Posted by qqq3 > 2018-11-19 10:37 | Report Abuse

jon..to the buyer, there is no 20% discount..and for this thing to work...I have to assume the scheme price is the same price for the mortgage guy.

Posted by Jay > 2018-11-19 11:07 | Report Abuse

@qqq3

I think for you, it's easier I just change it to 80% mortgage vs 80% FundMyHome, so that you don't get confused.

if their salaries doubled, congratulations. which means they most likely can qualify for a mortgage after working for a few years. then why need FundMyHome? it's not as if FundMyHome help them lock in the property price

I'm sorry if you cannot appreciate statistics or distinguish between misusing and harnessing statistics. what do you think big data is? it's basically huge amount of data analysed in a more advanced manner, including AI. don't pretend like you understand technology when you can't get the basics right. speaking of targeted marketing, if someone salary increase at that rate, they don't really need FundMyHome. if FundMyHome still target them, isn't it vulture marketing, offering (swaying) them an option away from the better option (mortgage)?

CIMB and Maybank already participated in the 80%, if they also give that 20%, it's effectively 100% fully funded by them. by that logic, might as well they give 100% loan-to-value to all property buyers

Posted by Jay > 2018-11-19 11:11 | Report Abuse

for the scheme to have the slightest chance to work, developers have to give real 20% discount. that means selling at a loss. pragmatic businessmen don't do that unless they are really desperate. so if that indeed happens, buyers should be really alarmed. Tong was a developer before, ask him if he would have sold his properties at a loss?

Posted by Jay > 2018-11-19 11:16 | Report Abuse

Tong is now running the property portal (like property agent). he doesn't really care if buyers or sellers get a good deal, all he cares is the commission he receives when a transaction is done and how his portal could become famous (for him to sell it off one day). basically in his eyes, no good or bad transaction, just commission and publicity. no transaction is bad for him...

Posted by qqq3 > 2018-11-19 11:23 | Report Abuse

CIMB and Maybank already participated in the 80%, if they also give that 20%, it's effectively 100% fully funded by them. by that logic, might as well they give 100% loan-to-value to all property buyers
==============

u don't think CIMB/Maybank wil participate in the 20%? go ask them la.....I believe they are interested.....after all the platform also say will help u get the 20% loan.....

anyway..a lot of diversion..so have changed your silly table? really so sense la, your figures.

on the basis of buying the same thing at same price surely the total principal sum paid is the same...so any difference in total payment must be interest between the two option.....

the mortgage interest ( assuming 10% capital) is on 90% mortgage for 30 years mortgage .

the scheme interest ( assuming 10% capital) is 10% loan at 5% rate for 5 years and 80% loan for 30 years mortgage..I don't need a calculator to tell u the total interest paid on the scheme is much lower than the mortgage option.......

Tong is national hero on 1 MMDB....Tong is doing national service to help the economic recovery....lets all support Tong and the scheme.......

Posted by qqq3 > 2018-11-19 11:37 | Report Abuse

jay...u got yourself tied up in a knot because you are not comparing like with like.....

and that jon tied himself in a knot because he think that just because the developed only received 80% , he thinks that the scheme promised the buyer a 20% discount on the purchase price.....

both u and jon tied yourselves in knots and starting criticing the scheme......have some respect for Tong and the Finance Minister..they will not support a scheme that is a fraud or that does not make sense.

Posted by qqq3 > 2018-11-19 12:01 | Report Abuse

pay 20% and gets 100% right of usage for 5 years..........some more, they give u back the 20% one........deal of the century

Posted by Jay > 2018-11-19 12:04 | Report Abuse

@qqq3 it's you who are confused, comparing 80% and 90%. of course paying 80% would be better than 90%, but who do you expect to pay the difference of 10%? fall from sky? and good luck borrowing a personal loan at 5%

are you Tong himself? haha, can't imagine there's someone who love and adore Tong so blindly like you do. maybe even more than his mother

I have never mentioned that the scheme is a fraud, just that it may not be in the best interest for the buyers. it makes perfect sense for Tong as an entrepreneur but it is up to others to protect their own interest. I hope the Finance Minister is just being exploited in this case by Tong and there's no hanky panky behind the scenes

Posted by Jay > 2018-11-19 12:08 | Report Abuse

and again, you are reverting back to your property investor or speculator self. 20% is only given back to you if 1) you sell the property 5 years later 2) property price did not drop

if you buy a house, get a mortgage and sell it after 5 years, you also get to use it for 5 years and get back your money.

but are you encouraging first time housebuyer who's supposedly genuine buyers to do that? so they are supposed to sleep under the bridge?

