I was against this initially. But I read the stories from Mr. Tong point of view in The Edge Weekly. Kind of agrees with his point of view.

It is easier for first time home buyer to get a personal loan of RM60k and repay it in five years to built up their equity and downpayment. and its better for first time home buyer to start pay for houses instead of rent.

The downside is as mentioned, overhanged properties and 5 years time frame, anything could happen.