28Mortgage Best Mortgage Deal Dec2022

Best New Purchase Mortgage Deal
Mortgage Rate H+1.30% Cap Rate 2.5%
Up to 2.2% + $8,888 Total Cash Rebate

Remortgage/Cash Out Remortgage
Mortgage Rate H+1.30% Cap Rate 2.5%
Up to 2.05% + $9,888 Total Cash Rebate

28Mortgage Guarantee

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STEP 1

網上填妥28Mortgage按揭轉介表!

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STEP 2

確認申請銀行,
遞交申請!

我們收到您提交的轉介表後，會有專員與您確認申請銀行。然後請將我們的轉介表連同按揭申請表一起往銀行遞交。

STEP 3

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STEP 4

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Latest Best Mortgage Deals

Dec 2022 Best Mortgage Deals Compare

Property Type	Mortgage Type	Interest	Mortgage Cap Rate	Bank's Cash Rebate As High As	28Mortgage Extra Rebate As High As
Residential Property	First-time Home Buyer Mortgage	H+1.3%	2.5%	1.8% + $8,888	0.4%
Residential Property	Remortgage	H+1.3%	2.5%	1.65% + $9,888	0.4%
Government Housing	First-time Home Buyer Mortgage	2.5%	N/A	1.5%	0.16%
Village House	First-time Home Buyer Mortgage	H+1.3%	2.5%	1.65%	0.35%
Village House	Remortgage	H+1.3%	2.5%	1.65%	0.35%
Residential Property	Refinance Developer Mortgage	H+1.3%	2.5%	1.65% + $9,888	0.4%

Who Are We?

Professioinal Mortgage Comparison Platform

Contact our mortgage specialist, and get the Best Mortgage Deals from the Banks!
Successfully apply for and withdraw the mortgage loan through 28 Mortgage and get up to 0.4% of mortgage amount as extra referral rebate!

28Mortgage helps you to compare the Best Mortgage Deals in the Hong Kong market right now! By just a Whatsapp Message, you are able to get the info of the Mortgage Plans with best interest rates and rebates! Our referral service is totally free of charge. We provide a one-stop mortgage referral service to our customers. Based on your enquiries, our mortgage specialists will provide you the best tailored mortgage deals! Speak to us anytime to know more!

What Mortgage Referral Service Do We Provide?

<px=15>New Purchase Mortgage The New Purchase Mortgage is a loan for buying a property. Generally, Hong Kong buyers are able to borrow up to 95% of the mortgage. According to the 2022 Policy Address, the highest loan-to-value ratio for properties below 10 million has increased to 90%, which greatly reduces the down payment for potential home buyers. However, the relative increase in monthly payment will make the stress test more difficult, so choosing a home mortgage with low interest and high rebate is the top priority.

<px=15>Remortgage Remortgage is to transfer your existing mortgage from the original bank to another bank. There are many reasons to remortgage your current home loan. Remortgaging for a better interest rate mortgage plan. Remortgaging the original amount, to earn up to 2% of mortgage amount cash rebate to reduce the interest and other property expenses. I.e. for a 5 Million mortgage amount with 2% cash rebate, you are able to get a $90,000 HKD cash rebate after solicitor fee. Cash Out Remortgaging is for clients who would like cash out from the increase in the valuation of the property.

<px=15>Free Property Valuation Whether you want to apply for a New Purchase Mortgage or Remortgage, you have to know the current market value of the mortgaged property. When applying for a New Purchase Mortgage, you must have a clear understanding of the valuation of the property before you can know whether the bank can approve your mortgage. When applying for a re-mortgage, if you want to cash out the most cash or get rid of the Mortgage Insurance Premium with a new mortgage, you need to find a bank with the highest valuation. 28Mortgage's Mortgage Specialists can help you get an instant appraisal from your bank.

What properties can be mortgaged?

We compare the best Bank Mortgage Deals with the follow type of Properties

根據金管局的規例，1000萬以下的私人住宅最高可以承造6成或500萬按揭，較低者，而1000萬或以上的私人住宅最高可以承造5成按揭。如果首次置業人士想申請高成數按揭，即是按揭保險的話1000萬以下物業最高可以承造9成按揭，1,000萬以上至1,125萬元以下（上限900萬），1,125萬元以上-1,920萬元（上限960萬）。一般私人住宅的供款年期最長可以做到30年。

村屋按揭一般與私人住宅一樣，但高成數按揭就有少少分別。1000萬以下的私人住宅最高可以承造6成或500萬按揭，較低者，而1000萬或以上的私人住宅最高可以承造5成按揭。如果首次置業人士想申請高成數按揭，即是按揭保險的話1000萬以下物業最高可以承造8成半按揭，1,000萬以上至1,125萬元以下（上限900萬），1,125萬元以上-1,920萬元（上限960萬）。村屋的供款年期最長可以做到30年。

政府規定居屋只可以申請P按。而按揭成數方面，綠表居屋最高可承造9成半按揭，白表居屋最高可承造9成按揭。一手居屋的按揭供款年期最長可以承造25年。而二手居屋則因屋苑而異，20年以下的都能承造25年。

Difference with New Purchase Mortgage and Remortgage

Mortgage 101

What is Mortgage?

