Where will first-time home buyers find RM65,000 deposit, asks Najib

Updated 7 years ago · Published on 12 Nov 2018 8:00AM · 4 Comments

FundMyHome is run by The Edge Property, a private entity, and faces scrutiny over its crowdfunding scheme to help first-time home buyers get on the property ladder. – The Malaysian Insight file pic, November 12, 2018.

NAJIB Razak yesterday continued his attacks against the FundMyHome scheme, asking if anyone could rustle up the 20% deposit.

Finance Minister Lim Guan Eng unveiled the private sector-funded scheme in Budget 2019 and the former prime minister cum finance minister has slammed it since last week.

Last night, Najib targeted its deposit requirements, starting from RM65,000 and above, which is out of reach of most young couples.

“I’ve gone through the website and the range that one needs to pay for the deposit is RM65,000 and above.

“The finance minister has no idea of the people’s needs and ability (to pay). Most first-time house buyers are young people who have difficulty raising such a huge deposit,” Najib said in a Facebook post.

“I am worried that they would use short cuts to find the deposit but will eventually be in debt and burdened by their finances.”

Najib said the Pakatan Harapan government should have carried out a detailed study before announcing any initiative.

During his tenure as PM, Barisan Nasional came up with several initiatives to help first-time buyers, including the Youth Housing Scheme which offers 100% financing for first-time buyers, he said.

“The MyDeposit scheme and the youth transit homes allowed youth to rent for five years at 30% lower than the market rates.

“We at Barisan Nasional adopted a pro-rakyat stance to help them find a home.

“That is why Pakatan Harapan before announcing any initiative, must go into the details. What is the long-term plan and how does it affect the people?

“Maybe because the minister’s monthly income is enough to pay for the deposit,” Najib said.

On November 4, FundMyHome’s proprietary platform was launched.

The scheme allows a buyer to pay an upfront 20% of the house’s price, with investors, such as banks, funding the remaining 80% in exchange for a share in future profits. – November 12, 2018.

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Comments

  • why dont u sponsor some?
    sure u still have some left in ur secret stash

    Posted 7 years ago by Lan Lan · Reply

  • If you read the fundmyhome.com advertising, it said you can get personal loan from banks at 5% PA.

    Posted 7 years ago by Hisham Mokhtar · Reply

  • If your BN government had created jobs for these people including graduates, what's the problem? We can only blame the previous government.

    Posted 7 years ago by Tanahair Ku · Reply

  • This week and week to come...you and your wife will be very busy going to court, MACC lock up etc i heard...is that true ?

    Posted 7 years ago by Hantoo Blacklord · Reply