FAQ – Global King Mortgage

What is the difference between hibor plan and prime rate plan?

Hibor plan is hibor rate cap at prime rate. Usually hibor rate is the market lending rates between banks in hk, usually it is different day by day have various period say 1 week , 1 month, 3 months , etc. Hibor plan in general using one month hibor rate as the basis, according to the fluctuating nature, so it is usually cap at prime rate.

Prime rate plan just measure the interest rates by hong kong best lending prime rate.

For example,

Hibor plan:

H+1.3, cap at P-2 (P is 5.625 at the moment), so the cap is 3.625, which is the max rate regardless of hibor rate . If hibor rate is lesser say 1 at the moment so the addition is 2.3 which will be the effective rate at the month and will be recalculated according to the whichever is lower in the coming months.

Prime rate plan is P-2.15=3.475 at the moment, banks prime rate plan sometimes is cheaper then hibor plan in order to gain the plans attraction.

Approval in principle in Hong Kong can be done?

Yes, currently we are also helping clients for getting the banking mortgage approval prior to signing their S AND P. This serves a more prudent procedures regarding to client wanting to have their mortgage expectation budget done before any purchase of properties.

How is the mortgage approval timeline in Hong Kong?

It mainly depends on 2 main factors; the first one is the simplicity regarding to your income backgrounds. Usually if you are regular income earner without much liabilities with tax record, it is regarded as the most simple case. If you are the business owner , or having a complex company structure regarding to your income profile. It is usually classified as the harder cases.

The second factor is the mortgage ratio that you want to do , if your mortgage % is above 60% then your mortgage needed to be approved through HKMC-which is Hong Kong Mortgage Corporation. In which they take a week longer time for approval.

According to both factors, usually mortgage approval if having the simple scenario will take around one to two weeks for approval.

However, if your case is a complex one with high advance loan ratio, the case will need one to two months according to the level of complication.

Clients need to attend to their personal financial situation, in order to make decisions on the completion date duration prior to buying of your favourite properties.

What is the procedure of property valuation in Hong kong?

The most simple method is whatsapp to our companies for direct handling.

If you want to do it yourself, you can also visit banks mortgage valuation pages whereas they usually can provide a reference figure , which will be not much updated in comparison to our direct handling.

What is land search means in Hong Kong?

Land search is an important info of documents prior to the buying of properties in hong kong, to be provided by your property agents. It serves as a detailed record containing every financial and misc info regarding to your property, ranging from having any building orders, any illegal structures, any financial discrepancies, previous owners name and every details.

Clients are strongly suggested to digest their properties land search prior to their purchase, or otherwise some hidden information may affect your normal mortgage approval in final.

Suspendisse in justo eu magna luctus suscipit sed lectus?

Sed cursus ante dapibus diam. Sed nisi. Nulla quis sem at nibh elementum imperdiet. Duis sagittis ipsum. Praesent mauris. Fusce nec tellus sed augue semper porta. Mauris massa. Vestibulum lacinia arcu eget nulla. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos. Morbi lectus risus, iaculis vel, suscipit quis luctus

Cras justo odio, dapibus ac facilisis in, egestas eget quam.
Etiam porta sem malesuada magna mollis euismod.
Aenean lacinia bibendum nulla sed consectetur.
Cras justo odio, dapibus ac facilisis in, egestas eget quam.