Cybernetics Property Mortgage

A. Individual Customers (Employed Persons)

Hong Kong Identity Card
Provisional Sale and Purchase Agreement (if it is a new mortgage)
The most recent proof of address (such as water and electricity bills)
Bank payroll account records for the last 3 months (if your salary fluctuates, you need to provide proof for the last 6 months)
Pay slips/pay notices for the last 3 months (if your salary fluctuates, you need to provide proof for the last 6 months)
Government salaries tax bill for the most recent year
Proof of current employment such as company appointment letter, employer certificate, or business card
**If you want to remortgage or add a mortgage, you need to provide the property mortgage payment schedule and the mortgage payment record of the past 6 months

B. Self Employed Persons (Sole Proprietorships and Partnerships)

Business Registration Certificate
Company Registration Certificate
Practice Certificate (for professionals)
List of directors and shareholders
The company’s government tax bills for the past two years
The company has verified financial reports for the past two years
Bank account records of the company’s average net fund flows in the past 6 months
Proof of income of directors and shareholders (same as those with fixed income)

MORTGAGE INSURANCE PROGRAMME PREMIUM RATE SHEET

Table 1 – For Property Value up to HK$6 million and Insurance coverage from 70% LTV to 90% LTV (For First Time Home Buyer)

Mortgage Insurance Premium
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)	Single Premium Payment (% of the Original Principal Balance )	Annual Premium Payment ^
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)		First Year (% of the Original Principal Balance )	Renewal (% of the Original Principal Balance )
Floating Rate	70% up to 75%	10	0.00	N/A	N/A
		15	0.00
		20	0.00
		25	0.00
		30	0.00
	70% up to 80%	10	0.50	0.45	0.22
		15	0.60	0.55	0.22
		20	0.76	0.65	0.22
		25	0.83	0.70	0.22
		30	0.92	0.80	0.22
	70% up to 85%	10	0.86	0.65	0.43
		15	1.02	0.75	0.43
		20	1.25	0.85	0.43
		25	1.35	0.95	0.43
		30	1.41	1.05	0.43
	70% up to 90%	10	1.25	0.85	0.61
		15	1.48	1.04	0.61
		20	1.79	1.23	0.61
		25	2.03	1.41	0.61
		30	2.16	1.60	0.61
Fixed Adjustable Rate for Farm *	70% up to 75%	10	0.00	N/A	N/A
		15	0.00
		20	0.00
		25	0.00
		30	0.00
	70% up to 80%	10	0.47	0.40	0.22
		15	0.57	0.50	0.22
		20	0.73	0.60	0.22
		25	0.79	0.65	0.22
		30	0.86	0.75	0.22
	70% up to 85%	10	0.76	0.60	0.38
		15	0.96	0.70	0.38
		20	1.12	0.80	0.38
		25	1.18	0.90	0.38
		30	1.28	1.00	0.38
	70% up to 90%	10	1.16	0.80	0.57
		15	1.37	0.98	0.57
		20	1.70	1.15	0.57
		25	1.92	1.26	0.57
		30	2.05	1.45	0.57

* i.e. Fixed Adjustable Rate Mortgages – Product under the FARM Programme announced by The Hong Kong Mortgage Corporation Limited (Not applicable to property with resale restriction)

^ Annual Premium Payment option is not applicable to the Fixed Rate Mortgage Scheme under FARM Programme

Table 2 – For Property Value up to HK$6 million and Insurance coverage from 70% LTV to 90% LTV

Mortgage Insurance Premium
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)	Single Premium Payment (% of the Original Principal Balance )	Annual Premium Payment ^
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)		First Year (% of the Original Principal Balance )	Renewal (% of the Original Principal Balance )
Floating Rate	70% up to 75%	10	0.15	N/A	N/A
		15	0.15
		20	0.15
		25	0.15
		30	0.15
	70% up to 80%	10	0.65	0.50	0.24
		15	0.75	0.60	0.24
		20	0.91	0.70	0.24
		25	0.98	0.75	0.24
		30	1.07	0.85	0.24
	70% up to 85%	10	1.01	0.70	0.45
		15	1.17	0.80	0.45
		20	1.40	0.90	0.45
		25	1.50	1.00	0.45
		30	1.56	1.10	0.45
	70% up to 90%	10	1.40	0.90	0.63
		15	1.63	1.09	0.63
		20	1.94	1.28	0.63
		25	2.18	1.46	0.63
		30	2.31	1.65	0.63
Fixed Adjustable Rate for Farm *	70% up to 75%	10	0.15	N/A	N/A
		15	0.15
		20	0.15
		25	0.15
		30	0.15
	70% up to 80%	10	0.62	0.45	0.24
		15	0.72	0.55	0.24
		20	0.88	0.65	0.24
		25	0.94	0.70	0.24
		30	1.01	0.80	0.24
	70% up to 85%	10	0.91	0.65	0.40
		15	1.11	0.75	0.40
		20	1.27	0.85	0.40
		25	1.33	0.95	0.40
		30	1.43	1.05	0.40
	70% up to 90%	10	1.31	0.85	0.59
		15	1.52	1.03	0.59
		20	1.85	1.20	0.59
		25	2.07	1.31	0.59
		30	2.20	1.50	0.59

