Hang Seng launches three-year fixed-rate mortgage of 2.93 pc

Hang Seng Bank has launched a three-year fixed-rate mortgage scheme with an interest rate of 2.93 percent, 0.32 percent lower than the floating-rate mortgage rates on the market, following earlier interest rate hikes by the Federal Reserve. 

Centaline Property noted that the fixed-rate program, similar to that of HSBC (0005), being lower than the market's floating rates sends a positive signal and reflects the bank's confidence in the market. The agency stated that  more banks offering fixed-rate mortgage plans can allow for better control over the selection and approval process. It reminded applicants that the application period and loan amount limits differ slightly between the two banks, so they should apply according to their own circumstances.

The scheme has a loan amount cap of HK$20 million, and applications must be submitted before November this year. 

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