Hi guys,
I've done a bit of research on lending in Hong Kong and spoken to some people at my-referral. From what I've found you can only get 95% lending if u are buying to live in. Is that what everyone else has found?
Apparently the bank will send a letter once a year to the address to confirm your residence... Was wondering if anyone has ever bought to live in and then rented it out and managed to get away with it? Whats the penalty if u get caught does anyone know?
Please support our advertisers:
I dont have a 95% mortgage. However, my experience with the banks is that if you have a good relationship with the bank then they will cut you the same deal on your rental property as your own home. I just did that with our bank - they offered the same interest rate and cash subsidy to me for our rental property as our home.
Please support our advertisers:
unfortunately banks don't lend about 70% as far as my research shows... i could be wrong though but i thought to borrow more than 70% u need to get mortgage insurance which is provided from another organisation i.e. a non-bank?
Please support our advertisers:
Bank of China just lent me 95% plus the insurance premium, plus about 30k cash back. They also gave a higher valuation than anyone else I tried.
Please support our advertisers:
sweet thanks mate if u don't mind me asking at what rate? also did u borrow to invest or are u living in it and what did u tell the bank? thx.
Please support our advertisers:
4.775% (P - whatever?) and living in. Not sure on their policy for investment property.
They were very helpful, I told them what I wanted to pay each month and they made it fit.
Please support our advertisers:
ok thanksi'm guessing they won't lend that on and investment property.
Please support our advertisers:
Sorry don't know. Give them a call, they were tripping over themselves to help me!
Please support our advertisers:
It really depends on your relationship with the bank. I managed to get the same interest rate of about 4.8%(HIBOR + .60% capped at Prime -2.75%) for the mortgage on our home and our investment properties.
Please support our advertisers:
at 95% lend though? i'm more worried about the lending ratio rather than rate... thx.
Please support our advertisers:
No - we have 70% on all the properties (both our home and investment ones)
Please support our advertisers:
ltxhk
17 yrs ago
No bank can do more than 70% without the government mortgage insurance for the remaining portion. Though the bank may wink-wink allow on an investment property, it is unusual without relationship since they are violating the government mortgage insurance. The mortagage insurance will check residency on an annual basis. Easier to circumvent them if you pay the full mortgage insurance premium upfront rather than split out annually. However, still not guaranteed. Worse case scenario.... if caught, bank will deny any fore-knowledge, and the amount financed through the mortgage insurance will become due (ie any amount over 70%). Therefore, you need to have the funds to cover the extra if caught.
Lots of banks will give the same rate for owner-occupied and investment if the deposit amount is 30%.
Please support our advertisers:
You must be logged in to be able to reply.
Login now
Copy Link
Facebook
Gmail
Mail