Posted by qqq3 > 2018-11-19 12:09 | Report Abuse

d by Jay > Nov 19, 2018 12:04 PM | Report Abuse

@qqq3 it's you who are confused, comparing 80% and 90%. of course paying 80% would be better than 90%, but who do you expect to pay the difference of 10%? fall from sky? and good luck borrowing a personal loan at 5%
=========

the 10% comes from the loan which is repaid in first 5 years....

come on...even if the personal loan is 10% interest .....it is still cheaper interest cost than paying interest at 4.5% for 90%......remember....interest on 80% is paid to the investor by the developer out of the retention account.

Posted by qqq3 > 2018-11-19 12:15 | Report Abuse

yes....u buy a house u also get to use it......but u have to pay interest on the 80% for first 5 years which is paid out of the retention account......

starting life.....no need to pay interest at that stage is a big big deal......pay interest later in life when earning more money is ok, easier.


jay,....bottom line is u get yourself tied up in a knot maybe because it is some thing new.........

Posted by qqq3 > 2018-11-19 12:19 | Report Abuse

jay...forget about the principal sum..the principal sum under both schemes is assumed to be same....just focus on how much interest is actually paid by the buyer assuming 10% capital in both cases.......from beginning to end.....

Posted by qqq3 > 2018-11-19 12:24 | Report Abuse

don't forget, the 10% term loan at the beginning becomes deposit money at end of 5 years.....that is why the remaining mortgage interest under the scheme is only on 80% ( not 90% anymore )

Posted by qqq3 > 2018-11-19 12:29 | Report Abuse

y qqq3 > Nov 19, 2018 12:04 PM | Report Abuse X

..Home Ownship scheme..pay 20% gamble for 5 yrs ..some more can stay for 5 years no need to pay rental or interest on 80%......some more they give u back the 20% one....

Posted by Shinnzaii > 2018-11-19 12:51 | Report Abuse

80% of the sales goes developer and 20% return to investor...then those datuk datuk own property developer company huat edi...80% to his company 20% to his pocket as "investor"is that mean?

Posted by Jay > 2018-11-19 13:04 | Report Abuse

@Shinnzaii no, investor means those who will be funding the property purchase, like institutions or individuals in a P2P shceme

Posted by Jay > 2018-11-19 13:37 | Report Abuse

@qqq3 I think after entertaining for so long, it's really feeling like a waste of my time. yes 10% funded by personal loan can reduce your monthly payments for 5 years, but it's only giving you an illusion of ownership. 5 years later, if property price appreciates (if you think it will depreciate, you shd not be buying using mortgage or P2P), you have to refinance higher because you don't exactly own the house

talking about gamble some more? hahaha. like I said, you must belong to those groups of property investors/speculators who are desperate for house prices to increase fast to get out of trouble. these groups are the ones responsible for today's unaffordable house prices

if you still have a conscience, then don't seduce these first time homebuyers to get into financial trouble, now or 5 years later. I rest my case

Posted by qqq3 > 2018-11-19 13:39 | Report Abuse

jay...u know why I think CIMB/Maybank will finance your 20% loan?

so far, all the developers that has signed up are blue chip companies...the banks can have a recourse letter signed with the developers....they would not mind a 100% financing in this case. It is part of the deal, this is national recovery plan , comes with recourse ( guarantee) from the developer, different risk profile, the 80% is as investor, the 20% is as banker.

Posted by qqq3 > 2018-11-19 13:40 | Report Abuse

jay...go rework your silly tables...don't mislead others....what for?

Posted by qqq3 > 2018-11-19 13:44 | Report Abuse

and for young ones......no interest on 80% for 5 years is a big deal.....

as for the 20%, it belongs to him....if property prices goes up, no big deal, just pay slightly higher installments.......for the benefits, the flexibility and the options....in five years time...if he is a graduate in Klang valley, his salary will be doubled......

Posted by qqq3 > 2018-11-19 13:52 | Report Abuse

u don't think CIMB/Maybank wil participate in the 20%? go ask them la.....I believe they are interested.....after all the platform also say will help u get the 20% loan.....

anyway..a lot of diversion..so have changed your silly table? really no sense la, your figures.

on the basis of buying the same thing at same price surely the total principal sum paid is the same...so any difference in total payment must be interest between the two option.....

the mortgage interest ( assuming 10% capital) is on 90% mortgage for 30 years mortgage .

the scheme interest ( assuming 10% capital) is 10% loan at 5% rate for 5 years and 80% loan for 30 years mortgage..I don't need a calculator to tell u the total interest paid on the scheme is much lower than the mortgage option.......

Posted by qqq3 > 2018-11-19 14:04 | Report Abuse

.if property prices goes up, no big deal, just pay slightly higher installments...(if he wants to continue )....or sell it.( and get back his equity portion)...for the benefits, the flexibility and the options....in five years time...if he is a graduate in Klang valley, his salary will be doubled......

Posted by qqq3 > 2018-11-20 00:28 | Report Abuse

jay..u ready to apologise for misleading your readers with silly misleading tables?