* i.e. Fixed Adjustable Rate Mortgages – Product under the FARM Programme announced by The Hong Kong Mortgage Corporation Limited (Not applicable to property with resale restriction)

^ Annual Premium Payment option is not applicable to the Fixed Rate Mortgage Scheme under FARM Programme

Table 3 – For Property Value up to HK$15 million and Insurance coverage from 70% LTV to 90% LTV (For First Time Home Buyer)

Mortgage Insurance Premium
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)	Single Premium Payment (% of the Original Principal Balance )	Annual Premium Payment ^
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)		First Year (% of the Original Principal Balance )	Renewal (% of the Original Principal Balance )
Floating Rate	70% up to 75%	10	0.00	N/A	N/A
		15	0.00
		20	0.00
		25	0.00
		30	0.00
	70% up to 80%	10	0.60	0.53	0.26
		15	0.71	0.64	0.26
		20	0.90	0.76	0.26
		25	0.97	0.81	0.26
		30	1.09	0.93	0.26
	70% up to 85%	10	1.01	0.76	0.50
		15	1.20	0.87	0.50
		20	1.46	0.99	0.50
		25	1.57	1.10	0.50
		30	1.64	1.22	0.50
	70% up to 90%	10	1.46	0.99	0.70
		15	1.72	1.20	0.70
		20	2.08	1.42	0.70
		25	2.35	1.63	0.70
		30	2.50	1.85	0.70
Fixed Adjustable Rate for Farm *	70% up to 75%	10	0.00	N/A	N/A
		15	0.00
		20	0.00
		25	0.00
		30	0.00
	70% up to 80%	10	0.56	0.47	0.26
		15	0.68	0.58	0.26
		20	0.86	0.70	0.26
		25	0.94	0.76	0.26
		30	1.01	0.87	0.26
	70% up to 85%	10	0.90	0.70	0.44
		15	1.12	0.81	0.44
		20	1.31	0.93	0.44
		25	1.38	1.04	0.44
		30	1.49	1.16	0.44
	70% up to 90%	10	1.35	0.93	0.66
		15	1.60	1.13	0.66
		20	1.98	1.33	0.66
		25	2.23	1.46	0.66
		30	2.38	1.68	0.66

* i.e. Fixed Adjustable Rate Mortgages – Product under the FARM Programme announced by The Hong Kong Mortgage Corporation Limited (Not applicable to property with resale restriction) ^ Annual Premium Payment option is not applicable to the Fixed Rate Mortgage Scheme under FARM Programme

Note: Please refer to the Insurance Eligibility Criteria for property value up to HK$17.15 million

Table 4 – For Property Value up to HK$15 million and Insurance coverage from 70% LTV to 90% LTV

Mortgage Insurance Premium
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)	Single Premium Payment (% of the Original Principal Balance )	Annual Premium Payment ^
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)		First Year (% of the Original Principal Balance )	Renewal (% of the Original Principal Balance )
Floating Rate	70% up to 75%	10	0.15	N/A	N/A
		15	0.15
		20	0.15
		25	0.15
		30	0.15
	70% up to 80%	10	0.75	0.58	0.28
		15	0.86	0.69	0.28
		20	1.05	0.81	0.28
		25	1.12	0.86	0.28
		30	1.24	0.98	0.28
	70% up to 85%	10	1.16	0.81	0.52
		15	1.35	0.92	0.52
		20	1.61	1.04	0.52
		25	1.72	1.15	0.52
		30	1.79	1.27	0.52
	70% up to 90%	10	1.61	1.04	0.72
		15	1.87	1.25	0.72
		20	2.23	1.47	0.72
		25	2.50	1.68	0.72
		30	2.65	1.90	0.72
Fixed Adjustable Rate for Farm *	70% up to 75%	10	0.15	N/A	N/A
		15	0.15
		20	0.15
		25	0.15
		30	0.15
	70% up to 80%	10	0.71	0.52	0.28
		15	0.83	0.63	0.28
		20	1.01	0.75	0.28
		25	1.09	0.81	0.28
		30	1.16	0.92	0.28
	70% up to 85%	10	1.05	0.75	0.46
		15	1.27	0.86	0.46
		20	1.46	0.98	0.46
		25	1.53	1.09	0.46
		30	1.64	1.21	0.46
	70% up to 90%	10	1.50	0.98	0.68
		15	1.75	1.18	0.68
		20	2.13	1.38	0.68
		25	2.38	1.51	0.68
		30	2.53	1.73	0.68

Note: Please refer to the Insurance Eligibility Criteria for property value up to HK$17.15 million

Table 5 – For Property Value up to HK$6 million and Insurance coverage from 60% LTV to 90% LTV (For First Time Home Buyer)

