What is building order? Does ICBC impose any restriction on the property with building order?

ICBC 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.

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Compare ICBC Mortgage Rates: Best Mortgage Plans in Hong Kong | MoneySmart

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Mortgage Plans

Why you should consider this provider? Whether you are purchasing a new property or planning to refinance on your mortgaged property, ICBC will strive to customise the right mortgage package to meet your financial needs.

ICBC New Buy Mortgage Rate Plans

New Buy Plan	Rate	Interest Rate Cap	Applicable Property Types
New Buy PlanICBC 1 Month HIBOR	RateH+1.4%	Interest Rate CapP(5.25%)-2.75%	Applicable Property TypesAll property types apart from public housing and HOS Scheme
New Buy PlanICBC Prime Rate	RateP(5.25%)-2.75%	Interest Rate Cap5.25%	Applicable Property TypesPublic Housing and HOS Scheme

ICBC Refinance Mortgage Rate Plans

Refinance Plan	Rate	Interest Rate Cap	Applicable Property Types
Refinance PlanICBC 1 Month HIBOR	RateH+1.5%	Interest Rate CapP(5.25%)-2.75%	Applicable Property TypesAll property types apart from public housing and HOS Scheme
Refinance PlanICBC Prime Rate	RateP(5.25%)-2.75%	Interest Rate Cap5.25%	Applicable Property TypesPublic Housing and HOS Scheme

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ICBC Mortgage Plan: Advantages

No matter if you are purchasing a new property, be it private property or under HOS or planning to refinance on your mortgaged property, ICBC will strive to get you the right mortgage package that suits your needs the most. ICBC mortgage is characterised by the benefits outlined below:

Enjoy preferential interest rates
Enjoy credit card spending rebate
Enjoy complimentary fire insurance for the first year
Enjoy credit card annual fee waiver within repayment period
Enjoy flexible repayment options between "Fixed Tenor" or "Fixed Repayment Amount".You can can also choose to pay bi-weekly to reduce interest expenses.
Enjoy simple Application. To apply, you just have to bring the required documents to any ICBC branches.

ICBC Mortgage Plan: Disadvantages

Penalty Period

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 Public Bank (Hong Kong) mortgage plans such as mainland properties, public housing, etc.

Mortgage Term with ICBC

Property age, types of property and credit scores all affect BOC mortgage terms:

ICBC will take property age into account when reviewing your mortgage applications.

ICBC will also consider the types of property you are applying for when approving your mortgage.

Your credit score also plays a part in your mortgage application. If you have a good credit score, you will be likely to get a preferential rate.

Property Valuation with ICBC

Most of the banks do not have their own valuation department. They usually use the valuation service by a third party company like DTZ, CBRE, Savills,and Centaline Property Agency etc. to provide valuation services.

ICBC 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:

1

Requesting banker to get valuations from few more companies. However they may refuse your request. Alternatively, you can apply through MoneySmart. We work with all major mortgage lenders. We can help you to compare, choose and apply for the best mortgage with a higher valuation.

2

For refinance mortgage, you can directly commission a company for property valuation and submit the valuation report to the bank directly. This approach suits under valuated properties like village houses and old buildings. It may double the valuation price. However, not all banks accept reports like this. It is best to check in advance.

Can these properties get a ICBC 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 Maximum Loan Period: 25 years
Property TypeTong Lau	Y/NY	NotesLess than 10 Million: 80-90% LTV, depending on mortgage amount 10 Million or above: 50% LTV
Property TypeHome Ownership Scheme Housing	Y/NN	NotesN/A
Property TypePublic Housing	Y/NN	NotesN/A

Paying for ICBC Mortgage

The repayment methods are similar among different banks but it's important to check the facility letter for early repayment terms. Usually, a penalty applies if you wish to repay the mortgage earlier.

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 ICBC Home Loan

Step 1

Get in touch with our mortgage team

Applicants can contact our professional mortgage team though our website WhatsApp +852 9665 5218

Step 2

Compare ICBC mortgage plans

MoneySmart will follow up on your inquiry and provide different mortgage plans

Step 3

Apply online with required documents

Fill in a consolidated application form with MoneySmart to apply for a mortgage with different banks. 👍🏻

Step 4

Check the application form and sign it

The bank that you have applied for will contact you directly 📞to collect the necessary documents. Applicants can get in touch with the mortgage department directly for future inquiries.

Step 5

Draw down your mortgage

We will remind ⏰ you upon successful application and provide you with suggestions and assistance you may need until you have successfully got the mortgage.

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