Best Citibank Mortgage Plan in Hong Kong

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Mortgage Plans


Citibank New Buy Mortgage Rate Plans
New Buy Mortgage Plan | Rate | Interest Rate Cap | Applicable Property Types |
---|---|---|---|
New Buy Mortgage Plan Citibank 1 Month HIBOR | RateH+1.3% | Interest Rate CapP(5.25%)-2.75% | Applicable Property TypesAll property types apart from public housing and HOS Scheme |
New Buy Mortgage PlanCitibank Prime Rate | RateP(5.25%)-2.75% | Interest Rate Cap5.25% | Applicable Property Types Public Housing and HOS Scheme |
Citibank Refinance Mortgage Rate Plans
Refinance Mortgage Plan | Rate | Interest Rate Cap | Applicable Property Types |
---|---|---|---|
Refinance Mortgage PlanCitibank 1 Month HIBOR | RateH+1.5% | Interest Rate CapP(5.25%)-2.75% | Applicable Property Types All property types apart from public housing and HOS Scheme |
Refinance Mortgage PlanCitibank Prime Rate | RateP(5.25%)-2.75% | Interest Rate Cap5.25% | Applicable Property TypesPublic Housing and HOS Scheme |
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Citibank Mortgage Plan: Advantages


Citibank Mortgage Plan: Disadvantages
Paying back some or all of your mortgage within the penalty period will incur early repayment charges. For details, you can check your facility letter.
Restrictions on Property Types
You may need to submit extra documentation for certain types of property and some are not even applicable to Citibank mortgage plans such as mainland properties, public housing, etc.


Mortgage Term with Citibank


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


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 purchase but also refinance mortgage. Numerous 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). 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 Citibank 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/NN | Notes- |
Property TypeTong Lau | Y/NN | Notes- |
Property TypeHome Ownership Scheme Housing | Y/NN | Notes- |
Property TypePublic Housing | Y/NN | Notes- |
Property TypeHousing in Mainland China | Y/NN | Notes- |
Paying for Citibank 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 70%, which is HK$27,000.
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 Citibank Home Loan


Apply for Citibank Mortgage via MoneySmart
Get in touch with our mortgage team
Compare Citibank mortgage plans
MoneySmart will follow up on your enquiry and provide you with different mortgage plans to choose from
Apply online with required documents
Check the application form and sign it
Draw down your mortgage
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Citibank Mortgage Plans FAQ
What documents are required when applying for Citibank mortgage?
- To apply for Citibank 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.
Does Citibank impose any restriction on the property with building order?
- Citibank 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 to apply for Citibank Mortgages. Applicants can also apply through Asset Based Lending.
Can I apply for a pre-approved mortgage?
- Citibank does not accept mortgage application without a tax bill. Applicants can consider applying through Asset Based Lending (ABL) if he/ she has more assets.
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