Did insiders know about FundMyHome, asks Najib

Updated 5 years ago · Published on 8 Nov 2018 9:55AM · 3 Comments

Under the FundMyHome scheme, private developers will build a million houses in a decade with many to be offered to lower-income earners. – The Malaysian Insight pic by Nazir Sufari, November 8, 2018.

THE launch of the FundMyHome scheme just two days after it was unveiled in Budget 2019 shows that certain private sector parties had foreknowledge of the government’s announcement, former prime minister Najib Razak said.

In a Facebook post, he highlighted the speed in which EdgeProp San Bhd launched the property crowdfunding scheme two days after the budget was tabled last Friday.

He also said the Securities Commission on Monday said it would be scrutinising the details.

“It’s as if certain parties already knew this scheme would be announced (in the budget).

“I think like many other things in the budget, these things have not actually been planned properly or are still being studied. In the end, it does not benefit the people,” Najib said.

FundMyHome, which was launched by Prime Minister Dr Mahathir Mohamad on Sunday, promises one million affordable houses in the next 10 years, with purchasing help from the scheme.

Private developers will mostly build the house and buyers need to pay only 20% of the property price, while the balance is contributed by participating institutions.

These institutions get a share of future profits if the home appreciates.

After five years, the buyer can opt to sell the house or remain by refinancing the home using the FundMyHome scheme or a normal bank mortgage.

EdgeProp Sdn Bhd is operated by owner of The Edge Media Group Tong Kooi Ong.

At the scheme’s launch, Tong said it would also help developers sell their properties. – November 8, 2018.

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Comments

  • Oh well. Sad to say, here comes Anwars new old crony...tak lama lagi dapatlah dia lesen bank...macam dulu2 jugak.

    Posted 5 years ago by Arshad Lazim · Reply

  • Najib may not be clever enough to understand what he is saying about this FundMyHome deal : but in this case I have to agree with the squib. This deal is a Scam and sets up the play for a massive sub-prime mortgage crisis in years to come. The clear beneficiaries are developers, money launderers, transactional agents. The issue is Expensive Homes ! No Financial Engineering will solve the core issue until we learn and build decent homes at the lowest possible costs. LGE & Tony Pua bought the crap , Hook Line & Sinker.

    Posted 5 years ago by [email protected] · Reply

  • The old adage us always true. If you cannot afford it, walk away. Paying 20% and leaving 80% on borrowed time and money is indeed a subprime crisis waiting to explode. But then again, here comes the same old crony....who says New Malaysia has arrived?

    Posted 5 years ago by Arshad Lazim · Reply