Renting out property without telling the Bank



ORIGINAL POST
Posted by rvgoh 16 yrs ago
Am considering renting out my self-stay apartment.

It is on 70% mortgage with one of the big banks in HK.


Would like to know:

1) should i inform the Bank before renting out the apt?

2) what's the difference in interest rate/other charges in this case vs self-stay?

3) what kind of trouble will I get into if i don't inform the Bank? Anyone with personal experience, care to share please?


Thanks!

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COMMENTS
190k 16 yrs ago
Could also be a Criminal offence obtaining a pecunary advantage by deception

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bing2 16 yrs ago
i think if you paid 30% down the bank wont check. they just send you a letter once a while to ask if you were living there and of course you say yes.....


but if you only put 10 or 20% down....could be a different story....

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