PUTRAJAYA (July 24): FundMyHome (FMH) has proven that it is possible to make homeownership more accessible to Malaysians, especially those in the lower income group with the signing of sales and purchase agreement by the first batch of homeowners under the FMH platform.
In an event held at the Ministry of Housing and Local Government (KPKT) in Putrajaya today, 16 participants from the first batch received their documents from the ministry under the FundMyHome+DepositKu scheme.
"Today, we are delighted to witness the realisation of fellow Malaysians’ dream in finally owning a place they can call their own," EdgeProp Sdn Bhd chairman Datuk Tong Kooi Ong said in his speech.
"As the Prime Minister reminded me that the proof of the pudding is in the eating, I think today we have delivered it," he added.
Under the FundMyHome platform, aspiring homebuyers only pay 20% of the property price to own a home while the remaining 80% of the price will be contributed by participating institutional co-investors, who share the upside in the future value of the property.
During the launch of the platform last November, Prime Minister Tun Dr Mahathir Mohamad threw a challenge to EdgeProp, the developer of FundMyHome, to prove that such a "fantastic idea" can be proven viable.
"I hope and believe that this scheme could help encourage homeownership,” Mahathir had said at that time.
Fast forward to today, the FundMyHome platform has attracted more than 8,000 people who are interested in buying a home on the platform, including the 16 buyers present at the event today.
Tong noted that the key challenges to homeownership for many Malaysians today, especially the working class living in the city, are the inability to get a mortgage and to pay the downpayment for a home purchase, which can be attributed to two main reasons – buyers’ incomes are too low and home prices are too high.
Hence, the FundMyHome platform is launched to help those who are unable to own a home due to their inability of obtaining a mortgage, he said.
"Going forward, FundMyHome will make homeownership possible for many more Malaysians as it has proven today," he added.
He is also delighted that KPKT is offering financial aid to the buyers under the FundMyHome platform through the FundMyHome+DepositKu scheme.
DepositKu will fund up to 10% of the home price for qualified buyers, subject to a maximum of RM30,000.
This means that for a RM300,000 home, homebuyers need to only raise 10% down payment or RM30,000, while the other 10% will be from Depositku scheme with the balance 80% from the investors of FundMyHome platform.
For bumiputera buyers, if the bumi discount entitlement is available, they will pay even less.
With a 7% bumi discount, first-time bumiputera buyers only need to pay RM9,000 to buy a RM300,000 home.
"The most common issue faced by these prospective homebuyers is their inability to raise the required 20% deposit towards the purchase. We are glad that our proposal to the government for the FundMyHome+DepositKu scheme and its realisation has enabled some Malaysians to finally own their own homes," he said. — EdgeProp.my