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  • 1 Post By bdw
  • 1 Post By big_panda

Costs of purchasing a flat

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  1. #1

    Join Date
    Jun 2020
    Posts
    21

    Post Costs of purchasing a flat

    Hey all, newbie here. I'm a hk pr looking to buy a flat and want assistance on costs

    If the flat i wanna buy is 8M, what would be the costs to get if i borrow 90 percent

    Deposit: 800 000
    Stamp duty 1st time: 300 000
    Solicitor cost?
    Agent cost?
    Other costs?

    And i do not under stand the mortgage payment insurance? Is this a must or is it optional to purchase?

    TIA


  2. #2

    Join Date
    Feb 2009
    Posts
    8,280

    MIP is a must if you borrow 90%. You should borrow max 80% if you want to avoid it. Borrow 85% and the MIP is a lot cheaper than 90%. Every 5% more you borrow, the MIP costs are exponentially higher.

    shri likes this.

  3. #3

    Join Date
    Mar 2008
    Posts
    992

    Solicitor cost? 6-8k
    Agent cost? 0.5%-1%
    Other costs? Management deposit fees (3 months) / Utility deposits. Fire & contents insurance
    HKMC Insurance costs - Mortgage Insurance Programme

    shri likes this.