When choosing a bank or financial institution for loans, consider the following:

• property valuation and mortgage amount offered;
• repayment terms;
• interest rates;
• date for implementing interest rate adjustments;
• early redemption penalties and notice period;
• handling fees, legal fees and insurance fees, etc.

The Hong Kong Mortgage Corporation Limited (HKMC) provides Mortgage Insurance Programme (MIP) which helps to alleviate the down payment burden of potential homebuyers in the purchase of a property. Through the MIP, the HKMC provides insurance coverage to MIP participating banks for an amount up to 30% of the appraised value of the property(subject to the insurance eligibility criteria of different MIP products), enabling the banks to extend mortgage loans of up to 95% of the appraised value of the property. Click the link below for more information.

• Mortgage Insurance Programme by HKMC