Mortgages fall under the category of secured loans, ideal for those who wish to buy a home but do not possess the sufficient funds for it. Unlike other loans you can find on the market, housing loans can come with borrowing periods (tenors) as long as 30 years. This gives you ample time to pay for your property on your current paycheck. Numerous banks and financial institutions on Hong Kong offer loans that cover as much as 70 to 90 percent of your property's cost, be it a brand-new house or condominium unit.
Because your property serves as the loan's collateral, failure to pay off your loan will result in the lender either foreclosing or repossessing your home. To prevent foreclosure, be sure to choose a loan with terms you can afford. Browse and compare the various loans offered by Hong Kong lenders before you sign the dotted line. This way, you can choose a loan that you can pay off right on schedule. For more information on housing loans, check out our exclusive guide on the subject.
Because your property serves as the loan's collateral, failure to pay off your loan will result in the lender either foreclosing or repossessing your home. To prevent foreclosure, be sure to choose a loan with terms you can afford. Browse and compare the various loans offered by Hong Kong lenders before you sign the dotted line. This way, you can choose a loan that you can pay off right on schedule. For more information on housing loans, check out our exclusive guide on the subject.