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.
“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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