View Full Version : Good Banks in HK
Can anyone recommend a good bank to get a loan from in HK besides HSBC? Any good or bad experiences with RBS, Citibank etc. ? Customer service? Ease of use? Anything is appreciated.
Meikleour
23rd Oct 2009, 12:22
Standard Chartered - by far the best bank in HK. If you want queues stick with HSBC!
Forward CofG
23rd Oct 2009, 12:27
Try Bank of China. They used to match or better any deal offered by the others. It's been a long time since I've used them, but the Central Branch at 2A Des Voeux Road Central, Hong Kong had a loans officer called Bruce Lee ( no joke), who could make it a little easier.
Baywatcher
23rd Oct 2009, 12:41
LLyods TSB. Brilliant
flyingkiwi
23rd Oct 2009, 12:46
Dah Sing bank, Tsing Yi branch, PM me for the bankers name but she is brilliant, like have a personal banker in a western country.
snoop doggy dog
23rd Oct 2009, 13:20
The key is to get someone in the bank that is good.
I found HSBC in the past good, due to having an exceptional banker. Now Iris is gone :{
It's the same with other banks. You get an idiot in any of them and it's curtains.
I'd be pming the Kiwi or calling Bruce Lee :ok: Someone that is good here and helps is an assest :)
FL245
23rd Oct 2009, 14:49
Lloyds TSB !!!!! NOT if you have a CHF mortgage !!
ArthurBorges
23rd Oct 2009, 15:50
The key is to get someone in the bank that is good.
Everything depends entirely on who handles your a/c.
Every HKG bank is well versed in the subtleties of working internationally, but the quality of the customer interfaces varies from branch to branch.
Shop around.
Talk to folks thoroughly.
China is very much into social networking and building social capital: you have to INVEST time and sincerity into a relationship. Once you succeed, everything works with lightning efficiency. Get to know them. Let them know you as entirely as possible. This is a trust-based economy that applies to the lowly foreigner too.
Once you find your ideal customer service interface, nourish the relationship with a steady supply of _colourful_ touching little gifts.
Score extra points for dropping in only to drop off such a little gift.
Note the Chinese weakness for exquisite chocolate. For her birthday, work through a colleague who flies into/out of BRU.
Remember that if you treat them as mechanical service providers, they will treat you as a secondhand ATM in need of repairs they will feel no special incentive to provide.
Humber10
24th Oct 2009, 02:19
News is that banks will be restricted by the HKMA to only lend 60% on luxury properties. What constitutes a luxury property, does this cover properties $8m and upwards?
fjouve
24th Oct 2009, 02:25
Luxury property is a property valued above HK$20M
Perfect, thanks very much all.
Dashtrash
25th Oct 2009, 05:39
you all seem to be pretty up to date with this stuff. As a guide, what's required to buy something in HKG with a minumum deposit. Any advise from past experience? Thanks
yokebearer
25th Oct 2009, 10:47
For one stay away from any mortgage referal clowns.
Two - Bank Of China quite often gives a very good deal - just talk to a few different people at a few diff branches till you find one that understands what you need.
Plus they will give you a free of fees for all time Platinum VISA when you mortgage through them - but so will most banks.
Three - Tell them exactly what you want and wait for them to say yes or no. Don't ask them what they think/offer. They don't.
There are many ways to finance - talk to guys who have done it - you don't really expect us to type up the whole procedure here for your entertainment do you? It ll take me all day.
captncannot
26th Oct 2009, 15:14
HKMC get a bit funny over $8m.
Be very careful with the HKMC end of things if you're buying over $8m, many have been caught out in the last year or so.
Bank says do it. Sign S&P agreement, pay deposit, wait a couple of weeks, then bzzzt! HKMC says cannot. Forfeit, bye bye deposit :rolleyes:
You have to remember you're dealing with a very unsophisticated mortgage market in HK. Make sure you're very very familiar with the process before you sign or pay for anything. Talk to the old boys and guys who've bought recently.