Mortgage Insurance Premium
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)	Single Premium Payment (% of the Original Principal Balance )	Annual Premium Payment
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)		First Year (% of the Original Principal Balance )	Renewal (% of the Original Principal Balance )
Floating Rate	60% up to 65%	10	0.00	N/A	N/A
		15	0.00
		20	0.00
		25	0.00
		30	0.00
	60% up to 70%	10	0.15	N/A	N/A
		15	0.15
		20	0.15
		25	0.15
		30	0.15
	60% up to 75%	10	0.30	N/A	N/A
		15	0.30
		20	0.30
		25	0.30
		30	0.30
	60% up to 80%	10	0.60	0.53	0.26
		15	0.83	0.74	0.26
		20	1.05	0.88	0.26
		25	1.15	0.95	0.26
		30	1.25	1.06	0.26
	60% up to 85%	10	1.02	0.77	0.51
		15	1.33	0.97	0.51
		20	1.59	1.08	0.51
		25	1.77	1.24	0.51
		30	1.83	1.35	0.51
	60% up to 90%	10	1.54	1.04	0.75
		15	1.92	1.34	0.75
		20	2.29	1.57	0.75
		25	2.52	1.74	0.75
		30	2.68	1.98	0.75

^#Only applicable to those applicants having outstanding mortgages

Table 5 – For Property Value up to HK$6 million and Insurance coverage from 60% LTV to 90% LTV (For First Time Home Buyer)

Mortgage Insurance Premium
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)	Single Premium Payment (% of the Original Principal Balance )	Annual Premium Payment ^
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)		First Year (% of the Original Principal Balance )	Renewal (% of the Original Principal Balance )
Fixed Adjustable Rate for Farm *	60% up to 65%	10	0.00	N/A	N/A
		15	0.00
		20	0.00
		25	0.00
		30	0.00
	60% up to 70%	10	0.15	N/A	N/A
		15	0.15
		20	0.15
		25	0.15
		30	0.15
	60% up to 75%	10	0.30	N/A	N/A
		15	0.30
		20	0.30
		25	0.30
		30	0.30
	60% up to 80%	10	0.57	0.48	0.26
		15	0.79	0.67	0.26
		20	1.01	0.82	0.26
		25	1.11	0.89	0.26
		30	1.16	1.00	0.26
	60% up to 85%	10	0.91	0.71	0.45
		15	1.25	0.91	0.45
		20	1.44	1.02	0.45
		25	1.56	1.17	0.45
		30	1.67	1.29	0.45
	60% up to 90%	10	1.44	0.99	0.70
		15	1.79	1.27	0.70
		20	2.18	1.47	0.70
		25	2.39	1.56	0.70
		30	2.55	1.80	0.70

* i.e. Fixed Adjustable Rate Mortgages – Product under the FARM Programme announced by The Hong Kong Mortgage Corporation Limited (Not applicable to property with resale restriction) # Only applicable to those applicants having outstanding mortgages
^ Annual Premium Payment option is not applicable to the Fixed Rate Mortgage Scheme under FARM Programme

Note: Please refer to the Insurance Eligibility Criteria for property value up to HK$6 million

Table 6 – For Property Value up to HK$6 million & Insurance coverage from 60% LTV to 80% LTV# Mortgage

Mortgage Insurance Premium
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)	Single Premium Payment (% of the Original Principal Balance )	Annual Premium Payment
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)		First Year (% of the Original Principal Balance )	Renewal (% of the Original Principal Balance )
Floating Rate	60% up to 65%	10	0.15	N/A	N/A
		15	0.15
		20	0.15
		25	0.15
		30	0.15
	60% up to 70%	10	0.30	N/A	N/A
		15	0.30
		20	0.30
		25	0.30
		30	0.30
	60% up to 75%	10	0.45	N/A	N/A
		15	0.45
		20	0.45
		25	0.45
		30	0.45
	60% up to 80%	10	0.75	0.58	0.28
		15	0.98	0.79	0.28
		20	1.20	0.93	0.28
		25	1.30	1.00	0.28
		30	1.40	1.11	0.28
	60% up to 85%	10	1.17	0.82	0.53
		15	1.48	1.02	0.53
		20	1.74	1.13	0.53
		25	1.92	1.29	0.53
		30	1.98	1.40	0.53
	60% up to 90%	10	1.69	1.09	0.77
		15	2.07	1.39	0.77
		20	2.44	1.62	0.77
		25	2.67	1.79	0.77
		30	2.83	2.03	0.77

^#Only applicable to those applicants having outstanding mortgages

Table 6 – For Property Value up to HK$6 million & Insurance coverage from 60% LTV to 90% LTV# Mortgage

