NAJIB Razak continues his questioning of the FundMyHome scheme, asking if it is meant to help people own houses or benefit developers.

The former prime minister said it is “wonderful” that a homebuyer under the scheme only needs to pay a “deposit” of 20% of the property price and nothing more for the next five years, with the balance to be “crowdfunded” by lending institutions.

However, he questioned what would happen to the buyer if the price of the unit does not appreciate in that period.

“If the value of the house appreciates in those five years, the increase is shared between the funders. If it depreciates, is the loss borne by the buyer?” he said on Facebook.

“Why should the funders still share the profit if the property’s price appreciates after five years, and the buyer wants to sell it? During that period, the funders would already have received returns from the ‘deposit’ of 20%.

“Who does this scheme really help? The people or developers?”

In an earlier post, Najib said the speedy launch of the scheme – two days after it was announced during the tabling of Budget 2019 – shows that certain private sector parties knew that it would be included in the budget.

In response, FundMyHome proponent EdgeProp Sdn Bhd chairman Tong Kooi Ong said the scheme will not burden taxpayers as it does not involve government funding.

Najib also questioned why a buyer would opt for the scheme if they could afford the 20% deposit on the price of the property, instead of taking out a normal bank loan.

And if a buyer decides to own the house after the five-year period, but cannot afford a bank loan at market rate, would they get evicted, he asked. – November 8, 2018.