Mortgages in Hong Kong

Mortgages

Prior to your decision on buying property, assess your own financial position, loan repayment ability and the necessary financial arrangement.

When choosing a bank or financial institution for loans, consider:

• The property valuation and the mortgage amount offered
• The repayment term, number of installments and the amount of each installment
• The criteria for determining interest rates
• The date for implementing interest rate adjustments
• The issues arising from debts in installments/interest rates
• The early redemption penalties and the notice period
• Mortgage handling fees, legal fees, insurance fees, charges for the valuation report, etc.

During the installment period, request the bank or financial institution for a schedule of repayment, stating:

• The outstanding amount of the loan
• The amount of each installment
• The number of outstanding installments
• The respective amounts of principle and interest