Mortgage Insurance Premium
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)	Single Premium Payment (% of the Original Principal Balance )	Annual Premium Payment ^
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)		First Year (% of the Original Principal Balance )	Renewal (% of the Original Principal Balance )
Fixed Adjustable Rate for Farm *	60% up to 65%	10	0.15	N/A	N/A
		15	0.15
		20	0.15
		25	0.15
		30	0.15
	60% up to 70%	10	0.30	N/A	N/A
		15	0.30
		20	0.30
		25	0.30
		30	0.30
	60% up to 75%	10	0.45	N/A	N/A
		15	0.45
		20	0.45
		25	0.45
		30	0.45
	60% up to 80%	10	0.72	0.53	0.28
		15	0.94	0.72	0.28
		20	1.16	0.87	0.28
		25	1.26	0.94	0.28
		30	1.31	1.05	0.28
	60% up to 85%	10	1.06	0.76	0.47
		15	1.40	0.96	0.47
		20	1.59	1.07	0.47
		25	1.71	1.22	0.47
		30	1.82	1.34	0.47
	60% up to 90%	10	1.59	1.04	0.72
		15	1.94	1.32	0.72
		20	2.33	1.52	0.72
		25	2.54	1.61	0.72
		30	2.70	1.85	0.72

* i.e. Fixed Adjustable Rate Mortgages – Product under the FARM Programme announced by The Hong Kong Mortgage Corporation Limited (Not applicable to property with resale restriction) # Only applicable to those applicants having outstanding mortgages
^ Annual Premium Payment option is not applicable to the Fixed Rate Mortgage Scheme under FARM Programme

Note: Please refer to the Insurance Eligibility Criteria for property value up to HK$6 million

Table 7 (Floating Rate) – For Property Value up to HK$15 million & Insurance coverage from 60% LTV to 90% LTV# (For First Time Home Buyer)

Mortgage Insurance Premium
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)	Single Premium Payment (% of the Original Principal Balance )	Annual Premium Payment
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)		First Year (% of the Original Principal Balance )	Renewal (% of the Original Principal Balance )
Floating Rate	60% up to 65%	10	0.00	N/A	N/A
		15	0.00
		20	0.00
		25	0.00
		30	0.00
	60% up to 70%	10	0.15	N/A	N/A
		15	0.15
		20	0.15
		25	0.15
		30	0.15
	60% up to 75%	10	0.30	N/A	N/A
		15	0.30
		20	0.30
		25	0.30
		30	0.30
	60% up to 80%	10	0.71	0.62	0.30
		15	0.97	0.86	0.30
		20	1.23	1.02	0.30
		25	1.35	1.10	0.30
		30	1.46	1.23	0.30
	60% up to 85%	10	1.20	0.89	0.59
		15	1.55	1.12	0.59
		20	1.85	1.25	0.59
		25	2.05	1.43	0.59
		30	2.13	1.56	0.59
	60% up to 90%	10	1.79	1.20	0.87
		15	2.23	1.55	0.87
		20	2.65	1.81	0.87
		25	2.92	2.01	0.87
		30	3.10	2.28	0.87

^#Only applicable to those applicants having outstanding mortgages

Table 7 (Fixed Adjustable Rate for FARM*) – For Property Value up to HK$15 million & Insurance coverage from 60% LTV to 90% LTV# (For First Time Home Buyer)

Mortgage Insurance Premium
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)	Single Premium Payment (% of the Original Principal Balance )	Annual Premium Payment ^
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)		First Year (% of the Original Principal Balance )	Renewal (% of the Original Principal Balance )
Fixed Adjustable Rate for Farm *	60% up to 65%	10	0.00	N/A	N/A
		15	0.00
		20	0.00
		25	0.00
		30	0.00
	60% up to 70%	10	0.15	N/A	N/A
		15	0.15
		20	0.15
		25	0.15
		30	0.15
	60% up to 75%	10	0.30	N/A	N/A
		15	0.30
		20	0.30
		25	0.30
		30	0.30
	60% up to 80%	10	0.68	0.56	0.30
		15	0.93	0.78	0.30
		20	1.19	0.95	0.30
		25	1.30	1.03	0.30
		30	1.36	1.16	0.30
	60% up to 85%	10	1.07	0.82	0.52
		15	1.46	1.05	0.52
		20	1.68	1.18	0.52
		25	1.81	1.35	0.52
		30	1.94	1.49	0.52
	60% up to 90%	10	1.68	1.15	0.81
		15	2.08	1.47	0.81
		20	2.53	1.70	0.81
		25	2.77	1.80	0.81
		30	2.95	2.08	0.81

* i.e. Fixed Adjustable Rate Mortgages – Product under the FARM Programme announced by The Hong Kong Mortgage Corporation Limited (Not applicable to property with resale restriction) # Only applicable to those applicants having outstanding mortgages
^ Annual Premium Payment option is not applicable to the Fixed Rate Mortgage Scheme under FARM Programme

Note: Please refer to the Insurance Eligibility Criteria for property value up to HK$17.15 million

Table 8 – For Property Value up to HK$15 million & Insurance coverage from 60% LTV to 90% LTV#

