Best Bank of China Mortgage Plan in Hong Kong

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Mortgage Plans


"All-You-Want" Mortgage Scheme
With Bank of China s "All-You-Want" Mortgage Scheme, you can save your mortgage interest expenses and enjoy shorter repayment tenor by adjusting the monthly repayments based on your lifestyle and budget.
BOC New Buy Hibor Rate
Hibor Rate Plan | HIBOR Plan Rate | Interest Rate Cap | Applicable Property Types |
---|---|---|---|
Hibor Rate PlanBank Of China 1 Month HIBOR | HIBOR Plan RateH+1.3% | Interest Rate CapP(5.0%)-2.5% | Applicable Property Types All property types apart from public housing and HOS Scheme |
Hibor Rate PlanBank Of China Prime Rate | HIBOR Plan RateP(5.0%)-2.5% | Interest Rate Cap5.0% | Applicable Property TypesPublic Housing and HOS Scheme |
BOC Refinance Prime Rate Plan
Prime Rate Plan | P Plan Rate | Best Lending Rate (=P) | Applicable Property Types |
---|---|---|---|
Prime Rate PlanBank Of China 1 Month HIBOR | P Plan RateH+1.35% | Best Lending Rate (=P)P(5.0%)-2.5% | Applicable Property Types All property types apart from public housing and HOS Scheme |
Prime Rate Plan Bank Of China Prime Rate | P Plan RateP(5.0%)-2.5% | Best Lending Rate (=P)5.0% | Applicable Property Types Public Housing and HOS Scheme |
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BOC Mortgage Plan: Advantages
You can enjoy a reduction in the outstanding net balance of the mortgage loan by placing deposits into your mortgage loan account with no early repayment penalty. Also, mortgage interest is calculated based on the daily outstanding net balance of your mortgage loan, which enables you to save on your interest expenses and enjoy a shorter repayment tenor.
Convenient Withdrawals
You can take out your deposits anytime from your account using BOC ATMs service or by cheques. You can also access our fund transfer service anytime anywhere via BOCHK Internet Banking or Phone Banking.
Waiver on Charges to Save More
You can enjoy handling charges and annual fee waiver to save more.
Exclusive Privileges
Enjoy fee waivers on instant property valuation, mortgage enquiries and the like. Also, enjoy premium discount on Fire Insurance and / or Home Insurance with BOC Credit Card throughout the entire mortgage period.
Simple Application Steps
Simply apply online, via +852 3669 3233 or in person to enjoy the privileges of BOC mortgages.


BOC Mortgage Plan: Disadvantages
Paying back some or all of your mortgage within the penalty period can be costly. Early repayment charges will apply.
Restrictions on Property Types
Certain types of property require extra documentation upon mortgage application and some are not applicable to BOC mortgage plans such as mainland properties, public housing, HOS and village houses.


Mortgage Term with BOC


Mortgage applications are affected by a number of factors:
Property Valuation with BOC


Online Valuation Service
Online Valuation Service doesn’t cover all properties in Hong Kong and the valuation tends to be more reserved. MoneySmart suggests considering valuation from a number of banks or using MoneySmart Property Valuation Calculator.
Property valuation is an important part of the entire mortgage application process. It does not only affect new purchases but also refinance mortgages. Various specific factors relating to the building will be looked at for example house prices of recent sales in the area, sales transactions, age, quality, unauthorised building works and building orders (if any). Certain property types such as Village houses, old buildings and single private residential buildings usually have a low number of sales transactions, resulting in a low mortgage valuation.
For properties with a lower than expected valuation, MoneySmart suggests:
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Can these properties get a BOC mortgage?
Property Type | Y/N | Notes |
---|---|---|
Property TypeOff Plan Property | Y/NY | NotesLess than 6 Million: 80% LTV 6 -10 Million : 60% LTV or 5 Million (whichever is less) 10 Million or above: 50% LTV |
Property TypeFirst hand Property | Y/NY | NotesLess than 10 Million: 80-90% LTV, depending on mortgage amount 10 Million or above: 50% LTV |
Property TypeSecond hand Private Housing | Y/NY | NotesLess than 10 Million: 80-90% LTV, depending on mortgage amount 10 Million or above: 50% LTV |
Property TypeVillage Housing | Y/NY | NotesLess than 10 Million: 85% LTV, depending on mortgage amount 10 Million or above: 50% LTV |
Property TypeTong Lau | Y/NY | NotesLess than 10 Million: 85% LTV, depending on mortgage amount 10 Million or above: 50% LTV |
Property TypeHome Ownership Scheme Housing | Y/NY | NotesPrime Rate Plans only. Land Premium unpaid: loan amount up to 90% of property price (white form) or 95% (green form) Land Premium paid: cases treated as 2nd hand private property Maximum loan period: 25 years |
Property TypePublic Housing | Y/NY | NotesPrime Rate Plans only. Loan amount: Up to 100% of property price (non inclusive of deposit paid to Housing Authority) Maximum loan period: 25 years |
Property TypeHousing in Mainland China | Y/NN | Notes- |
Paying for BOC Mortgage


Can I apply for a mortgage only by rental income?
Yes. But not all rental income will be counted as monthly regular income. Please see below for details:
Percentage of rental income calculated as monthly regular income.
- Lease with stamping: 70%
- Lease without stamping: 60%
For example: If the monthly income of the applicant is HK$20,000 and his/ her monthly rental income (lease with stamping provided). His monthly income will be HK$20,000 + HK$10,000 X 60%, which is HK$26,000.
Should you pay off your mortgage early?
Early mortgage repayment
There are two types of early mortgage repayment. The first one is to pay off the debt completely and the property will become yours. The second one is to pay back the capital to save on some interests. No matter which one you choose, you may be subject to early mortgage repayment fees. In recent years, some banks have shortened the penalty period to half a year or a year. If a borrower decides to repay the debt within the penalty period, a higher early mortgage repayment fees/ interest rates will be incurred. If it is beyond the penalty period, the fees will be a lot less. In the first year of the penalty period, the penalty is 1%+cash rebate and in the second year, the penalty is all cash rebate. MoneySmart suggests negotiating the best penalty period terms before accepting the mortgage plan.
How to apply for your BOC Home Loan


Apply for BOC Mortgage via MoneySmart
Get in touch with our mortgage team
Compare BOC mortgage plans
Apply online with required documents
Check the application form and sign it
Draw down your mortgage
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BOC Mortgage Plans FAQ
What documents are required when applying for BOC mortgage?
- To apply for BOC mortgage, proof of identity, provisional agreement for sale and purchase (applicable to new purchase)/ recent 3-month repayment record, current mortgage repayment information, proof of residential address (applicable to refinance), recent 3-month salary record, bank statement and recent tax bill are required.
What is building order? Does BOC impose any restriction on the property with building order?
- When a property is found to have unauthorized building works by the Housing Department, a building order will be issued, which demands the property owner to get it removed in a given time frame. BOC will not provide mortgages for properties with building order.
Can I apply for a mortgage without a fixed income? Can I apply with my asset instead?
- In general, self-employed applicants are required to provide 6-month of bank statement as income proof. Applicants can also apply through Asset Based Lending using properties, cash, stocks, bonds, etc but not a certain
Can I apply for a BOC mortgage without a tax bill ?
- BOC does not accept mortgage applications without a tax bill. Applicants can consider applying through Asset Based Lending (ABL) if he/ she has more assets.
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