Village house mortgage term

Posted by Todge (265 days ago)

This may seem a dumb question, but I've been hearing conflicting advice, and my bank hasn't been able to give me a firm answer.

Is it true that banks in HK will only give you a mortgage out to thirty years of a village house's age?

So if I buy a village house that's 7 years old, I can only get a mortgage for 23 years.

If so, what happens when the place IS 30 years old? Are you expected to demolish and rebuild?

Thanks in advance.

Posted by Saikunga (265 days ago)

We bought a 'village' house that was 20 years old - we got a 25 year loan on it with Fubon bank - they are more than happy to help you buy village houses and have been very good so far....

Our biggest hurdle for one of our banks was that we were older and really only had 15 years of work left in us - therefore they were only going to offer a 15 year loan accordingly - we told them that we wouldn't accept that when other banks were prepared to give us a 25 year old loan.

Shop around before settling on a bank - contact http://www.mreferral.com Macky fung is very helpful and will get the best deal for you.

Posted by Todge (265 days ago)

OK thanks Saikunga.