Mortgage Insurance Premium
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)	Single Premium Payment (% of the Original Principal Balance )	Annual Premium Payment
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)		First Year (% of the Original Principal Balance )	Renewal (% of the Original Principal Balance )
Floating Rate	60% up to 65%	10	0.15	N/A	N/A
		15	0.15
		20	0.15
		25	0.15
		30	0.15
	60% up to 70%	10	0.30	N/A	N/A
		15	0.30
		20	0.30
		25	0.30
		30	0.30
	60% up to 75%	10	0.45	N/A	N/A
		15	0.45
		20	0.45
		25	0.45
		30	0.45
	60% up to 80%	10	0.86	0.67	0.32
		15	1.12	0.91	0.32
		20	1.38	1.07	0.32
		25	1.50	1.15	0.32
		30	1.61	1.28	0.32
	60% up to 85%	10	1.35	0.94	0.61
		15	1.70	1.17	0.61
		20	2.00	1.30	0.61
		25	2.20	1.48	0.61
		30	2.28	1.61	0.61
	60% up to 90%	10	1.94	1.25	0.89
		15	2.38	1.60	0.89
		20	2.80	1.86	0.89
		25	3.07	2.06	0.89
		30	3.25	2.33	0.89

^#Only applicable to those applicants having outstanding mortgages

Table 8 – For Property Value up to HK$15 million & Insurance coverage from 60% LTV to 90% LTV#

Mortgage Insurance Premium
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)	Single Premium Payment (% of the Original Principal Balance )	Annual Premium Payment ^
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)		First Year (% of the Original Principal Balance )	Renewal (% of the Original Principal Balance )
Fixed Adjustable Rate for Farm *	60% up to 65%	10	0.15	N/A	N/A
		15	0.15
		20	0.15
		25	0.15
		30	0.15
	60% up to 70%	10	0.30	N/A	N/A
		15	0.30
		20	0.30
		25	0.30
		30	0.30
	60% up to 75%	10	0.45	N/A	N/A
		15	0.45
		20	0.45
		25	0.45
		30	0.45
	60% up to 80%	10	0.83	0.61	0.32
		15	1.08	0.83	0.32
		20	1.34	1.00	0.32
		25	1.45	1.08	0.32
		30	1.51	1.21	0.32
	60% up to 85%	10	1.22	0.87	0.54
		15	1.61	1.10	0.54
		20	1.83	1.23	0.54
		25	1.96	1.40	0.54
		30	2.09	1.54	0.54
	60% up to 90%	10	1.83	1.20	0.83
		15	2.23	1.52	0.83
		20	2.68	1.75	0.83
		25	2.92	1.85	0.83
		30	3.10	2.13	0.83

* i.e. Fixed Adjustable Rate Mortgages – Product under the FARM Programme announced by The Hong Kong Mortgage Corporation Limited (Not applicable to property with resale restriction)
# Only applicable to those applicants having outstanding mortgages
^ Annual Premium Payment option is not applicable to the Fixed Rate Mortgage Scheme under FARM Programme

Note: Please refer to the Insurance Eligibility Criteria for property value up to HK$17.15 million

Table 9 – For Property Value above HK$15 million & Insurance coverage from 60% LTV to 80% LTV

Mortgage Insurance Premium
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)	Single Premium Payment (% of the Original Principal Balance )	Annual Premium Payment ^
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)		First Year (% of the Original Principal Balance )	Renewal (% of the Original Principal Balance )
Floating Rate	60% up to 70%	10	0.30	N/A	N/A
		15	0.30
		20	0.30
		25	0.30
		30	0.30
	60% up to 75%	10	0.45	N/A	N/A
		15	0.45
		20	0.45
		25	0.45
		30	0.45
	60% up to 80%	10	0.86	0.67	0.32
		15	1.12	0.91	0.32
		20	1.38	1.07	0.32
		25	1.50	1.15	0.32
		30	1.61	1.28	0.32
Fixed Adjustable Rate for Farm *	60% up to 70%	10	0.30	N/A	N/A
		15	0.30
		20	0.30
		25	0.30
		30	0.30
	60% up to 75%	10	0.45	N/A	N/A
		15	0.45
		20	0.45
		25	0.45
		30	0.45
	60% up to 80%	10	0.83	0.61	0.32
		15	1.08	0.83	0.32
		20	1.34	1.00	0.32
		25	1.45	1.08	0.32
		30	1.51	1.21	0.32

* i.e. Fixed Adjustable Rate Mortgages – Product under the FARM Programme announced by The Hong Kong Mortgage Corporation Limited (Not applicable to property with resale restriction)
^ Annual Premium Payment option is not applicable to the Fixed Rate Mortgage Scheme under FARM Programme

Note: Please refer to (1) Insurance Eligibility Criteria for property value up to HK$17.15 million / (2) Insurance Eligibility Criteria for property value above HK$17.15 million and up to HK$30 million, as applicable

Table 10 (Floating Rate) – For Property Value above HK$15 million & Insurance coverage from 50% LTV to 80% LTV^#

Mortgage Insurance Premium
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)	Single Premium Payment (% of the Original Principal Balance )	Annual Premium Payment
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)		First Year (% of the Original Principal Balance )	Renewal (% of the Original Principal Balance )
Floating Rate	50% up to 60%	10	0.30	N/A	N/A
		15	0.30
		20	0.30
		25	0.30
		30	0.30
	50% up to 65%	10	0.45	N/A	N/A
		15	0.45
		20	0.45
		25	0.45
		30	0.45
	50% up to 70%	10	0.60	N/A	N/A
		15	0.60
		20	0.60
		25	0.60
		30	0.60
	50% up to 75%	10	0.75	N/A	N/A
		15	0.75
		20	0.75
		25	0.75
		30	0.75
	50% up to 80%	10	0.90	0.69	0.33
		15	1.25	1.01	0.33
		20	1.53	1.18	0.33
		25	1.70	1.31	0.33
		30	1.83	1.46	0.33

