THE FundMyHome scheme is open to all, including those from the low- and the middle-income group, said Housing and Local Government Minister Zuraida Kamaruddin today.

She said the scheme’s chairman, Tong Kooi Ong, had erred in previous statement when highlighting that the scheme was not to provide affordable housing.

“He got it wrong, When I asked him, he said he wrongly spoke. He asked me to clarify.

“It is open to anybody and any category, but we assume that RM300,000 and below is considered affordable housing.

“We have the RM300,000 mark, so it is open to everybody, from first-time home buyers to those without permanent work (freelancers),” Zuraida said at a press conference at the Parliament building today.

The PKR vice-president added the scheme would allow freelancers to purchase homes without paperwork necessary to buy traditional homes.

“For those are freelancing, with this scheme, they have to be creative to put a downpayment as deposit… and for the next five years, you do not need to pay,” Zuraida said.

She also said the FundMyHome scheme would not resolve all housing issues Malaysia currently faces but was an alternative.

“This is an option for the public. This programme will make it easier for those who want to purchase homes,” Zuraida said.

Tong, who is also The Edge Property chairman, previously said it the scheme was not a form of affordable housing but aimed at making home ownership possible for those unable to qualify for a housing loan.

The FundMyHome.com portal was launched on November 4 and has recorded some 4,000 enquiries.

Under the private sector-driven initiative, a buyer must puts down 20% of the property’s price while Maybank and CIMB take up the remainder of the cost and shares the returns when the property appreciates in value.

The 20% contributed by the homebuyer is placed in a trust account and used to pay off the 5% annual investment return to the banks for a five-year period, after which the buyer will have 20% equity in the property.

The buyer can then choose to sell the home, buy out the remaining portion of the property at market price, or refinance the home either via FundMyHome or a bank mortgage.

FundMyHome also offers about 1,000 units of homes priced up to RM500,000 from nine established developers – Eco World Development Group Bhd, IJM Land Bhd, IOI Properties Group Bhd, Mah Sing Group Bhd, Selangor State Development Corp (PKNS), PNB Development Sdn Bhd, Sunway Bhd, Trinity Group Sdn Bhd and UEM Sunrise Bhd. – November 22, 2018.