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.
Property Tips
What documents are required to apply for a mortgage loan?
A) Applicants with fixed income(1) HKID cards of borrower and guarantor (if applicable)(2) Sale and Purchase Agreement (applicable to new mortgages)
How to apply for a mortgage loan?
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.
What are the hidden expenses when buying a property?
The purchase of a property generally involves three main legal documents: sale and purchase agreement, deed of assignment and mortgage deed. The solicitor’s fee, will be subject to the transaction value and the age of the property, and it usually amounts to several thousand Hong Kong dollars or more.
What needs to be done to prevent a potential mortgage trap when buying a village house?
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.
What should I pay attention to when buying a village house?
Buying a second-hand village house can avoid the risk of government not granting the Certificate of Compliance. At present, new-style village houses are generally built like housing estates with well-managed gardens, parking lots and playground.
What are the procedures when buying second-hand properties?
The first thing to do when buying a flat is, of course, to look for one and conduct an ocular inspection of the building. Many real estate agencies list properties on their websites and mobile apps.
What should buyers pay attention to when buying an uncompleted flat?
Staged payments are generally provided in new properties, but mortgage payment installments can also start immediately. The advantage of opting for immediate mortgage installment payment is the buyer can enjoy a higher discount from the developer, but the former needs to start repaying the mortgage loan even before the property is ready for occupation.
What are the procedures when buying a new flat?
The law requires developers to issue sales brochures at least 7 days before the start of sales of flats in a new project to ensure homebuyers have sufficient time to scrutinise essential pieces of information relating to the property, including its location, estimated completion date, floor plan and size of flats.
![[Property Inheritance] How to Distribute Property Ownership after Death](https://res-cms.midland.com.hk/property-news/wp-content/uploads/2021/02/iStock-1040824672-380x280.jpg)
[Property Inheritance] How to Distribute Property Ownership after Death
If the deceased owned a property or part of the property interest, it does not necessarily mean that his/her successor could inherit the property ownership. One has to note that if the deceased co-owned a property with other person(s), the successor might not be the one who inherits the property interests.
![[Mortgage Tips] Save Taxes by Transferring Property to a Close Relative](https://res-cms.midland.com.hk/property-news/wp-content/uploads/2021/02/iStock-943940212-380x280.jpg)
[Mortgage Tips] Save Taxes by Transferring Property to a Close Relative
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.
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[Property Owner Guidebook] 10 FAQs for Renting out a Mortgaged Property
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.
![[Rookie Homebuyers] 7 Things to Know before a Property Visit](https://res-cms.midland.com.hk/property-news/wp-content/uploads/2021/01/iStock-1193522577-1-380x280.jpg)
[Rookie Homebuyers] 7 Things to Know before a Property Visit
In response to rookie homebuyers’ call for information, we have summarized 7 tips below that all of you can consider to make your home purchase journey a blessing instead of a burden.
Renting a Domestic Property
When it comes to renting a domestic property, it is important to know your rights and responsibilities as a tenant. Many things you should pay attention to when you are searching for a property and before entering into a tenancy agreement.
Purchasing a Domestic Property
Buying a property is an important decision for many people. You are advised to pay attention to the following information and tips to have a good preparation.