^#Only applicable to those applicants having outstanding mortgages

Table 10 (Fixed Adjustable Rate for FARM*) – For Property Value above HK$15 million & Insurance coverage from 50% LTV to 80% LTV^#

Mortgage Insurance Premium
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)	Single Premium Payment (% of the Original Principal Balance )	Annual Premium Payment ^
Mortgage Type	Insurance coverage according to Loan-tovalue Ratio (LTV)	Loan Tenor (Year)		First Year (% of the Original Principal Balance )	Renewal (% of the Original Principal Balance )
Fixed Adjustable Rate for Farm *	50% up to 60%	10	0.30	N/A	N/A
		15	0.30
		20	0.30
		25	0.30
		30	0.30
	50% up to 65%	10	0.45	N/A	N/A
		15	0.45
		20	0.45
		25	0.45
		30	0.45
	50% up to 70%	10	0.60	N/A	N/A
		15	0.60
		20	0.60
		25	0.60
		30	0.60
	50% up to 75%	10	0.75	N/A	N/A
		15	0.75
		20	0.75
		25	0.75
		30	0.75
	50% up to 80%	10	0.85	0.62	0.33
		15	1.20	0.93	0.33
		20	1.48	1.10	0.33
		25	1.65	1.23	0.33
		30	1.73	1.38	0.33

* i.e. Fixed Adjustable Rate Mortgages – Product under the FARM Programme announced by The Hong Kong Mortgage Corporation Limited (Not applicable to property with resale restriction)
# Only applicable to those applicants having outstanding mortgages
^ Annual Premium Payment option is not applicable to the Fixed Rate Mortgage Scheme under FARM Programme

Maximum LTV Ratio
The maximum LTV ratio of MIP (for property value up to HK$6 million) is as follows:

Property Value #	Maximum LTV Ratio #
At or below HK$4 million	80% or 90% *
Above HK$4 million and below HK$4.5 million	80% - 90% * ((subject to a loan cap of HK$3.6 million))
At or above HK$4.5 million and up to HK$6 million	80% (subject to a loan cap of HK$4.8 million)
*Only applicable to application with (i) all mortgagors not holding any residential properties in Hong Kong at the time of application and (ii) all applicants being regular salaried persons (please refer to the requirement of maximum debt-to-income ratio as stated in the relevant Insurance Eligibility Criteria)

Maximum LTV Ratio
The maximum LTV ratio of MIP (for property value up to HK$30 million) is as follows:

Property Value #	Maximum LTV Ratio #
Above HK$4 million and up to HK$10 million	80% or 90% *
Above HK$10 million and below HK$11.25 million	80% - 90% * (subject to a loan cap of HK$9 million)
At or above HK$11.25 million and up to HK$15 million	80%
Above HK$15 million and up to HK$17.15 million	70% - 80% (subject to a loan cap of HK$12 million)
Above HK$17.15 million and up to HK$30 million	70%
*Only applicable to application with (i) all mortgagors not holding any residential properties in Hong Kong at the time of application and (ii) all applicants being regular salaried persons (please refer to the requirement of maximum debt-to-income ratio as stated in the relevant Insurance Eligibility Criteria)

(P mortgages) is a mortgage plan that determines the actual payment interest rate based on the bank's prime rate (PRIME RATE). The current prime rates are 5% (fine P)1 and 5.25% (large P)2 respectively. Bank mortgage interest rates are generally In P- form, the current lowest P mortgage effective interest rate is 2.15%. Banks will adjust their actual mortgage interest rates from time to time. Unlike the HIBOR (Interbank Offered Rate) mortgage plan, since the prime interest rate is less volatile, the payment for a (P Plan) will be more stable than an (H mortgages).

Hong Kong implements a linked exchange rate system, and adjustments to U.S. federal interest rates may affect Hong Kong's prime interest rate. The U.S. is expected to raise interest rates again in 2018. Therefore, there is a high chance that Hong Kong's prime interest rate will follow the U.S.'s "interest rate hike" this year.

Fine P Bank: HSBC/Hang Seng Bank/Bank of China Hong Kong/Nanyang Commercial Bank/Chiyu Banking Corporation
Except for the above-mentioned fine P banks, other banks are all big P banks.

