Weekly Industry News

‘FundMyHome is an alternative, not a free lunch’

Weekly Industry News

EdgeProp Sdn Bhd chairman Datuk Tong Kooi Ong emphasised that FundMyHome is an alternative scheme that enables homeownership among first-time homebuyers in Malaysia and not about giving the group a “free lunch” on the government’s dime.

At the FundMyHome public forum held at the Sheraton Petaling Jaya yesterday, Tong stressed that it is a scheme to help responsible young Malaysians own a house, but not by the handout of a free home.

“FundMyHome is not a free lunch, it does not have government subsidy. It is spearheaded by the private sector. It is to encourage homeownership among young responsible Malaysians who want to own a home, but cannot get a mortgage yet. It is the scheme to help this group of people by providing the first step of owning a home. It is not giving out a free house,” said Tong when answering a question about whether a person can stay more than five years after putting down the 20% down payment.

Media Title: The Edge Financial Daily

Date: 19 Nov 2018

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