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