There are a large number of financial services providers who are carrying out their businesses in the housing finance sector of Hong Kong. These financial institutions include commercial banks, mortgage brokers and other forms of mortgage lenders.
The mortgage lenders in Hong Kong are offering a variety of home loan programs, which are available at affordable rates of interest. The home loans offered by these lenders are structured in such a way so that they can satisfy every need of the borrower, be it a first time home purchase, house reconstruction or refinancing an existing home loan.
According to the Hong Kong Mortgage Insurance Program, if the amount of a mortgage loan crosses 70% of the assessed value of the house or the present market value, whichever is less, it is compulsory for a borrower to join the Mortgage Insurance Program. Under this program, the maximum loan amount that can be availed from a bank is 95% of the cost price of the house.
The Hong Kong Mortgage Corporation is now planning to improve the secondary mortgage loan market of Hong Kong so that there is more accessibility for the home loan borrowers towards the home loan financing facilities.
