Hong Kong property mortgage
1. If I have the title deed on hand, can I cash out?
Sure. You can have the first mortgage without restrictions on the property’s age. It’s convenient and with valuation fee waived.
2. If my property has been mortgaged in bank or other financial institute, is it possible to have second mortgage in JF?
Yes of course. You don’t have to re-finance or re-mortgage. No title deed or mortgage deed needed. Your can draw down within a single working day.
3. How long to proceed a mortgage loan application?
No matter second mortgage or any kinds of properties’ loan. JF can do it within a single working day. Our processing time is much faster than banks or any other financial institutions.
4. Do I need to bare the lawyer’s fee during loan applications?
Sometimes waived as we would consider it case by case. We could pay for the applicants for their convenience.
5. JF could accept what kinds of properties for mortgage application?
We accept all kinds of properties including residential, industrial, commercial, shops, car parks, villages or even New Territories Small House for mortgage application. No restrictions on properties’ age.
6. What kind of documents needed?
- HKID (non Hong Kong residents should have other identities instead)
- Preliminary Agreement for Sale and Purchase (for first mortgage application)
- Latest Repayment Schedule (for second mortgage application)
- Income Proof (if any)
- Address Proof (if any)
- Latest Notification of Change in Rates and/or Government Rate or Payers’ Particulars
7. In Hong Kong, can people apply for a loan if they do not have income proof?
For property loans, we do not require any income proof. In case a company needs a loan, we do not require any financial statement.
8. How can I get my property’s valuation?
Please call us at +852 3575 9550.
9. Do you accept partial payment?
Yes but have limitation of minimum amount.
10. Can I sell the mortgaged property during normal repayment schedule?
Yes but please notify us as soon as possible. We will count the deal day as cut-off day.
11. If the repayment is ended, would the legal charge be released?
After the last repayment completed, we will notify you to release charge within 1 -2 weeks.
12. Can a deed of gift be mortgaged?
Under normal conditions, deed of gifts after 3 years can be mortgaged. Under special conditions, our company will deal with it flexibly and under 3 years could be considered for application.
13. What’s the different between “joint tenancy” and “tenancy in common”?
If a couple who are either married or living together purchase a property in which they intend to live, they usually intend to share the ownership of the property. The most common types of joint ownership are “joint tenancy” and “tenancy-in-common”.
Joint tenancy
For a joint tenancy, all the joint tenants are treated as one sole owner. In other words, the interests or shares of ownership of the joint tenants are equal. When one of the joint tenants dies, his/her interest will automatically pass to the surviving joint tenant who will own the whole property.
Tenancy-in-common
For tenancy-in-common, the interests of all the tenants-in-common are proportional to their respective contributions to the purchase price of the property. In a tenancy-in-common with 2 owners, for example, the owner who contributed 25% of the purchase price would hold 1/4 share of ownership. The other owner, who contributed 75% of the purchase price, would hold 3/4 share of ownership. When one of the tenants-in-common dies, his/her interest will form part of his/her estate (i.e. property left after a person’s death), and will be passed on according to the terms of his/her Will or the law of intestacy if there is no Will.
14. 14. What’s the different between JF and banks?
JF’s advantages:
- Pass credit records won’t be affected
- No handling fee, no valuation fee, no application lawyer’s feed
- Draw down within a single working dayd
- Income proof is not necessaryd
- Financial statement is not a must for company applicantsd
- No penalty interest for early settlement
Normal banks’ criteria:
- Good pass records
- 1% to 2% handling fee. Applicants pay for the lawyers’ fee.
- 2 – 3 weeks approval time
- 6 months of income proof or bank statements
- 3 years of financial statements for company applicants
- Penalty interest for early settlement
15. How long could the repayment period?
It could be as flexible as customer needed. From 3 months to 10 years, based on the ability of customer.
16. Is the procedure handled by lawyers?
Yes. To ensure our customer could have safe and high quality properties’ loan services, we are using sizable law firm to handle all cases.
17. What is “Interest-only” payment plan? What is “Interest + Principal amount” payment plan?
“Interest-only” payment plan: Repaying interest only each period
“Interest + Principal amount” payment plan : Repaying interest + principal amount installment each period
18. If the property is jointly owned, is the agreement and consent of all owners required for the application for a mortgage? Can one of the owners apply for loan in case of a joint-name property in Hong Kong?
The application for the mortgage loan does not require the consent of all owners. A joint property owner may apply for a mortgage or sever the joint tenancy to obtain a mortgage at a preferential rate. Any one of the owners can apply for loan even if the property is a join name property.
19. If a property is a joint tenancy and the owner has passed away, can I do refinancing?
Yes, but all probate formalities must be completed first. Our company can arrange lawyers to help complete the procedures. Under special conditions our company can consider dispersing part of the loan before the completion of the probate.
20. What is the definition of first and second mortgage?
First mortgage is a property that has never been pledged for loan before. First mortgage requires deed as collateral.
Second mortgage does not require deed as collateral. The second mortgage usually means that the property owner already pledged the property to banks or financial institutions for loan.
21. What are the types of properties that can seek for a loan in Hong Kong?
They include private properties, aged properties, village houses, shops, factories, offices and car parks.
22. May I apply for property mortgage loan in case I have no Hong Kong identity card?
Yes. You may for property mortgage loan regardless of your nationality, with just any of your property mentioned above.
23. Who can apply for mortgage loan?
Owner of any kinds of properties.
24. If the property is owned by a company, is it possible to seek for loan?
Yes. Shareholders may need to be guarantors.
25. What documents should be brought to apply for mortgage loan?
HKID, property assignment and bank installment invoice should be brought for application. Other else documents for identity are also required in some applications.
26. Can retired people seek for loan?
Yes. We do not have limitation on the age of the borrower. You just have to be the owner of a property.