FundMyHome is a property funding platform where a buyer needed to pay just 20 percent of the house price while the remaining 80 percent is funded by institutions. Earlier article about it here. In other words, this is NOT the typical home loan that we are so used to. Is it popular? Briefly, I have no friends yet who told me they bought a home using this scheme. However, reported in EdgeProp.my was one guy who had managed to get his dream of owning a home fulfilled. Here’s that article.
He is thirty-five-year-old Liau Tet Haw. The article said that Liau had made several attempts but failed to get a bank loan to buy his first home. Liau said, “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.” Liau also shared that eventhough 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. He added, “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!” Here’s the full article for reference.
He did not share why he failed to get his bank loan approved. Perhaps it’s good to also know the reason because sometimes when the banks did not want to lend us 90 percent loan, perhaps we could get the loan when we apply for 80 percent instead. However, owning a property is a good thing and as long as we have more options to choose from versus just the banks, this should be good for the market. We should still ensure regardless of the method, due diligence is done on all borrowers. Hopefully it’s for own stay instead. This is because we do not want the market to be full of people buying homes for speculating. Good news for one buyer of FundMyHome. Happy following and finding out more.
written on 18 Jan 2019
Next suggested article: 38% of youths have personal loan. Not something to be proud of.