FundMyHome not a monopoly, says Pua

KUALA LUMPUR (Nov 9): The FundMyHome property platform will not be a monopoly of the newly-proposed home financing scheme sector, political secretary to Minister of Finance Tony Pua explained today.

“Let me explain, FundMyHome is not a monopoly. The Securities Commission will regulate as more exchange platforms will come in, we are open to more coming in,” The Malay Mail reported Pua saying at a forum on Budget 2019 organised by AmBank here.

Pua added that the newly-proposed home financing scheme was included in PH’s maiden budget as part of plans to seek “innovative solutions” to the counter country’s housing problem.

Financing has been found to be a big factor preventing a significant portion of Malaysians from buying homes.

Most are unable to meet loan requirements to buy their first homes.

Meanwhile, Chairman of EdgeProp Sdn Bhd, Tong Kooi Ong, has made further clarifications about what FundMyHome is all about.    

“On whether FundMyHome will really help homeowners and make homes more affordable, I am convinced it will and in the course of the weeks and months ahead, I suspect most will agree.

“All innovations go through stages of perception; from ‘ridicule’ to ‘debate’ and finally to ‘it was obvious’,” Tong wrote in a Facebook posting.

“In any case, given that FundMyHome involves no public money, concessions or guarantees of any kind from the Government, and that this is just an additional possible solution over and above existing ones, what can be wrong?

“For those who think they have better solutions, this launch and this innovation in no way impedes anyone else from doing and proposing what they have in mind,” he added.