SEMENYIH (Feb 20): The Ministry of Housing and Local Government today launched the FundMyHome+DepositKu scheme, further easing the burden for first-time homebuyers that purchase property via EdgeProp Sdn Bhd's FundMyHome platform.

Under FundMyHome, buyers can own a home without the need for a mortgage and monthly repayments by paying 20% of the purchase price, while the balance 80% is contributed by participating institutions, which share the returns from changes in the future value of the home.

However, the most common issue faced by buyers is the inability to raise the required 20% payment, which is where the DepositKu scheme comes in.

Under DepositKu, first-time homebuyers can opt for a loan of up to RM30,000 to be repaid after five years, accounting for part of the 20% payment to own a home under FundMyHome.

"This is a pilot project and based on the response, we may launch other programmes that we have planned. The funds under DepositKu comes from the Ministry to help top up the 20% required by the buyers.

"The buyers will have to repay the loan after five years, which can be paid on a monthly basis after the fifth year," said Housing and Local Government Minister Zuraida Kamaruddin at the launch.

EdgeProp chairman Datuk Tong Kooi Ong said the addition of the DepositKu scheme is a natural evolution for the FundMyHome platform, adding that the platform will continue to see new innovations going forward.

"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," said Tong.