Mortgage plans launched

Business | Carrie Chen 29 Sep 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.

Meanwhile, mReferral, together with Midland Realty and ETC Finance, launched a new plan offering loans up to 90 percent for homes worth less than HK$8 million, and 80 percent for up to HK$12 million. Interest is set at the prime rate.

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