(H mortgages) is a mortgage plan that determines the actual payment interest rate based on the Hong Kong Interbank Offered Rate (HIBOR RATE), and HIBOR RATE is the interest rate at which banks lend Hong Kong dollars to each other. Currently, bank H mortgage plans use 1-MONTH HIBOR to calculate the mortgage interest rate. For interbank interest rates, please refer to the latest quotes determined daily by the Hong Kong Association of Banks (https://www.hkab.org.hk/). HIBOR RATE does not completely represent the bank's borrowing cost, because bank borrowing funds are mainly provided by the bank's own deposits

Over the years, bank mortgages have mainly been based on floating interest rates. P mortgages and H mortgages are also floating rate mortgage plans. The interest rates will be adjusted according to the rise and fall of the prime rate (PRIME RATE) and the interbank offered rate (HIBOR RATE). Individual banks will Fixed-rate mortgage plans are launched from time to time, and the interest rate will be locked within a fixed period, and interest payments will not be affected by market fluctuations. However, it is difficult for banks to control future interest rate fluctuations, and no bank on the market offers a permanent fixed interest plan.

Currently, most fixed-rate mortgage plans are fixed for the first 1-2 years, and then return to P mortgage or H mortgage as the full-term mortgage interest rate. Now that global interest rates are beginning to rise, fixed-rate mortgages can eliminate the risk of increased short-term payment expenses for mortgage borrowers.

At present, some property owners will 'remortgage' their mortgages after the penalty period. The following benefits will be mainly considered when remortgaging:

Reduce interest expense
Earn cash rebates
The payment term can be extended to reduce mortgage payment pressure
Take advantage of the appreciation in property value and withdraw cash from the property for other investment/repayment purposes

However, please note that the following related expenses may need to be accounted for during the remortgage process:

Lawyer fee
Pay attention to the mortgage penalty period. If you remortgage during the penalty period, the bank will charge relevant administrative expenses (penalty interest).
A small number of banks may charge a small administrative fee for redemption of the deed.

2017 was a relatively active year for the remortgage market, mainly because major banks lowered mortgage interest rates and increased cash rebates, prompting homeowners to proactively change their mortgage plans. In addition, the sharp rise in property prices has also tempted property owners to cash out their properties with additional mortgages. It is believed that this phenomenon will continue in 2018.

At present, some first-hand new properties are equipped with a developer's mortgage plan to help buyers with a smaller down payment. Similarly, the government mortgage insurance plan is also intended for people to buy a home with a lower down payment. After all, it is not suitable for property owners. What's the difference? Let’s talk about the Mortgage Insurance Plan (MIP) first, because the plan will only insure properties with a property price below 6 million. For example, first-hand properties with a property price exceeding 6 million can only apply for developer mortgages. Compared with developer mortgages, MIP approval conditions are more difficult, there are more restrictions, and mortgage insurance premiums need to be paid. However, the risk of bank mortgages is lower than that of developer mortgages, and bank interest rates are often lower than developer mortgages. Given these conditions, first-hand owners tend to prefer bank mortgages.

Developers' mortgage approval is more flexible, and there are no restrictions on property prices and mortgage ratios. However, developers' mortgage interest rates will be higher than those of banks. Some developers may provide lower interest discounts in the first 2-3 years, and in the following years. Interest rates will be raised in the future. Moreover, because the mortgage loan-to-value ratio assumed by the owner may be higher than the Hong Kong Monetary Authority's guidelines for banks, it will be relatively difficult for the owner to transfer the mortgage back to the bank in the future.

The Mortgage Insurance Corporation (Mortgage Insurance Program) launched the Mortgage Insurance Program (MIP) in 1999 to help people borrow larger mortgage ratios and pay less for the first down payment. This program must meet the following conditions:

The property must be occupied by at least one borrower/mortgagor/guarantor
The mortgagor must have a stable income and be a salaried person
Contribution ratio / stress test ratio cannot exceed income (50% / 60%)
The down payment cannot be obtained from a loan
The property price must be 6 million or less

Currently, if you participate in the mortgage insurance plan, the mortgage limit for properties worth 600 or less can be as high as 80% (first-time homebuyers can get a mortgage of 90% for properties worth 4 million or less). The owner only needs to pay 1-2 down payments to become a homeowner.

In addition to meeting the conditions of the "Mortgage Insurance Plan", 90% mortgages also need to meet the following additional conditions::

The applicant/owner does not own any other properties and titles when applying for mortgage
Contribution ratio / stress test ratio cannot exceed income (45% / 55%)
The property will be worth 4 million or less

Bank staff may mention the word "TU" when approving a mortgage. TU refers to the credit report provided by TransUnion Information Co., Ltd. (TransUnion -TU). The report will display all the customer's information about banks and financial institutions registered in Hong Kong ( and some individuals), the applicant’s past loans and repayment status from banks or financial institutions are clear at a glance. Finally, a score will be given based on relevant records. Many banks and financial institutions will refer to this report to calculate the applicant’s financial status. Repayment affordability and credit status.

The positive credit database was implemented by the Hong Kong Monetary Authority in 2014 to know the number of mortgage properties held by applicants. At present, all relevant property mortgage information in Hong Kong will be registered in this database. By querying this database, banks can know how many property mortgages an applicant holds, which facilitates banks or financial institutions to understand the customer's background.

Checking the positive credit database is not mandatory. Some banks may conditionally waive the requirement to check the applicant's positive credit database report. However, the mortgage loan value will be deducted by 10% or the interest rate will be increased by 1%.

