90% guarantee boarding FAQ Hello everyone! Welcome to novice teaching! The government relaxes first-home mortgage insurance, and 90% of the mortgage is used to insure the car. What should I pay attention to? Dismantling for everyone in one go! Q: How to undertake 90% mortgage? A: According to the guidelines of the Hong Kong Monetary Authority, to buy a private house, the mortgage rate of the bank can be up to 60%. If you want to borrow more than 60%, you need to go through a mortgage insurance company and pay the mortgage insurance premium, which is calculated based on the loan amount. At present, up to 90% of mortgages can be made for properties under 8 million yuan. Applicants need to meet the following conditions: (1) Regular salaried person (2) First time home buyers (3) Purchase of completed residential properties Q: Definition of “first home buyers” ? A: The so-called “first home buyer” is actually defined as “permanent residents who do not hold residential properties in Hong Kong when signing the sale and purchase agreement.” There are currently two types of first-home buyers: The first type is those who have never owned a property before and buy a property for the first time and the property is for self-occupation. The second category is that they once owned a property jointly with other people, and finally lost their name by transfer of close relatives or other methods, and the bank should also be the first home owner if they revert to their first-placed status. Q: What kind of property is applicable? A: Only applicable to completed residential properties. After the occupancy certificate and satisfaction certificate are issued for the real estate, the mortgage deed signed by the buyer when applying for a mortgage is an existing mortgage, which meets the definition of a completed property. If you buy first-hand uncompleted flats, but pay the balance of the property price by the construction period payment method (that is, apply for a mortgage before the acquisition of the flat). Q: What is a stress test? A: According to the guidelines of the HKMA, banks need to conduct stress tests for mortgage applicants. Under the current mortgage interest rate, the monthly contribution cannot be higher than 50% of the applicant’s family income. Once the mortgage interest rate rises by 3%, the contribution cannot be higher than the applicant 60% of family income. Q: What should I do if I fail the stress test? A: Even if first home buyers fail the stress test, as long as the mortgage-to-income ratio does not exceed 50%, they can still apply for a mortgage of up to 80% to 90%, but the premium will be adjusted according to risk factors. Of course, the final approval of the loan depends on the bank’s decision. 📌 If you have any questions about the property market or mortgage, please leave a message below or ask our online customer service: ▄▄▄▄▄▄▄⭐️ Featured videos⭐️ ▄▄▄▄▄▄▄▄ 📺【Novice Teaching】Discover Dawan District 5 “Limited” Orders📺[Beginner Teaching]Practical Guide to Renting a Building📺[Novice Classroom]Great Bay Area Property Guide📺[Novice Teaching]Step by Step Buying a New Disk ▼▼See more▼▼ Property”: Subscribe to ” HongKongFloorPlans” YouTube channel: Like ” HongKongFloorPlans” Facebook page: Follow ” HongKongFloorPlans” Instagram: Follow public account: meilian_hk ( HongKongFloorPlans Hong Kong).