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27 Nov 18: Objections to FundMyHome remind Tong of 1994 when he launched online share trading

IT has been a hectic 11 days for Datuk Tong Kooi Ong since FundMyHome was launched on Nov 4 by Prime Minister Tun Dr Mahathir Mohamad.

The naysayers have been out in force to rubbish his creation of a digital platform that brings together developers and investors to help young Malaysians buy their first home without a need for a mortgage in the first five years.

Analysts from think tanks like Khazanah Research Institute and Institute for Democracy and Economic Affairs insist that those who cannot afford a mortgage should just rent and not be tempted to buy a house.

Utusan Online

16 Nov 18: FundMyHome, P2P adalah berbeza

KUALA LUMPUR 15 Nov. - Persatuan Pemaju Harta­nah dan Perumahan (REHDA) menjelaskan kekeliruan ramai pihak antara skim penda­naan awam (crowdfunding) rakan setara (P2P) dan FundMyHome.

Timbalan Presidennya, Datuk Khor Chap Jen berkata, kedua-duanya adalah dua skim yang berbeza dengan P2P adalah inisiatif yang digerakkan kerajaan ketika pembentangan Belanjawan 2019 manakala FundMyHome adalah inisiatif di bawah entiti swasta yang dipelopori, EdgeProp.my.

The Star Online

14 Nov 18: Crowdfunding ‘not home-buying scheme’

PETALING JAYA: Crowdfunding schemes that are an alternative to bank loans in funding a house purchase are investments and not home-ownership schemes.

Cagamas Bhd president and CEO Datuk Chung Chee Leong said: “I am not against crowdfunding. It can benefit some people and there is space for this form of funding.

“But the buyer must know that they are going into an investment scheme and are not actually buying a house.”

Chung said in a traditional bank mortgage, the buyer locks in the price but in the crowdfunding, like the one launched by the Edge Media Group, the buyer has to pay 80% of the-then market price five years after forking out the initial 20%.