The bank may raise the interest rate of the loan on the property as it is no longer for self-occupation. Indeed the change could result in the bank demanding immediate repayment of the mortgage though this is unlikely.
Depending on your repayment record, the bank may ask that you enter into a Rental Assignment, which essentially gives the bank a right to receive rental payments from the tenant directly in case you default in repayment.
For your own protection, it is best to obtain the written consent of the bank (instead of a verbal confirmation over the phone).
Weir & Associates
Solicitors & Notaries
16th Floor Tak Shing House
Theatre Lane
20 Des Voeux Road Central
Central
Hong Kong
Tel : 2526-1767
Fax : 2868-3568
email :
weirlaw@hongkonglaw.com
www.HongKongLaw.com/weirlaw