PUTRAJAYA plans to provide one million affordable houses in the next 10 years with the help of the newly launched FundMyHome.com.

Prime Minister Dr Mahathir Mohamad said this after announcing the new property platform and assured buyers that houses are within reach of low-income earners.

“Our promise does not mean that the government will build one million house. We will provide one million houses in 10 years, maybe slightly more than that.

“The government is not building them, but (the government will build) some. Most will come from the private sector which will build low-cost houses and affordable houses, one million in total.

“The private sector will be brought in to help provide these houses. What’s more important is that the houses are affordable for low-income earners,” he said at the launch in Eco Hill Semenyih today.

Under the FundMyHome scheme, first-time buyers need only pay 20% of the property price and the balance of the cost is contributed by participating institutions, which get a share of future profits should the home value appreciate.

“Under this FundMyHome scheme, buyers only pay 20%, which is very low and affordable. It can be from bank loans or from their own money,” he said.

“The remaining 80% will be paid by the investors. But the house will be owned by the buyer, not the investors.”

Meanwhile, chairman of the Edge Prop, Tong Kooi Ong said the FundMyHome is an inclusive scheme as it also helps developers to sell their properties.

“Besides home buyers, it also helps developers. It includes estate agents. It also democratises home ownership and stimulates the housing industry without government expenditure or guarantees.

“The scheme has been developed by harnessing recent developments in digital technologies, including business models in the sharing and subscription economies as well as peer-to-peer platforms,” Tong said.

The FundMyHome scheme was developed by EdgeProp Sdn Bhd. 

Under the concept, a home buyer can choose to either sell or to remain after a fixed commitment of five years. 

Those wishing to stay can refinance the home via FundMyHome.com or with a normal bank mortgage. 

Participating institutions contributing to the 80% portion of the home price are Maybank Group and CIMB. – November 4, 2018.