Best Citic Bank Mortgage Plan in Hong Kong

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Mortgage Plans


Citic Bank New Buy Hibor Rate Plans
Hibor Rate Plan | HIBOR Plan Rate | Interest Rate Cap | Applicable Property Types |
---|---|---|---|
Hibor Rate PlanCitic Bank International 1 Month HIBOR | HIBOR Plan RateH+1.5% | Interest Rate CapP(5.0%)-2.75% | Applicable Property TypesAll property types apart from public housing and HOS Scheme |
Hibor Rate PlanCitic Bank International Prime Rate | HIBOR Plan RateP(5.0%)-2.75% | Interest Rate Cap5.0% | Applicable Property TypesPublic Housing and HOS Scheme |
Citic Bank Refinance Prime Rate Plans
Prime Rate Plan | P Plan Rate | Best Lending Rate (=P) | Applicable Property Types |
---|---|---|---|
Prime Rate PlanCitic Bank International 1 Month HIBOR | P Plan RateH+1.5% | Best Lending Rate (=P)P(5.25%)-2.75% | Applicable Property TypesAll property types apart from public housing and HOS Scheme |
Prime Rate PlanCitic Bank International Prime Rate | P Plan RateP(5.25%)-2.75% | Best Lending Rate (=P)5.25% | Applicable Property TypesPublic Housing and HOS Scheme |
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Citic Bank Mortgage Plan: Advantages
- Prime Rate-Based Mortgage Plan: Interest is calculated based on the HK$ Prime Rate, suitable for new property purchases, trade-ups and refinancing.
- HIBOR-Based Mortgage Plan: The mortgage interest rate and HIBOR fixing period is based on the Hong Kong Interbank Offered Rate (HIBOR)
- "Mortgage Plus": To offset mortgage interest expense
- 90% Mortgage Plan: Borrow up to 90% of the property value.
- Home Ownership Scheme Mortgage Plan: applicable to HOS for eligible applicants


Citic Bank 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.
You may need to submit extra documentation for certain types of property and some are not even applicable to Citic Bank mortgage plans such as mainland properties, public housing, etc.


Mortgage Term with Citic Bank


Property Valuation with Citic Bank


Citic Bank 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 Citic Bank mortgage?
Property Type | Y/N | Remarks |
---|---|---|
Property TypeOff Plan Property | Y/NY | RemarksLess 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 | RemarksLess than 10 Million: 80-90% LTV, depending on mortgage amount 10 Million or above: 50% LTV |
Property TypeSecond hand Private Housing | Y/NY | RemarksLess than 10 Million: 80-90% LTV, depending on mortgage amount 10 Million or above: 50% LTV |
Property TypeVillage Housing | Y/NY | RemarksLess than 10 Million: 80-90% LTV, depending on mortgage amount 10 Million or above: 50% LTV |
Property TypeTong Lau | Y/NY | RemarksLess than 10 Million: 80-90% LTV, depending on mortgage amount 10 Million or above: 50% LTV |
Property TypeHome Ownership Scheme Housing | Y/NY | RemarksPrime 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 | RemarksPrime Rate Plans only. Loan amount: Up to 100% of property price (non inclusive of deposit paid to Housing Authority) Maximum loan period: 25 years |
Paying for Citic Bank 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 Citic Bank Home Loan


Apply for Citic Bank Mortgage via MoneySmart
Compare Citic Bank mortgage plans
Compare Citic Bank mortgage plans
Apply online with required documents
Check the application form and sign it
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Citic Bank Mortgage Plans FAQ
Does Citic Bank accept mortgage applications from properties with building order?
- Citic Bank does not accept mortgage applications from properties with building order.
Can I apply for a mortgage without a fixed income? Can I apply with my asset instead?
- Self-employed applicants are required to provide most recent 6-month of bank statement as income proof. Applicants can also apply through Asset Based Lending using properties and cash etc.
Can I apply for mortgages without a tax bill?
- Citic Bank does not accept mortgage applications without a tax bill.
Why Get a Citic Bank Mortgage through MoneySmart?
- Best Mortgage Offers: Get SPECIAL interest rate offer from 2.5% and cash rebate up to 1.5%.
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