First-of-its-kind innovative homeownership scheme launched for first-time homebuyers

By EdgeProp Malaysia / EdgeProp Malaysia | November 5, 2018 12:09 PM SGT
SEMENYIH (Nov 4): Every family deserves a decent shelter over their heads but there are some of them who just can’t afford one, hence, the market needs an inclusive scheme that could bring all the stakeholders together to help those in need to find their ideal home while resolving the problem of market supply mismatch, said The Edge Media Group chairman Datuk Tong Kooi Ong.
“The issue of being able to own your home has become one that has risen to the top of agendas all over the world. And rightly so, because I believe having a home is not just an economic right but a human right carrying a sense of self-esteem,” Tong said in his speech at the launch of FundMyHome.com which was officiated by Prime Minister Tun Dr Mahathir Mohamad today.
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Developed by EdgeProp Sdn Bhd, FundMyHome.com brings together first-time homebuyers and institutions in a mutually supportive relationship. Homebuyers will need to 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.
“It is obvious to me that the answer lies in deleveraging the household. I am also very excited to harness recent developments in digital technologies, tap business models in the sharing and subscription economies, and use peer to peer and crowdfunding platforms. Our solution rests on bringing all of these together,” added Tong.
He described FundMyHome as an inclusive scheme as it leaves out no one who is now part of the ecosystem. Besides helping homebuyers, it helps developers to sell their properties, both currently unsold and future launches. It also includes estate agents as facilitators for their house buyers and financial advisors guiding clients who are interested to become property investors. The platform works with banks and institutions to provide financing as investors or in creating structured products for their customers.
Tong stressed that escalating house prices is...