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Mortgage Process
Verbal valuation and pre-approval
To avoid the problem of undervaluation, you should do a verbal valuation and pre-approval by mReferral or bank before signing the contract.
Mortgage Process
Sign the Provisional Agreement for Sale and Purchase
To avoid the problem of undervaluation, you should do a verbal valuation and pre-approval by mReferral or bank before signing the contract.
Mortgage Process
Seek advice from mReferral
Apply for a mortgage loan from at least three banks. If you want to apply in one go, mReferral would definitely help.
Mortgage Process
Submit documents
Provisional Agreement for Sale and Purchase, copy of ID card of borrower and guarantor (if any), income proof, e.g. employment contract/latest salary slip, bank book/statements showing salary income or latest tax demand note
Mortgage Process
Bank approves mortgage application
It usually takes a week to a month for the bank to approve a mortgage. Compare and choose the bank with the most suitable terms, and sign the letter of loan offer with bank. The bank will send a letter to your law firm to inform the lawyer to prepare the mortgage deed.
Mortgage Process
Sign documents at law firm
Before the transaction day, the buyer and the guarantor (if any) go to the law firm to sign the mortgage deed and other documents required by the bank.
Mortgage Process
Complete transaction
The law firm informs the bank that the bank will deliver the loan to the law firm to arrange delivery to the seller, and the transaction is completed. After the transaction is completed, the bank will issue a cash rebate for the mortgage within one month. In addition, a repayment process table will be sent to inform customers of the detailed information of the principal, interest and balance of the monthly payment.
Mortgage Insurance Programme
MIP Premium Sheet (Applicable to property price $6 million or below-Table 1)
| Mortgage Type | Insurance coverage according to Loan-to-value Ratio (LTV) | Loan Tenor (Years) | Single Premium Payment (% of the original principal balance) | Annual Premium Payment | |
| First Year (% of the Original Principal Balance) | Renewal (% of the Original Principal Balance) | ||||
| Floating Rate (Owner-Occupied Residential Property Loans) | 70% up to 75% LTV | 10 | 0.00 | not applicable | not applicable |
| 15 | 0.00 | not applicable | not applicable | ||
| 20 | 0.00 | not applicable | not applicable | ||
| 25 | 0.00 | not applicable | not applicable | ||
| 30 | 0.00 | not applicable | not applicable | ||
| 70% up to 80% LTV | 10 | 0.50 | 0.45 | 0.22 | |
| 15 | 0.60 | 0.55 | 0.22 | ||
| 20 | 0.76 | 0.65 | 0.22 | ||
| 25 | 0.83 | 0.70 | 0.22 | ||
| 30 | 0.92 | 0.80 | 0.22 | ||
| 70% up to 85% LTV | 10 | 0.86 | 0.65 | 0.43 | |
| 15 | 1.02 | 0.75 | 0.43 | ||
| 20 | 1.25 | 0.85 | 0.43 | ||
| 25 | 1.35 | 0.95 | 0.43 | ||
| 30 | 1.41 | 1.05 | 0.43 | ||
70% | 10 | 1.25 | 0.85 | 0.61 | |
15 | 1.48 | 1.04 | 0.61 | ||
20 | 1.79 | 1.23 | 0.61 | ||
25 | 2.03 | 1.41 | 0.61 | ||
30 | 2.16 | 1.60 | 0.61 | ||
The above information is for reference only. Information as of July 2023.
Note: Please refer to the Insurance Eligibility Criteria for property value up to HK$6 million.
MIP Premium Sheet (Applicable to property price $12 million or below)
| Mortgage Type | Insurance coverage according to Loan-to-value Ratio (LTV) | Loan Tenor (Years) | Single Premium Payment (% of the original principal balance) | Annual Premium Payment | |
| First Year (% of the Original Principal Balance) | Renewal (% of the Original Principal Balance) | ||||
| Floating Rate (Owner-Occupied Residential Property Loans) | 70% up to 75% LTV | 10 | 0.00 | Not Applicable | Not Applicable |
| 15 | 0.00 | Not Applicable | Not Applicable | ||
| 20 | 0.00 | Not Applicable | Not Applicable | ||
| 25 | 0.00 | Not Applicable | Not Applicable | ||
| 30 | 0.00 | Not Applicable | Not Applicable | ||
| 70% up to 80% LTV | 10 | 0.60 | 0.53 | 0.26 | |
| 15 | 0.71 | 0.64 | 0.26 | ||
| 20 | 0.90 | 0.76 | 0.26 | ||
| 25 | 0.97 | 0.81 | 0.26 | ||
| 30 | 1.09 | 0.93 | 0.26 | ||
| 70% up to 85% LTV | 10 | 1.01 | 0.76 | 0.50 | |
| 15 | 1.20 | 0.87 | 0.50 | ||
| 20 | 1.46 | 0.99 | 0.50 | ||
| 25 | 1.57 | 1.10 | 0.50 | ||
| 30 | 1.64 | 1.22 | 0.50 | ||
70% | 10 | 1.46 | 0.99 | 0.70 | |
| 15 | 1.72 | 1.20 | 0.70 | ||
| 20 | 2.08 | 1.42 | 0.70 | ||
| 25 | 2.35 | 1.63 | 0.70 | ||
| 30 | 2.50 | 1.85 | 0.70 | ||
The above information is for reference only. Information as of July 2023.
Note: Please refer to the Insurance Eligibility Criteria for property value up to HK$15 million.
MIP Premium Sheet (Applicable to property price above $15 million and up to 30 million-table 9)
| Mortgage Type | Insurance coverage according to Loan-to-value Ratio (LTV) | Loan Tenor (Years) | Single Premium Payment (% of the original principal balance) | Annual Premium Payment | |
| First Year (% of the Original Principal Balance) | Renewal (% of the Original Principal Balance) | ||||
| Floating Rate (Owner-Occupied Residential Property Loans) | 60% up to 70% LTV | 10 | 0.30 | Not applicable | Not applicable |
| 15 | 0.30 | Not applicable | Not applicable | ||
| 20 | 0.30 | Not applicable | Not applicable | ||
| 25 | 0.30 | Not applicable | Not applicable | ||
| 30 | 0.30 | Not applicable | Not applicable | ||
| 60% up to 75% LTV | 10 | 0.45 | Not applicable | Not applicable | |
| 15 | 0.45 | Not applicable | Not applicable | ||
| 20 | 0.45 | Not applicable | Not applicable | ||
| 25 | 0.45 | Not applicable | Not applicable | ||
| 30 | 0.45 | Not applicable | Not applicable | ||
| 60% up to 80% LTV | 10 | 0.86 | 0.67 | 0.32 | |
| 15 | 1.12 | 0.91 | 0.32 | ||
| 20 | 1.38 | 1.07 | 0.32 | ||
| 25 | 1.50 | 1.15 | 0.32 | ||
| 30 | 1.61 | 1.28 | 0.32 | ||
The above information is for reference only. Information as of July 2023.
Note: Please refer to the Insurance Eligibility Criteria for property value above HK$17.15 million and up to HK$30 million.
