Does Nanyang Commercial Bank impose any restriction on the property with building order?

Nanyang Commercial Bank 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?

Applicants without a fixed income are required to provide recent 6-month of bank statements as income proof. Applicants can also apply through Asset Based Lending.

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Mortgage Plans

Nanyang Commercial Bank offers two main mortgage plans namely "All-You-Want" Mortgage Scheme and "Smart" Mortgage Scheme. The former can help you save mortgage interest of up to 50% while the other allows you to enjoy preferential interest return equivalent to mortgage interest rate.

Nanyang Commercial Bank New Buy Hibor Rate

Hibor Rate Plan	HIBOR Plan Rate	Interest Rate Cap	Applicable Property Types
Hibor Rate PlanNanyang Commercial Bank 1 Month HIBOR	HIBOR Plan RateH+1.5%	Interest Rate CapP(5.0%)-2.5%	Applicable Property TypesAll property types apart from public housing and HOS Scheme
Hibor Rate PlanNanyang Commercial Bank Prime Rate	HIBOR Plan RateP(5.0%)-2.5%	Interest Rate Cap5.0%	Applicable Property TypesPublic Housing and HOS Scheme

Nanyang Commercial Bank Refinance Prime Rate Plan

Prime Rate Plan	P Plan Rate	Best Lending Rate (=P)	Applicable Property Types
Prime Rate PlanNanyang Commercial Bank 1 Month HIBOR	P Plan RateH+1.5%	Best Lending Rate (=P)P(5.0%)-2.5%	Applicable Property TypesAll property types apart from public housing and HOS Scheme
Prime Rate PlanNanyang Commercial Bank Prime Rate	P Plan RateP(5.0%)-2.5%	Best Lending Rate (=P)5.0%	Applicable Property TypesPublic Housing and HOS Scheme

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Nanyang Commercial Bank Mortgage Plan: Advantages

All-You-Want" Mortgage Scheme:
a comprehensive plan that brings mortgage and current accounts together, which help save on your mortgage interest expenses and shorten the repayment period by adjusting your monthly repayments based on your lifestyle and budget.

"Smart" Mortgage Scheme:
provides you with a designated current Account with a preferential interest rate for you to obtain higher interest returns on your savings while owning your dream living space.

Nanyang Commercial Bank 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 NCB mortgage plans such as mainland properties, public housing, etc.

Mortgage Term with Nanyang Commercial Bank

Property age, types of property and credit scores all affect Nanyang Commercial Bank mortgage terms.

Nanyang Commercial Bank will take property age into account when reviewing your mortgage applications.

Nanyang Commercial Bank 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 Nanyang Commercial Bank

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. HSBC only accepts valuation service from Debenham Thouard Zadelhoff (DTZ), therefore their valuation tends to be reserved.

Nanyang Commercial 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 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 Nanyang Commercial Bank 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: 80-90% 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: 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

Paying for Nanyang Commercial 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 Nanyang Commercial Bank 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 Nanyang Commercial Bank 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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