‘We’ve done nothing wrong but we just can’t get a loan for a house,’ says desperate buyer

SEMENYIH (Feb 20): Housewife Hafiza Abd Rahman, 34, is seeing the light at the end of the tunnel after numerous failed attempts to own a home. With the FundMyHome+DepositKu scheme, Hafiza is hoping it could help make her dream of owning a home come true.


Hafiza (right) breaks down as she tells Zuraida (left) of her plight. (Photo by Low Yen Yeing/EdgeProp.my)

Hafiza who was at the launch of the scheme by Housing and Local Government Minister Zuraida Kamaruddin today, broke down as she told the minister about her desperate attempts at getting a loan to buy a home.

“My husband and I always wanted to own a home after renting for more than 10 years, but we have problems in getting a mortgage loan as we do not have any track record,” she told reporters covering the event.

According to her, she pays everything by cash except for a sedan car of which the loan has already been fully settled many years ago. The couple also does not have any credit cards that could show their credit track record.

Hafiza has been renting for over 10 years in Semenyih, Selangor and over the years, has applied for loans for over 15 houses but none of it was approved.

“We have done nothing wrong, but we just can’t get a loan because we do not have any credit track record,” said the mother of four children.

Hafiza’s husband is a self-employed programmer who is earning less than RM3,000 a month.

Although she’s interested in the FundMyHome scheme, forking out the 20% payment for the house price is an issue for her and her husband.

“With the FundMyHome+DepositKu scheme, there’s a chance that I could own a house for me and my family, I really look forward for that day to come,” said Hafiza.

Under FundMyHome, a homebuyer seeking to buy a RM307,000 home is required to pay only 20% of the purchase price or RM61,400 to own the home. The balance 80% (RM245,600) will be funded by institutions. With FundMyHome+DepositKu, the same homebuyer, if eligible, will receive a loan of RM30,000 from the Government to help with the 20% payment. As a result, the homebuyer only needs to pay RM31,400.

If the buyer is eligible for the 7% bumiputera discount (RM21,490), then he or she only needs to pay RM9,910 to own the home.

*This article is written by Tan Ai Leng for EdgeProp.my

Owning my first home is so easy with the FundMyHome+DepositKu scheme

SEMENYIH (Feb 20):  Over 20 homebuyers have achieved their life goal of owning a home under a new scheme called FundMyHome+DepositKu scheme which was officially launched by the Housing and Local Government (KPKT) Minister Zuraida Kamaruddin in Semenyih, Selangor today.

The loan initiative enables first-time homebuyers under FundMyHome, the flexibility to obtain a loan of up to RM30,000.

The scheme is open to Malaysian first-time homebuyers in the B40 group for the purchase of a home priced RM300,000 and below from the FundMyHome platform. Approvals are subject to final vetting by the ministry.

Under FundMyHome, buyers pay 20% of the purchase price to own a home without bank mortgage and monthly repayments. 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 home.

Under FundMyHome, a homebuyer seeking to buy a RM307,000 home is required to pay 20% of the purchase price or RM61,400 to own the home. The balance 80% (RM245,600) will be funded by institutions.  With FundMyHome+DepositKu, the same homebuyer, if eligible, will receive RM30,000 from the government to help with the 20% payment. As a result, the homebuyer only needs to pay RM31,400.

If the buyer is eligible for the 7% bumiputera discount (RM21,490), then he only needs to pay RM9,910 to own the home. 

For young married couple Siti Nurain and Ahmad Faizal, who is staying in a rented house in Segambut currently, the scheme has helped them achieve their dream of owning their own home.

They took some time to decide and finally chose to purchase an apartment unit in a township development in Semenyih.

“This is a place that is full of potential, we foresee this development will evolve to become a self-sustaining township,” said Nurain.

Faizal concurs that the mechanism of FundMyHome which enables them to own a house with 20% of the house price with no mortgage loan for five years, provides financial freedom for the couple.


Afiq: But once I found out about the scheme, then I was like ‘ini baru betul- lah’!

For 25-year-old Afiq Abidin, the scheme has helped him realise his homeownership goal in an easy and flexible way.

“I am one of those people who just entered the job market and this is one of the initiatives that offers an easier and more flexible way to own a home without forking out too much downpayment.

“I got to know about this scheme through the Internet and I was sceptical about whether it is true or not. But once I found out about the scheme, then I was like ‘ini baru betul- lah’!” he said.

Currently, he is working in the hotel industry in Johor while his family resides in Cheras. 

“The reason I chose this house in Semenyih under FundMyHome is because it is closer to my family’s house. Moreover, the house is affordable and situated in an up-and-coming area,” he added.

Meanwhile, another buyer Siti Khauzin is now the proud owner of an apartment also in Semenyih that offers all kinds of leisure and wellness facilities.

“We [the family of six people] have been staying in a landed home in Ulu Kelang 10 to 15 years ago, as the children have all grown up and moved out from the house, we are looking for a smaller unit with common facilities,” she said.

Her husband Zailan Ramli said they decided to give FundMyHome a try to fulfill their dream of retiring without being financially overstretched.

Developed by EdgeProp Sdn Bhd, the FundMyHome scheme enables first-time homebuyers to only pay 20% of the property price to own a home, choosing from a wide array of high-rise and landed homes of different prices and locations showcased on FundMyHome.com.

The balance 80% of the cost of the property will be contributed by participating institutions, who share the returns from changes in the future value of the home.

