Advice needed: mortgage loan

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  1. #1

    Join Date
    Apr 2004
    Posts
    2

    Advice needed: mortgage loan

    Dear All,

    I appreciate your help. I am seriously thinking of buying a flat in Hong Kong because it has become a need to do so. As I am aiming at getting a CHEAP flat, the 30% downpayment is ready.

    My main question is weather I will be able to apply a mortgage loan from banks in Hong Kong under the following conditions:

    1) I live in the US but I am also a H.K. permanent I.D. cardholder.
    2) I have good income and credit rating in the US but NO INCOME in HK.
    3) My cash equailvalent assets in the bank is more than the total value of the flat. (As I said, it is a CHEAP flat.)

    Will item 3) helps my application for a mortagage loan in HK even though I have NO INCOME in Hong Kong? Will I be able to apply for a loan?

    Thank you very much for your time and help!

    Best regards,
    Stevinm


  2. #2

    Join Date
    Apr 2003
    Posts
    12,383

    If you're currently in Hong Kong, why not take proof of the three statements and walk into the head office of HSBC or one of the larger Standard Chartered branches?

    It is difficult to speculate on such cases, as sometimes, powers of persuasion play a small role in these areas.


  3. #3

    Join Date
    Apr 2004
    Posts
    2

    Hi Mr. KnowItAll,

    Thank you for your reply. No, I am currently not in Hong Kong and won't be there until I have sufficient information to pursuade my significant other to move there.

    Again, any advice on the mortgage loan issue is much appreciated. Thank you.


  4. #4

    Join Date
    Apr 2003
    Posts
    12,383

    Where abouts are you in the US? You may be able to pop into a HSBC if you're in one of the places where they do their 'local thing' and ask around.

    Extremely difficult to speculate on this issue as there are dozens of factors that credit managers use, to score an application.


  5. #5

    Hi,
    Did any one find the answer after almost two years?

    Thanks.


  6. #6

    Join Date
    Sep 2005
    Location
    Tai Wai
    Posts
    45

    Dunno, but just went to ask information about home loans ...
    If your income are not "declared" or not stable (we are in this last case) they ask you a 6 months bank statement. I assume that he could show his bank statement even from US banks.

    If your can go for 30% downpayment, it's better, cause rules are tighter for less than 30%.

    Why? in the same case?


  7. #7

    Hi again,
    Do you know which bank in Hong Kong will accept this kind application? I live and work in USA but want to buy a unit in Hong Kong like a vacation home. I try to find out how this would work for me.

    Thanks.


  8. #8

    Join Date
    Sep 2005
    Location
    Tai Wai
    Posts
    45

    Just go and ask, Standard Chartered and Hang Seng have been the most flexible for us.


  9. #9

    Join Date
    Apr 2003
    Posts
    12,383

    You might have to deal with a specialist bank / offshore outfit. If you're not resident in Hong Kong, most Hong Kong based banks are not likely to touch the application.


  10. #10

    Join Date
    Nov 2005
    Posts
    124

    I think you are right KnowItAll.

    You need to pop in a local bank (not necessary to be HSBC), ideally may be your own bank ? They will be able to advise you what you need to do in order to purchase a property in overseas.

    Bear in mind that you may need to pay higher interest + bigger position on your flat than what local people do (HK residents).

    ie. I am able to get a mortage in OZ although I am not a resident over there. and a friend of mine was able to get a mortage in England from HK althougt she was not a resident in England via HSBC (other banks do as well). But we were offered a higher interest rate on our mortgage


    Quote Originally Posted by KnowItAll:
    Where abouts are you in the US? You may be able to pop into a HSBC if you're in one of the places where they do their 'local thing' and ask around.

    Extremely difficult to speculate on this issue as there are dozens of factors that credit managers use, to score an application.

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