Posted by qqq3 > 2018-11-20 03:06 | Report Abuse

From the marketing point of view, this thing has probably failed.

the back lash and the criticism from the public, from even property experts totally surprised everyone concerned including Tong from Edge, including the Finance Minister and Prime Minister and including myself.


so what went wrong? lesson from marketing gurus will tell you, complicated products cannot succeed in the market place. In this case , Tong, the financial whiz kid is way too smart for market acceptance.


what went wrong is not the product...it is an excellent product and solve a lot problems......as the article above shows. ....



good explanation

https://www.thestar.com.my/business/business-news/2018/11/16/crowdfund...

what went wrong is not the product....but misunderstandings and expectations.

history shows a lot of good products can be killed by misunderstandings and wrong expectations.

general public not very smart one........critics not very smart one....and products fail because it is too complicated and ahead of its time.

Posted by qqq3 > 2018-11-20 03:07 | Report Abuse

https://klse.i3investor.com/blogs/qqq3/182594.jsp

Posted by Jay > 2018-11-21 00:56 | Report Abuse

@qqq3 still preying on the weak minded and hope that you can push this scheme and some properties to the poor first time homebuyers? unfortunately, the points in my article are already too damning for your idol and your comments so far have only solidified those points. maybe you should ask your idol for help, at least one of you needs a brain to come out with a convincing argument

if the scheme fails, it's not because it's too complicated, it's because there are genuine concerns on its viability and suitability for buyers, so no need to spin for Tong.

many industry stakeholders have voiced out against it because they understand its flaws. common sense will tell you that you need to understand something to understand its flaws. if you can't see it, that's because you don't really understand it despite what you claim

what's concerning is there are still signs that the government is trying to force through this P2P scheme in its current form. instead of engaging industry stakeholders, public consultation, get regulators to come out with framework before launching, it seems like Tong is getting the special treatment by doing it in reverse.

of course spinmaster like Tong and qqq3 will claim that FundMyHome is not a real P2P yet but we all know that it's only pending a SC rubber stamp

Posted by qqq3 > 2018-11-21 03:10 | Report Abuse

jay...tong is a million times better man and human being than you.......

( to readers, please read my comments)

Posted by qqq3 > 2018-11-21 10:02 | Report Abuse

jay...no excuse for not apologising for your silly and misleading tables.

Posted by speakup > 2018-11-21 10:08 | Report Abuse

i changed my mind.
after studying FundMyHome deeper, now I think is a GOOD IDEA!

Posted by qqq3 > 2018-11-21 10:10 | Report Abuse

jay...u have no right to criticize the scheme since u cannot tell the difference between capital and expenditure.

Posted by speakup > 2018-11-21 10:20 | Report Abuse

nasi lemak, rojak, chow-kwai-teow, roti-canai
some may say nasi lemak no good
some may say rojak no good
some may say chow-kwai-teow no good
some may say roti-canai no good
but all are just alternatives
same for FundMyHome, it's an alternative - good for some.

Posted by hollandking > 2018-11-21 10:20 | Report Abuse

speculators definitely say good one

Posted by hollandking > 2018-11-21 10:21 | Report Abuse

traders also same mah, a matter of when u get in and out

Posted by qqq3 > 2018-11-21 10:21 | Report Abuse

speakup...that is fine....but not apologizing for silly and misleading tables is not acceptable.

Posted by speakup > 2018-11-21 10:29 | Report Abuse

just like some ppl say Coffee is good, some say Coffee is bad. who is right? who is wrong? Nobody is right, nobody is wrong, it's a choice.

Same for FundMyHome, it's a choice. As long as NOBODY holds up a GUN over your head to FORCE you to sign up for FundMyHome, FundMyHome is GOOD cos it is a choice.

Posted by speakup > 2018-11-21 10:36 | Report Abuse

Just like BitCoin..... is it good or bad? Some ppl made money in BitCoin, they say it's good! Some ppl lose money in BitCoin, they say it's bad!
FundMyHome is the same, some ppl will benefit from it, they will say it is GOOD! While some ppl will not benefit from it, they will say it is BAD!
At the end of the day, FundMyHome is not good, not bad. It's an alternative, it's a choice.

Posted by Jay > 2018-11-21 15:22 | Report Abuse

@qqq3 I'm sorry if my articles can't help you grow a brain. I'm also sorry if you can't differentiate between misleading example provided by your idol and other tables in the article that are clear cut. why I don't see you see asking your idol to explain its misleading national advertisement? it's like UMNO politicians who turns a blind eye to 1MDB and then go around demanding apologies. walking jokes...

until today, you don't get the point. for someone who can afford to buy a house, of course it's better to purchase one for own stay rather than renting. the misleading example your idol is trying to paint like example 1 is these people can't afford a house (when they actually can) and FundMyHome is their best option (when it's not). for those who genuinely cannot afford a house, pushing them to buy one (20% or 100%) is also just shifting the risk from developer to these poor buyers

it's like agent trying to convince you to buy unit trust vs your current FD. longer term of course investing in equities is better than putting in FD. but he doesn't tell you about the risk, and only sell you the unit trusts he gets commission from instead of the ones best suited for you

FundMyHome is just another financial product and Tong should advertise as such. If Tong is so confident with his product, just stick to the facts and present the full picture. those who are interested will take up. No need false advertising and using misleading calculations to show how it's better than renting and mortgage.

