Good Banks in HK
Join Date: Jul 2007
Location: disco bay
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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
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
Join Date: Oct 2005
Location: U.S.
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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.
Join Date: Nov 2005
Location: Getting radiated at ABERI
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Is this Kenneth at Cx City?
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.
Good luck all!
Join Date: Oct 2005
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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.
Join Date: May 2006
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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!
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!
