PETALING JAYA (Nov 22): The innovative FundMyHome property scheme is open to all, said Housing and Local Government Minister Zuraida Kamaruddin.
In a Free Malaysia Today report, she explained that EdgeProp Sdn Bhd chairman Datuk Tong Kooi Ong had misspoke at an earlier event that the scheme was not aimed at the middle and lower income groups.
He had explained the situation to her and had sought her help to clarify the matter, she added.
“The scheme is open to everyone,” she said while speaking to the media at the Parliament lobby today.
Tong had earlier said that the scheme was not targeted at any specific group, only that those interested need to be able to produce the 20% downpayment required to participate in the scheme.
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. — EdgeProp.my