Source: The Standard, Sep 30 2016
Hong Kong Credit Corporation yesterday said it is launching two new mortgage plans with Centaline Mortgage Broker.
The broker is a subsidiary of Centaline Property. Under the first plan, up to 90 percent for homes worth less than HK$8 million and as much as 80 percent for units priced less than HK$12 million can be loaned.
In the second plan, a mortgage of up to 80 percent of the home price can be given without conducting a pressure test. The test measures a borrower’s ability to repay the loan on time. Repayment period for both plans is 30 years, with an interest rate of P-2 percent and P-1 percent respectively. The prime rate now stands at 5.25 percent.
“We launched these mortgage plans to attract more first-time buyers and those who would like to change homes,” said said Ivy Wong Mei-feng, managing director of Centaline Mortgage Broker.