FundMyhome, 20% ONLY and the 1 million affordable homes target

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Own a property without bank loans and monthly payments to worry about?  This is possible according to The Edge Media Group’s subsidiary EdgeProp Sdn Bhd. Full article here in Edgeprop.my  It’s called FundMyHome.com and this new portal enables buyers to own a home by paying 20% of the property price, while 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. Edgeprop says that the result is a “simpler, safer and faster” home ownership arrangement that provides greater emotional and financial security.

All homes on FundMyHome.com are either completed or nearing completion. The properties which are all below RM500,000 comes from nine participating developers including Eco World Development Group Bhd, UM Land Bhd, IOI Properties Group Bhd, Mah Sing Group Bhd, Perbadanan Kemajuan Negeri Selangor, PNB Development Sdn Bhd, Sunway Bhd, Trinity Group Sdn Bhd and UEM Sunrise Bhd. This meant that buyers can move in very soon or immediately after the completion of the buying process. Another flexibility is that buyers may also rent the homes out to earn rental income.

The Edge Media Group chairman Datuk Tong Kooi Ong said of FundMyHome, “Besides helping homebuyers, it helps developers to sell their properties. It also includes estate agents to facilitate sales and to guide their clients interested in becoming property investors.” Tong also said that there will be more homes available under FundMyHome in the months ahead. FundMyHome will feature approximately 1,000 units of homes in the first phase of its rollout, all costing less than RM500,000 each. Under the FundMyHome concept, the homebuyer can choose to either sell or stay on after a fixed commitment period of five years. More details here in the article. 

Well, this is just another alternative for the first-time homebuyers who may not be so attracted to the current normal process. The choices are homes which are offered by the respective developers as above. In another article related to FundMyHome in sundaily.my, our Prime Minister Tun Dr Mahathir said that the government’s pledge to build 1 million affordable homes is not just the government’s effort alone. The private sector will be contributing most of these homes. Someone asked me for my thoughts on this alternative arrangement. Well, if it could help more Malaysians to own a home, we just have to be positive for them. I would prefer for these initiatives to be government driven because if it’s private driven (and just one company), then the exposure will be more limited because the competitors to EdgeProp.my is definitely not to promote it. It’s obvious that kopiandproperty.com is not a competitor to Edgeprop.my Happy understanding.

written on 4 Nov 2018

Next suggested article:  lH1 2018 launches are all below RM500k, affordable enough?

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