What is Remortgage?

The property price in Hong Kong always has a leading spot on the highest housing price ranking. Since 2022, the Hong Kong Monetary Authority has loosen the Loan-to-value ratio for property below 10 Million HKD up to 90%, and make it easier to potential buyers who are interested to purchase property with price point between 8 to 10 Million HKD.

A mortgage is an agreement between you and a lender that gives the lender the right to take your property if you fail to repay the money you've borrowed plus interest. In return, you were given the amount of money to complete the property transaction. You will have to pay back the bank based on the interest rate and repayment term details.

Before applying for a mortgage in Hong Kong, applicants are required to complete a Mortgage Stress Test in order for Banks to approve your mortgage. Many factors will be considered to approve your mortgage, e.g. if you have any outstanding loans, you are required to pay back the loans as a condition of the bank's approval. Not enough income supporting documents would also be another factor that affects your bank approvals.

If you would like to know more about your monthly payments or if you can pass the Mortgage Stress Test, speak to our Mortgage Specialist! There will be an Exclusive 28Mortgage Cash Rebate if you successfully complete your mortgage through us!

Common questions when applying for a Bank Mortgage

What documents do you need to apply for a Mortgage?

Individual clients (employees) supporting documents

Photocopies of Hong Kong ID cards or passports
Proof of address within the last 3 months (such as water, electricity bills)
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Bank payroll account records for the last 3 months (if your salary fluctuates, you need to provide proof of the last 6 months)
Payment slips/payment notices for the last 3 months (if your salary fluctuates, you need to provide proof of the last 6 months)
Government salaries tax bill/MPF contribution record of the most recent year
Provisional property sale and purchase agreement (for new mortgage)
Mortgage payment records (for remortgage or additional mortgage) in the last 3 months

The above documents are required for most banks, but not for a few banks Government salaries tax bill/MPF contribution record for the most recent year is required

What is Mortgage Stress Test? How do you pass the Mortgage Stress Test?

When applying for New Purchase Mortgage or Remortgage, in addition to having a sufficient down payment, you also need to pass the Mortgage Stress Test. How is the Mortgage Stress Test calculated? According to the guidelines of the Hong Kong Monetary Authority, for applicants who do not own or guarantee other mortgage properties, the monthly mortgage payment under current mortgage cap rate can not exceed 50% of total income.After the mortgage cap or fixed rate plus 3% interest, the monthly payment cannot exceed 60%.

For applicants who already own or guarantee other mortgage properties, the stress test standard will be higher than normal, and the relevant standard will be tightened. The monthly mortgage payment under current mortgage cap rate can not exceed 40% of total income. After increasing 3% of the mortgage cap or fixed interest rate, the repayment cannot exceed 50% of the monthly income. The above basic repayment is the sum of the property repayment for the newly applied for mortgage and the mortgage repayment for the property already held or guaranteed.

However, under the Mortgage Insurance Program, there are specific banks who are able to approve your application if your monthly payment does not exceed 50% of your monthly income.

What is loan-to-value ratio?

The loan-to-value ratio is simply understood as the mortgage-to-value ratio is the ratio of the property loan. For example, a 90% loan to value ratio mortgage requires 10% down payment excluding stamp Duty. In Hong Kong, where property prices are high, the loan-to-value ratio is also relatively higher, which reduces the down-payment of home buyers. According to the regulations of the Hong Kong Monetary Authority, a private residence with a price of less than 10 million can borrow a mortgage of up to 60% or 5 million, whichever is lower, while a private residence with a price of 10 million or more can borrow a mortgage of a maximum of 50%. If you are a first-time homebuyer, you are able to obtain a higher loan-to-value ratio through the Mortgage Insurance Program. The highest loan-to-value ratio can go up to 90% if the property is with a valuation of less than 10 million. For properties with valuation more than 10 million to less than 11.25 million, the maximum mortgage you can borrow is 9 million. Properties with valueation more than 11.25 million to 19.2 million, the maximum mortgage amount is 9.6 million.

Hibor Based Mortgage vs Prime Rate Based Mortgage Plan

There are two main mortgage plans in Hong Kong, which are commonly referred to as “Hibor Based Mortgage Plan (H Plan)” and “Prime Rate Based Mortgage Plan (P Plan)”. The "H Plan” refers to the 1-month Interbank Offered Rate (HIBOR) which fluctuates , but there will be a cap limit. For example, H + 1.3%, today's one-month HIBOR is 0.2%, the mortgage rate will be 1.5%, and the upper limit normally same as the “P Plan” for most banks. The interest rate of the "P Plan” is based on the Prime Rate of Banks. Large banks such as HSBC and Bank of China use P = 5% as the benchmark, and the mortgage interest rate for “P Plan” is P (5%) - 2.5% = 2.5%.

"H Plan” is generally applicable to private houses such as 1st-hand, 2nd-hand private houses, village houses, tenements, parking spaces and commercial buildings.

“P Plan” is generally applicable to government-guaranteed properties such as TPS, green and white form public housing, with a maximum repayment period of 25 years.