I am a foreigner not resident in HK wanting to buy a MidLevels property. Got general info reading various threads but is there a website guiding a foreigner regarding agents, mortgage criteria by local banks for foreigners, etc.?
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Regarding agent fee - everything is negotiable. 1 % is the standard rate, but you can ask for a discount.
I don't think the regulations are much different for foreigners than from HK residents. Basically you have to show income proof if you want a mortgage.
Search on google for HSBC + HK + mortgage or for other banks such as DBS / BEA and you will get a lot of information about the actual process.
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thank you. do u know what is the general difference between valuation set by bank and the price at which you transact? also, is hsbc best bank for mortgages? or should i consider icbc/stan chart? finally what is a good site for property listings for mid levels?
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Bank valuation will determine how much money you can borrow on the mortgage. The bank valuation can be higher or lower than the actual price you pay.
HSBC are ok for mortgages, but often smaller banks can give a slightly better offer. Shop around and see who seems best at the time you buy.
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Hi HKproperyinvestor, as a non-hk resident banks will lend you only 70% of the value of the property/purchase price - depending upon the bank, with standard conditions applying ie proof of income etc.
I know a company that handles all 30 plus banks in HK for mortgages & used them myself as well as referring others to them. They are excellent! They get you the best rate for your criteria & know which banks value properties higher etc They do not charge you a fee for using them as they get paid by the bank direct. As they have all banks on their books it's great as you don't have to do all the research yourself & they are not limited to only a panel of lenders.
PM me if you want their details.
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thank u walkup, drumbrake and pebbles1 for your advice. still getting a feel for midlevels pricing and rentals that i can get. however, would like to get the company info from pebbles1. i live overseas. how should i contact u?
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Hi cwglin27,
I was referred to a mortgage broker and will be confirming my loan with a bank inntroduced by them. I must say it is convenient as they know which bank has the most attractive rate etc. It did save me a lot of time and leg work. Once you give them a copy of the preliminary agreement you have signed, and inform them your intended percentage of loan you require, they will source the banks for you. Very efficient. Send me an email if you wish to know the number.
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Boof
17 yrs ago
pebbles1
Would you mind PM'ing me your brokerage contact who deals with the numerous banks? I live in HK and find the whole mortgage shopping process too laborious. Your help would be greatly appreciated.
THANKS!
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