Posted by Jay > 2018-11-21 15:26 | Report Abuse

house is one of the biggest, if not the biggest, investment for most people in their life. false advertising just to earn some commission and seduce people into making the wrong life choices can cause long lasting damage and is simply despicable, whether being the mastermind or his lackey

Posted by qqq3 > 2018-11-21 19:44 | Report Abuse

jay...I do not worry about property experts and property consultants.

Initially they thought this thing will eat into their market and hence raised some objections....eventually, they will come to realise this thing actually expands their market and good for them....as tong say...all innovations got stages to go through, from initial scepticism to eventual acceptance and " so obviously good"......

Posted by Jay > 2018-11-22 09:44 | Report Abuse

read the news carefully. one of the first groups that object is House Buyers Association (HBA) who unlike you, cares about and takes action to protect house buyers interest. most people have nothing to gain or loss from speaking out against this scheme. there are genuine concerns and questions raised on the scheme which until today, fail to be answered

not all innovations are destined for success. remember windows 8? I bet some of the software engineers in windows thought it's the next big thing. but it's clunky and clumsy. most consumers hated it and still hate it today. guess they never reach the "so obviously good" stage...

Posted by paperplane > 2018-11-23 22:33 | Report Abuse

Jay. Again,my salute to you to help us understand this in more detail! You must be some real senior guy in the mkt.my salute to you beside my friends stockraider.

I also wonder,SC has not come out with framework, guidelines,yet the platform kickstart??

Posted by qqq3 > 2018-11-23 22:35 | Report Abuse

paper plane.... u are quite lousy u know?

Posted by qqq3 > 2018-11-23 22:37 | Report Abuse

like that also don't understand this scheme

Posted by qqq3 > 2018-11-23 22:49 | Report Abuse

plane...what is so difficult to understand?

$300,000 house...go find 10% from savings, friends and family, borrow $ 30,000 5 - year term loan at 7%, get a house to stay for 5 years ....the monthly installment is $ 600.

so easy to book a house under this scheme, so affordable.......

the first 5 years is the most crucial, most difficult to afford a house....now solved.

at the end of 5 years, u have accumulated 20% equity for a $ 300,000 house......magic.

Posted by qqq3 > 2018-11-23 22:53 | Report Abuse

from age 25 to 30 or from 30 to 35.....every graduate in Klang valley should see his salary double or more.....

Posted by qqq3 > 2018-11-23 22:54 | Report Abuse

this paperplane, raider and others, are blind....plane and simple.

Posted by paperplane > 2018-11-23 23:34 | Report Abuse

Actually,my view is as such after reading and trying to understand this new p2p for home buyers. Actually I'm no stranger to p2p in Malaysia. I invested in fundaztic, I have register but not invested yet in funding society.

So for this scheme, first doubt,you tell me where the hack got property selling 300k. Nowadays those new house can't sold one all above 500k. Go read some statistics. Well,let's just say 500k, to fork out 20% is rm100k!!! You tell me which youngster started work got 100k?? obviously the example used is not realistic to me! If I got 100k, second question is why would I need to be the sucker to share my 80%. I might as well use 100k, to buy 2 properties and get a loan from Bank! I enjoy 100% upside!

Posted by paperplane > 2018-11-23 23:38 | Report Abuse

Second doubt came to my mind this after this 5yrs thing! I have to either eat up remaining 80% at MKT price,OR sell it at MKT price! Selling at MKT price no doubt got s&p ,but if I decide to eat 80%, who decide the so call MKT price??? I can put in my loan agreement with banks it's lower than my initial values??? Lower than 50%? In actual fact I know it is above the value already? Who decide on this???

Posted by paperplane > 2018-11-23 23:40 | Report Abuse

Well, from investor perspective,5% guarantee return not bad huh,as long as property price won't crash beyond that 20%.

Posted by paperplane > 2018-11-23 23:43 | Report Abuse

From buyer perspective put it this way. I fork out 100k for 500k property, then next 5years I can rent it out,trying to recoup my initial investment of 20% 100k loh,since next 5yrs I no need serve any loans compared convention. But need to ensure property price got more than 20% lah...and another trouble after 5yrs to mortgage it again ,you need to pay the investor more,end up yourself left with not much.... sucker....