Mortagage loans for new homes drops to HK$5b

Business | 26 Feb 2021 6:50 pm

The number of mortgage applications last month increased by 15.1 percent month-on-month to 13,112, data from Hong Kong Monetary Authority showed.

Loans approved in January fell by 1.7 percent last year to HK$37.8 billion, compared with December 2020.

Mortgage loans financing primary market transactions fell by 22.5 percent to HK$5 billion and those financing secondary market deals were up by 1.5 percent to HK$27.1 billion. Mortgage loans for refinancing increased by 6.8 percent to HK$5.8 billion.

Mortgage loans drawn down slid by 5.9 percent from the previous month to HK$24.9 billion.

The ratio of new mortgage loans priced with reference to HIBOR was 95.5 percent, up 0.3 percentage points from a month ago.

The ratio of new mortgage loans priced with reference to best lending rates dropped from 2.6 percent in December 2020 to 2.2 percent in January.

The mortgage delinquency ratio was unchanged at 0.04 percent and the rescheduled loan ratio also remained unchanged at nearly zero percent.

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