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Unsecured loans for non-PR residents

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  1. #1

    Join Date
    Oct 2019
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    14

    Unsecured loans for non-PR residents

    Hi guys, would appreciate your wisdom here:

    Im a non-PR person in Hong Kong, earning around 500,000 a year. I have around 18 months until residency.

    Basically I have decent savings (mainly invested in low cost tracker funds here and at home back in the UK - which, I don’t want to cash out), but I would like to buy a house back in my hometown in the north east of England, which is under £100,000. - expat mortgages via HSBC don’t seem to want to loan less than 1,000,000 HKD/£100k

    Ideally I’d like to take out a loan for 500-600k (HKD), but pay it back over 3-5 years. I know that some banks only give you a loan term according to the time left on your visa (for me this would be two more years). Are tax loans the same? I saw the DBS tax loan mentioned here, is that a max term of 24 months for non-PR?

    Any advice on my best options? Otherwise I’ll keep saving as much as I can, maybe better to wait for PR if indeed that’s when better loan options become available.

    Thoughts and advice much appreciated.


  2. #2

    Join Date
    Oct 2006
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    Hong Kong
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    15,557

    Get a tax loan.


  3. #3

    Join Date
    Oct 2019
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    14

    Yeah I’ve looked into that - Citibank only offers for 24 months, ideally want to get one for 36-60 months


  4. #4

    Join Date
    Feb 2011
    Location
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    Likely you'll only get a term for the remainder of your visa.


  5. #5

    Join Date
    Feb 2011
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    However sometimes credit card loans might have favorable offers. I once clicked a button on my online banking and the money was deposited the next day with no questions, followup, or asking me to accept it. I didn't mind so I kept it.

    LukeUk likes this.

  6. #6

    Join Date
    Oct 2019
    Posts
    14

    Yeah - it does seem that way. Thought I’d put out the feelers here anyway just in case anyone knew different.


  7. #7

    Join Date
    Aug 2013
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    How are right to land HKID holders treated in this circumstance? They're not PR, but also don't need a work visa.


  8. #8

    Join Date
    Feb 2011
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    Original Post Deleted
    Depends upon the bank and person you get. Hang Seng for example sets the expiry of your credit card to match your visa expiry date, same with the loan term for personal loans. They are very picky for non PR.

  9. #9

    Join Date
    Feb 2011
    Location
    Hong Kong
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    That was my experience. The only bank in HK that I had to submit my visa renewal sticker to as well.


  10. #10

    Already tried BOC, HSBC and Hang Seng 2 years ago and last year, if you are not a permanent resident, they will always ask for your work contract and working visa label.
    I remember Citibank do not accept non-permanent resident even for tax loan.

    For my case, when I was under working contract, max loan term was based on the contract expiration.
    When I was under regular employment, max loan term was based on working visa expiration.

    LukeUk and MandM! like this.

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