Residential Mortgage Loan

Property developers usually provide attractive offers to buyers who start the cash payment plan but it comes with risks as the buildings are not completed. Home-building can be one of the most important decisions you’ll ever have to make. As your trusted banking partner, our mortgage products can help you lay the foundation of your new home with the right loan amount, interest rate and repayment option to fulfill your financial needs. The price of a home is often far greater than the amount of money that most households save. As a result, 銀行按揭 allow individuals and families to purchase a home by putting down only a relatively small down payment, such as 20% of the purchase price, and obtaining a loan for the balance.

Many are under the impression that it is quicker to apply through banks directy. However, the staff at the branch is only responsible for receiving the application forms instead of processing it. MoneySmart will instead follow up on your application directly and we have a direct contact at the mortgage department of each major bank. You can apply for an array of plans with a consolidated application form and the application results will be available in just 9 working days. MoneySmart will remind you upon successful application and provide you with any advice and support you may need until you have successfully taken out your mortgage.

Annual Percentage Rate represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased after consummation for adjustable-rate mortgage loans. Customized mortgage loans at your service, fulfill your home purchase with ease. MoneySmart helps you compare numerous mortgage plans in one go. MoneySmart specialists will follow up your mortgage applications directly with your desired bank, which can aggregate your mortgage application. This is to check if there are any structural changes to the property, including illegal structures or subdivided units.

HKMC requires prospective homebuyers to pass the stress test in order to secure a mortgage offer. The monthly repayment amount should be within 60% of the homebuyer’s monthly income after 3% interest rate is added to the existing one. However, according to the 2019 policy address, passing the stress test is not a prerequisite for first-time buyers to secure a mortgage offer with a mortgage insurance programme. For non first-time buyers, however, passing the stress test is still a prerequisite for getting a mortgage. Village houses are more complex for loan application as it usually takes a bank longer to investigate the title, permitted uses, legality of construction, encumbrances and easements. Moreover, transaction volumes of village houses are thinner, resulting in down-valuation.

In general, the longer the tenor is, the lower the monthly repayment amount but the higher the total interest expense. On the contrary, the shorter the tenor is, the higher the monthly repayment amount but the lower the total interest expense. In terms of loan origination, mortgage bankers risk their own capital to fund loans. Also, they are not required to disclose the price at which they sell mortgages.

They are also designed to stop house buyers from borrowing more than they can afford and prevent excess credit from building up within the Irish financial system. A mortgage loan is a type of secured loan that an individual can apply to purchase a home or property. Once the loan is approved by the financial institution, the individual must repay it during the loan repayment duration. HIBOR Rate is the benchmark interest rate for lending between banks within the Hong Kong market while Prime Rate is decided by individual banks. H Plan is reflective of the borrowing costs, so it fluctuates on a daily basis.

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As part of its goal to safeguard financial stability and contribute to the long term resilience of the financial system, the Central Bank has in place a series of mortgage measures. These measures were first introduced in 2015 and are reviewed on an annual basis. The measures are designed to ensure that banks and other lenders lend money sensibly.

P is the Hong Kong Dollar Prime Lending Rate Quoted by Nanyang Commercial Bank, Limited from time to time. P is the Hong Kong Dollar Prime Lending Rate quoted by Nanyang Commercial Bank Limited from time to time. Simply visit any of our branches and bring along your identity document, income proof and property information and we will take care of the rest. You should have a clear understanding of your financial condition, daily expenses, and actual borrowing needs. Only applicable to applicants who apply for Mortgage Insurance Programme and fulfil related requirements by HKMC Insurance Limited.