In an act to aid in the home searching, buying, and selling process, Malaysia's Prime Minister Tun Dr. Mahathir bin Mohamad has launched a unique property platform to do just that. FundMyHome.com is a new Democratic-inspired platform that is helping Malaysians buy their first home.
Developed by EdgeProp Sdn Bhd, FundMyHome.com brings together first-time homebuyers and institutions in a mutually supportive relationship. Buyers pay 20% of the property price to own the home, choosing from a wide array of high-rise and landed homes of different prices and locations showcased on FundMyHome.com. The balance 80% of the cost of the property is contributed by participating institutions, who share the returns from changes in the future value of the home.
With no bank loans and monthly payments to worry about, the result is a simpler, safer and faster home ownership arrangement that also provides greater emotional and financial security. All homes on FundMyHome.com are either completed or nearing completion, enabling buyers to move in soon after the completion of the buying process. Buyers may also rent the homes out to earn rental income. This helps to free up their funds for other pressing commitments and reduces their dependence on debt.
At the launch, Tun Dr. Mahathir presented the first three homebuyers on the FundMyHome.com platform with keys to their new homes, all located at Eco Majestic’s Harmoni Apartments.
Detailing the rationale behind the FundMyHome concept, Datuk Tong Kooi Ong, Chairman of The Edge said, “FundMyHome is an inclusive scheme. Besides helping homebuyers, it helps developers to sell their properties. It also includes estate agents to facilitate sales and to guide their clients interested in becoming property investors.
“FundMyHome also democratizes home ownership and stimulates the housing industry without any Government expenditure or guarantees. Housing is also a critical element of wealth as it operates as a vehicle for household saving,” he said.
FundMyHome.com has been developed by harnessing recent developments in digital technologies, including business models in the sharing and subscription economies, as well as peer to peer platforms.
Backed by the knowledge and resources of EdgeProp.my, and building on the property portal’s extensive relationships with property development companies, the portal will feature approximately 1,000 units of homes in the first phase of its rollout, all costing less than RM500,000 (approximately US$119,757). The properties are being offered by nine participating developers: EcoWorld Development Group Berhad, IJM Land Berhad, IOI Properties Group Berhad, Mah Sing Group Berhad, PKNS (Perbadanan Kemajuan Negeri Selangor), PNB Development Sdn. Bhd., Sunway Berhad, Trinity Group Sdn. Bhd. and UEM Sunrise Berhad.
Under the FundMyHome concept, the homebuyer can choose to either sell or stay on after a fixed commitment period of 5 years. Those wishing to stay can refinance the home via FundMyHome.com or with a normal bank mortgage. All this is facilitated through FundMyHome.com.
Participating institutions contributing to the 80% portion of the home price are Maybank Group and CIMB. More banks and institutions are likely to participate in the near future.
SOURCE The Edge Property Sdn Bhd.
Edited by V. Haviland
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