The HIBOR-based Mortgage Plan will be applicable to loan amounts of HK$1m or above and available to customers seeking property in the primary or secondary market, or who are refinancing. The maximum loan-to-valuation ratio under the plan will be 95%.
HSBC said that from now until 30 April 2010, new mortgage customers who open its Premier or Advance accounts can also benefit from a waiver on the Below Balance Fee when their Total Relationship Balance falls below the minimum requirement.
The HIBOR-based Mortgage Plan is capped at HSBC’s Best Lending Rate minus 2.5% (P– 2.5%). A further cash rebate of 0.5% of the loan drawdown will be available to successful applicants. HSBC’s Best Lending Rate is currently 5% per annum.
Francesca McDonagh, head of personal financial services Hong Kong, said: “We are launching this mortgage plan for customers who want to take advantage of the current low interest rate environment. We will continue to tailor our products in accordance with the needs of our customers, ensuring that they benefit from our advice, knowledge and service under a variety of market conditions.”