*This article is written by Shawn Ng & Tan Ai Ling and first appeared on EdgeProp.my

FundMyHome+DepositKu scheme launched to ease homeownership among B40 first-time homebuyers

SEMENYIH (Feb 20): The Housing and Local Government Ministry today announced a pilot scheme to ease homeownership among the B40 group. Known as the FundMyHome+DepositKu scheme, the initiative enables first-time homebuyers under FundMyHome, the flexibility to obtain a loan of up to RM30,000, said Housing and Local Government minister Zuraida Kamaruddin who launched the scheme today.

“I’m proud to announce that Harmoni Apartment at Eco Majestic, Semenyih has been selected as the pilot project for FundMyHome+DepositKu. It was a proposal by EdgeProp to help those who find it tough to purchase a home,” said Zuraida.

The scheme is open to Malaysian first-time homebuyers in the B40 group for the purchase of a home priced at RM300,000 and below from the FundMyHome platform. Approvals are subject to final vetting by the ministry.

The FundMyHome platform, developed by EdgeProp Sdn Bhd (EdgeProp), was launched in November last year by the Prime Minister Tun Dr Mahathir Mohamad. FundMyHome brings together first-time homebuyers and institutions in a mutually supportive relationship.

Under FundMyHome, buyers pay 20% of the purchase price to own a home without bank mortgage and monthly repayments. 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 home.

While it does not substitute the traditional way in which people buy homes, FundMyHome offers lower income Malaysians who do not qualify for a traditional bank mortgage an opportunity to own a comfortable home in a conducive neighbourhood.  

“Since its launch, more than 7,000 users have signed up on the FundMyHome platform. However, the most common issue faced by many of these prospective homebuyers is their inability to raise the required 20% payment,” explained EdgeProp Sdn Bhd chairman Datuk Tong Kooi Ong in his speech. 

Hence FundMyHome+DepositKu is a proposed solution by EdgeProp to the government to address these concerns.

More than 20 buyers have purchased their homes under the FundMyHome+DepositKu scheme so far. At the launch, Zuraida presented some of the buyers with mock keys to their new homes.    

Under FundMyHome, a homebuyer seeking to buy a RM307,000 home is required to pay 20% of the purchase price or RM61,400 to own the home. The balance 80% (RM245,600) will be funded by institutions.

With FundMyHome+DepositKu, the same homebuyer, if eligible, will receive RM30,000 from the government to help with the 20% payment. As a result, the homebuyer only needs to pay RM31,400.

If the buyer is eligible for the 7% bumiputera discount (RM21,490), then he or she only needs to pay RM9,910 to own the home. 

“We understand the difficulties faced by first time home buyers in raising funds for their home purchase. This loan initiative is a natural evolution for FundMyHome that helps lower the entry barrier and at the same time, allow them to build equity in their homes,” Tong said.

“We will continue to innovate towards our goal of making it easier for Malaysians to own a home,” he added.

*This article is written by Rachel Chew for EdgeProp.my

‘FundMyHome made my dream come true!’

SEMENYIH (Jan 17): Thirty-five-year-old Liau Tet Haw has finally fulfilled his long-time dream of owning a home – thanks to innovative property funding platform FundMyHome (FMH).

“I’m so excited to finally have a place to call my own!” beams Liau, who hails from Sabah. “I have always wanted to buy a property in West Malaysia where I have been working for years, Liau shared with EdgeProp.my after signing the sales and purchase agreement here today. 

Liau is buying a unit at the Harmoni Apartment at Eco Majestic, an up-and-coming township by Eco World Development Group Bhd.

The freehold 900 sq ft unit costing RM300,000 offers 3 bedrooms, 2 bathrooms and two parking bays. Some of the common facilities provided include a function room, swimming pool, multipurpose court, children pool, playground and anti-climb fencing.

Although FundMyHome is a newly-introduced platform, Liau said he is very positive and confident with the scheme as it collaborates with reputable developers in Malaysia.

“My friends and family members had asked if I really want to take the ‘risk’ because the FundMyHome scheme seems too good to be true.

“They said it could be a scam!” he recalled with a laugh. “I’m grateful that I made the right decision. Today, I have am finally the owner of an apartment unit in Eco Majestic,” he added.

Liau, like many other prospective homebuyers, had made several attempts but failed to get a bank loan to buy his first home.

“I want to settle down in West Malaysia… It is not easy to get a bank loan. Without FundMyHome, I probably can only continue to rent the unit I am now staying in OUG (Overseas Union Garden, KL) and get nothing at the end of the day.

FundMyHome has made my dream come true,” adds Liau.

Under FundMyHome, Liau just had to pay 20% of the purchase price of the Harmoni Apartment to move in. There is no need for a bank loan as the 80% of the purchase price is funded by institutions. Hence, Liau has no mortgage payments to worry about for the next five years at the end of which he would decide whether to own the entire 100% of the unit or sell it.

“Since Harmoni is already completed, I can do the renovation now and move in soon after the renovation is done. I’m ready to take-up the 80% share of this unit five years later so I’m ready to invest money to renovate this unit,” said Liau.

Launched two months ago, FundMyHome enables a person to buy a property listed on the platform by paying 20% of the price. The remaining 80% will be contributed by institutions keen to fund the acquisition in exchange for a pre-determined yield and a share of the potential value appreciation of the home.

EcoWorld is one of the developers participating in FundMyHome. The developer is exploring the possibility of expanding its portfolio of units on the platform.

FundMyHome is powered by EdgeProp.my  Find out more at www.FundMyHome.com

This article is written by Rachel Chew for EdgeProp.my

A good scheme to own a home at lower entry cost, say attendees of FundMyHome public forum

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