Due to the high housing prices in urban areas, village houses in the New Territories have become an increasingly popular choice in recent years. However, since the mortgages of village houses are different from those of ordinary private residences, we would like to introduce them here:
Village houses are mainly divided into three categories: village houses with land premium paid, small houses with unpaid land premium, and old houses (ancestral houses-built before 1972). Currently, banks generally accept mortgages for village houses with land premium paid, and a small number of banks We will accept mortgages for old houses, but we will not accept mortgage applications for small houses with unpaid land premium. Through the mortgage insurance plan, the maximum mortgage ratio for village houses can be up to 85% (subject to meeting the conditions of the mortgage insurance plan), and the maximum payment term can be up to 30 years.

For village house valuation, customers need to provide the location and measurement area (DD & LOT number) of the property, the age and square footage of the property. Because the transaction volume of general village houses is less than that of private houses, the valuations are also more variable. Banks generally accept village house mortgages (only a few banks reject village house mortgages). However, banks are more concerned about the age and square footage of village houses. Some banks may reject applications for smaller or older village houses. Village houses generally suffer from problems such as unauthorized construction and usage rights. Since unauthorized construction is a common problem in village houses, banks will generally tolerate minor unauthorized construction. When it comes to rights of use (especially road use rights), banks take a tougher stance. If relevant legal proof of consent cannot be provided, banks may reject the application.

Finally, for the sale of uncompleted village houses (village houses), since the transaction period is often longer, the contractor must wait until the property is completed and the "satisfaction certificate" is approved before the mortgage can be approved. The buyer needs to bear the changes in property prices and government during this period. risks of.

There are several types of properties on the market with unpaid land price:

Home Ownership [Green Form Home Ownership Scheme (Housing Authority) HOS]: Provided by the Housing Authority. Most of the unpaid housing estates on the market are also provided by the Housing Authority.

Housing Sale Scheme [Green Form Home Ownership Scheme (Housing Society) FFS]: Provided by the Hong Kong Housing Society, the model is similar to the Housing Authority's "Home Ownership Scheme".

Sandwich Class Housing Scheme (SCHS): Provided by the Hong Kong Housing Society, it provides higher-income people with preferential subsidized prices to buy homes. However, this scheme was discontinued in 1998. There are still very few partial transactions, and mortgage approval will be more stringent than HOS and FFS.

Subsidized Sale Housing Project (SSF): This program was originally a subsidized housing scheme. The government started selling houses at a specific discount to eligible persons in 2012. The first project was Green Garden in Tsing Yi, and in 2017, Green House was also launched. The Lingfeng and Cuiming Terrace projects are more stringent in mortgage approval than HOS.

Green Form Home Ownership Pilot Scheme (GSH): This program gives priority to the sale of houses and Green Form applicants at discounts, thereby reducing the waiting time for Green Form applicants and encouraging public housing residents to return the relevant public housing units. The price of Green Home Ownership Scheme flats is lower than that of Home Ownership Scheme flats.

Mortgages for properties with unpaid land premium will be handled slightly differently from ordinary residential mortgages. In terms of interest rates, private residences currently generally accept the "H mortgage" plan. However, due to government restrictions, most properties with unpaid land premium can only be mortgaged. Create "P Press" Plan 1. Most of the payment terms are up to 25 years1. Only some new HOS flats may provide a 30-year tenor. Since this plan is guaranteed by the Housing Authority, there is no need to obtain a mortgage insurance plan even if the mortgage ratio exceeds 60%.

There are several aspects that need to be noted. First of all, the payment period of the unpaid land premium will mostly depend on the 30-year guarantee period minus the first purchase date of the purchased unit. Even in the same housing estate, the first purchase date may be different. Before purchasing A property search must be conducted first. On the other hand, unless there are specific circumstances, it is generally not possible to cash out the mortgage or extend the payment term for HOS flats with unpaid land premium. Even if you apply for remortgage or land premium payment, you must first obtain approval from the relevant department (Housing Authority or Housing Society).

Subsidized Sale Housing Project (SSF) has the opportunity to choose H mortgage and fixed rate mortgage plans

1	Sign the sales and purchase contract

2	Sign the Cybernetics Property Mortgage Referral Form

3	Mortgage colleagues provide market banking information and follow up on applications

4	Provide the bank with the required approval documents to apply for a mortgage

5	Successfully approved by the bank

6	Law firm closing and loan withdrawal

Property value		Rate
Exceeds	Not exceed
	$4,000,000	$100
$4,000,000	$4,323,780	$100 + 20% of excess over $4,000,000
$4,323,780	$4,500,000	1.5%
$4,500,000	$4,935,480	$67,500 + 10% of excess over $4,500,000
$4,935,480	$6,000,000	2.25%
$6,000,000	$6,642,860	$135,000 + 10% of excess over $6,000,000
$6,642,860	$9,000,000	3.00%
$9,000,000	$10,080,000	$270,000 + 10% of excess over $9,000,000
$10,080,000	$20,000,000	3.75%
$20,000,000	$21,739,120	$750,000 + 10% of excess over $20,000,000
$21,739,120		4.25%

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