgeProp Sdn Bhd chairman Datuk Tong Kooi Ong has offered a clearer picture of how the scheme works and has won more support from the public, according to attendees of the event today.
The forum, which was held at the Sheraton Petaling Jaya Hotel, has attracted more than 550 people, with one of the attendees named Rama lauding FundMyHome as a good scheme to help first-time homebuyers to set their foot on the housing ladder with a lower entry cost.
“This is a good scheme in helping young people to own a home. And as a property negotiator for many years, I don’t see this scheme as threatening the [real estate agency] industry.
“I believe this scheme could lower property selling prices for first-time homebuyers and this is a good news for all, including us property agents because we are facing difficulty in selling property due to high property prices,” he told EdgeProp.my after the forum.
Another attendee, David Lim, who claims that he has been investing in real estate for about 20 years, thinks FundMyHome is a “fantastic scheme” for the homeowners as they can gain full ownership of the house with just 20% of the house price in the first five years.
“This is a fantastic deal for the homebuyers as the risk is low for them. If the house prices go down after the fifth year, they can buy it cheaper. So, what is the worst [for them]?” he asked.
C M Lai, who also attended the session, concurred that FundMyHome is an attractive scheme, adding that today’s session was clear in explaining the role of the three main stakeholders — the developer, institute and buyer.
“I came here to know more about this scheme and how it works. For a buyer, it is an attractive scheme, as although you still need to repay your personal loan if you opt for one to come out with the 20% down payment. However, getting a personal loan is easier than getting a mortgage especially when you have just joined the work force,” he said.
“It is also easier to get friends and families to be your personal loan guarantor because the amount is not as big as well. Literally, you can own a home even if you are a hawker and cannot present a financial statement to get a mortgage, or a fresh grad who just started your first job and getting RM3,000 per month,” he elaborated.
Introduced by EdgeProp, FundMyHome allows one to buy a property featured on FundMyHome.com by paying just 20% of the property price.
The balance 80% of the cost of the property is contributed by participating institutions, who share the returns from changes in the future value of the homes.
The holding period is five years which means by the end of the fifth year, a homebuyer will have to choose whether to sell, to own the property (by taking up the remaining 80% share of the house based on market value) through a mortgage or refinance the unit on FundMyHome.
Currently, CIMB and Maybank Group are the participating institutions while nine developers are offering about 1,000 homes priced below RM500,000 to eligible individuals through https://www.fundmyhome.com/.
The FundMyHome platform was launched on Nov 4, 2018 in an event officiated by Prime Minister Tun Dr Mahathir Mohamad.
*Original article appeared in EdgeProp.my, November 18, 2018, by Shawn Ng