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Want to buy a flat ... Advice needed

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  1. #1

    Want to buy a flat ... Advice needed

    If I was to pay $7000 for rent ... I might as well buy a place instead.

    To flat owners ... What is the average monthly mortgage repayments you guys pay? And any deposit required ... If so how much?
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  2. #2

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    You need a minimum of 5% deposit. You will also have to pay around 1% commission to the agent and lawyer's fees. Also, if your property is over $2million you'll pay stamp duty too.

    The amount of monthly mortgage payments depends on the price of the property, the LTV ratio of the loan, the length of the mortgage, the interest rate, whether HKMC mortgage insurance premium is added to it...so it's pointless knowing what anyone else's mortgage payments are.

    HSBC have an online mortgage calculator which if you put in the mortgage and the interest rate, it will calculate the monthly repayments.


  3. #3

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    I like the HKMC calculator because it also shows you the value of mortgage insurance you will need to pay (if borrowing more than 70%) and factors that into the repayments for you automatically:

    The Hong Kong Mortgage Corporation Limited

    ArKay likes this.

  4. #4

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    Ooh, never came across that when I needed it!


  5. #5

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    you should look at how much you can afford in regards to a deposit and the monthly repayments, plus, which area would be comfortable with? if you looking at rental at HK$7,000, i presume you are looking small place in kowloon or a larger place in NT.

    why don't you check on a bank's property valuation guide and mortgage calculator then come back to ask us more questions as your question is very vague.


  6. #6

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    Or better, have first a chat with a mortgage person in the bank. They are not pushy and very informative. It's their job.


  7. #7

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    Quote Originally Posted by Mr. No:
    Or better, have first a chat with a mortgage person in the bank. They are not pushy and very informative. It's their job.

    this way is common in the west, where you go to the bank first, however, according to SC mortgage dept, they advised me to look at a property first, then once you've obtained the details, then go them after.

  8. #8

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    Agree with imparanoic. Banks aren't really interested until you've found a property. And you certainly can't get a definite answer from them re whether they're likely to lend to you or not until you apply for a mortgage, which you can only do AFTER paying an initial 3% deposit.

    If you're from the UK and are familiar with the buying process over there, then turn everything back to front and that's pretty much how it works here!!


  9. #9

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    Yeah same for me. I bought a new place from a developer and already paid 5% before even submitting a loan application with the bank, and another 5% before I got an OK from them.


  10. #10

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    i searched online for properties and also had an agent on the look-out. when i saw something that attracted me, i went to the bank asking them to find out the property value for that particular property. BOC was kind enough to give me all the info i needed (first time buyer) and also asked me to email them if i had other property choices.

    go to different banks and ask them for the interest rates, loan rates, etc. they were helpful so i don't see why they won't be helpful to you.

    i'm with BEA so if you need help then i can forward their email address to you.


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