Fixed-rate home loan pilot begins this week

The Hong Kong Mortgage Corporation announced that the fixed-rate mortgage loan pilot plan will launch this Thursday.

The interest rate was adjusted down by 0.2 percent.

Borrowing rates on the 10-year, 15-year, and 20-years tenors were trimmed to  2.55 percent, 2.65 percent and 2.75 percent, respectively.

BOC Hong Kong (2388), Chong Hing Bank (1111), Dah Sing Bank (2356), ICBC (Asia), Shanghai Commercial Bank, Standard Chartered Bank (Hong Kong), and Bank of East Asia (0023) are also included in the plan.

The application period lasts for six months.

The total lending amount is HK$1 billion. The upper limit for each residential property loan is HK$10 million.