【Preparation for Property Purchase】 Practical Tips for Purchasing a Property at the Lowest Cost
Tips for New Property Owner: Rent out your Property Safely!
【Tips for Beginners】Costs of Buying a Property besides Down Payment
Tom: “The government has relaxed mortgage insurance schemes, thus paving the way for more properties to become eligible to apply for and obtain mortgage loans of up to 90 per cent of the value of a flat. But is it difficult to apply for a mortgage loan?”
Not all properties can be offered for rent! If the property has been mortgaged to the bank, in principle, the mortgagee’s consent must be obtained before the property can be offered for lease. Many banks also have mortgage or rent restrictions on non-self-used properties.
In the event of death, the deceased is likely to leave some estate, which may include money, stocks, or property. When the inheritance includes a piece of property, this will involve numerous procedures. The following are common questions regarding inheritance of property.
Banks usually evaluate the market value of a property based on different factors, including the property’s location, views from the flat, on which floor it is located, and transaction records in the building when appraising the property.
To avoid excessive lending that could lead to a housing bubble, the government has introduced a stress test.
Applying for a mortgage loan is mainly divided into two categories: The first type is based on income, and the second type involves worth–based lending.
After signing the provisional sale and purchase agreement, the buyer can formally start applying for a mortgage loan. Owners can directly find a bank or find a professional mortgage referral company, such as Mreferral Mortgage Brokerage Services.
Village houses are roughly divided into two categories – standard “small house” and village house on “old schedule lot”. The most common are standard small houses, which are three-storey high and have a floor area of about 700 square feet each.
Like ordinary property transactions, such transfer entails the engagement of a solicitor to handle the agreements for sale and purchase, and schedule a transaction date. Hence, solicitor’s costs is inevitable.
Banks in Hong Kong have been known for low interest rates. Rents of most of the properties could cover the monthly mortgage payments. Therefore, some investors would rent out a property right after buying it in order to earn stable passive income. Below are 10 frequently asked questions (FAQs) about how renting out a property would affect mortgage application.