If you're an SO on full whack housing, keep in mind that if your mortgage payment is over 50% of your total monthly income, you can expect disappointment.
sizematters
26th Oct 2009, 17:50
fillipino's...........great sperm banks
'If you're an SO on full whack housing, keep in mind that if your mortgage payment is over 50% of your total monthly income, you can expect disappointment.'
why is this?
boxjockey
27th Oct 2009, 11:52
Pretty sure that if you're dealing with the HKMC, you can't have a payment above 50% of income. I believe that if you are below a 70% loan, you can have a higher payment, with supporting evidence of your housing allowance, etc.
Humber10
27th Oct 2009, 13:45
there is some flexibility in the system, talk to as many people as you can. there are ways around the 50% requirement, ask housing if they have any suggestions.... and have all your paper work ready on your first visit to the bank. Check list of paperwork required is available from HSBC or most other banks.
Subwoofer
28th Oct 2009, 00:48
Pretty sure that if you're dealing with the HKMC, you can't have a payment above 50% of income. I believe that if you are below a 70% loan, you can have a higher payment, with supporting evidence of your housing allowance, etc.
I didn't have that problem. 3rd year SO, so payments were over 100% of my income! I definitely had supporting documentation of Cathay's program, plus Kenneth at HSBC was a big help because he was familiar and probably knew exactly what HKMC was looking for.
Is this Kenneth at Cx City?
captncannot
28th Oct 2009, 04:52
latest policy guidelines HKMC have just issued to banks is that 95% loans for purchase over $6m will be declined, 10% minimum deposit now applies over $6m.
There's a lot of wringing of hands over the overheated luxury housing sector in HK, I'm expecting the credit situation for pilots to deteriorate further as Tsang Inc makes bumbling attempts to reign it all in.
for the sake of those who are not yet on the property ladder, this is not a good place to discuss the specifics of what is possible by the keen - keep it on the flight deck :ok:
boxjockey
28th Oct 2009, 04:53
Are you talking over 100% of your salary, including housing? I'm on year 4 SO, and have a housing in excess of 65K, so my housing is more than 100% of salary, but the way they view it is 46k + 65k = 111k \ 2 = 55.5K. So if dealing with the HKMC, they normally will not allow a payment higher than 55.5K. Maybe there are some special circumstances that allow you to do so, but I don't know of any. If you are below 70% of value on your mortgage, then you can make it what you want, within reason.
Subwoofer
28th Oct 2009, 05:30
Is this Kenneth at Cx City?
Affirm.
Are you talking over 100% of your salary, including housing? I'm on year 4 SO, and have a housing in excess of 65K, so my housing is more than 100% of salary, but the way they view it is 46k + 65k = 111k \ 2 = 55.5K. So if dealing with the HKMC, they normally will not allow a payment higher than 55.5K. Maybe there are some special circumstances that allow you to do so, but I don't know of any. If you are below 70% of value on your mortgage, then you can make it what you want, within reason.
My initial application was at the half-rate (still SO2), and was accepted. I later changed my payments to the full-rate when I became SO3, and the larger payment amount was accepted which is above your 50% formula. Maybe I got away with it that way, but I didn't even realize the limitation that the HKMC had. This was a 90% mortgage.
Good luck all!
boxjockey
28th Oct 2009, 07:25
Yeah, it's initial application that I'm talking about. I believe that once you have the mortgage, it is much easier to change the payment amount. Also, the lower percentage you borrow from the HKMC, the more flexible they are.
Humber10
28th Oct 2009, 10:02
the HKMC does vary things from time to time as they see fit. sound familiar? But do you really want to commit yourself to a property worth more than 6M...
There is a good property forum on asiaxpat.com, check it out, there is some good info available there. Talk to as many people as you can at work, find out how they did it, which banker, mortgage broker, good lawyers, estate agents, phone numbers etc. Have your contacts sorted and it will make your life a heap easier.
There are some very knowledgeable people out there that know the system very well and can bend it to fit!