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.
The Real Estate and Housing Developers’ Association also expressed its scepticism, which was a surprise, given that some critics have alleged that FundMyHome was set up to help developers at the expense of homebuyers.
