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Mortgage Arrangement
General Mortgage Arrangement
  1. On receipt of the confirmation of acceptance by the Housing Authority (HA), a purchaser who requires a mortgage loan to pay the balance of the purchase price may choose and approach a participating bank or a financial institution on the list provided by the HA for a mortgage loan on preferential terms. The loan application is subject to final approval by the bank or financial institution concerned.
    Some of the mortgage terms are as follows:
    (a) Loan amount must not exceed the balance of the purchase price of the flat, i.e., the actual purchase price less the intention money paid;
    (b)

    The maximum repayment term is 25 years.

  2. With prior approval of the Director of Housing, the purchaser may also obtain a loan from a bona fide staff housing loan scheme provided by his employer to cover the balance of the purchase price and make a first legal charge on the property. Unless with the approval of the Director of Housing, the purchaser shall not secure any other form of mortgage financing or refinancing, including increasing the amount of the mortgage loan. For details, please contact the relevant District Tenancy Management Office (DTMO) of the estate.
Application for Consent to Enter into Staff Housing Loan Mortgage

If the purchaser's employer provides a bona fide staff housing loan scheme and he / she is allowed to mortgage the TPS flat under that scheme, the purchaser should apply in writing to the Director of Housing for his approval before proceeding with any mortgage formalities. Application should be made as early as possible to the DTMO of the respective estate. Purchaser should attach to the application an original copy of the letter from his / her employer to the Director of Housing, listing in point form the following information on the staff housing loan:

  1. Address of the flat to be mortgaged;
  2. Name of the mortgagor;
  3. Name of the borrower as specified in the mortgage documents. The borrower should be one or all of the purchasers of the flat referred to in (1) above;
  4. Name of the lender;
  5. Exact amount of loan obtained by the borrower for the purpose of purchasing the flat referred to in (1) above. This amount should not exceed the balance of the purchase price of the flat referred to in (1) above, i.e., the actual purchase price less the intention money paid, or the outstanding principal under the existing mortgage (if applicable);
  6. The preferential interest rate per annum offered to the staff, and whether it is fixed or subject to future adjustment;
  7. Total number of monthly repayment instalments, and state whether it is fixed or subject to future adjustment, or other repayment methods applicable;
  8. Statement of whether the borrower is the employee of the lender. If not, please provide the name of the borrower's employer, and the reason for the flat referred to in (1) above to be mortgaged to the lender under the staff housing loan scheme provided by the borrower's employer;
  9. Proof of the eligibility of the borrower for the staff housing loan benefits offered by his / her employer; and
  10. Proof of whether the flat referred to in (1) above is subject to any existing mortgage or legal charge.

As it will take some time for the Housing Subsidies Sub-division and the Legal Service Sub-division of the Housing Department to process the applications for staff housing mortgage loans and verify the relevant legal documents, there is a chance that approval cannot be given before the deadline on which the purchaser is required to pay the balance of the purchase price of the flat. On such occasion, the purchaser may have to pay a penalty charge, the amount of which is equivalent to the interest on the delayed payment of the balance of the purchase price, as in accordance with the terms and conditions of the sale and purchase agreement. Applicants with written approval from the HA for mortgage under a staff housing loan scheme are required to pay the HA an administrative fee (currently at $1,790 per Consent Letter). The Legal Service Sub-division will also charge an additional administrative fee for the verification of legal documents.

The above information is for reference only. Purchasers will have to refer to the terms and conditions in the Consent Letter and the relevant legal documents. Please click the following link to download the Application Form for Consent to Enter into Staff Housing Loan Mortgage:

Application for Consent to Enter into Staff Housing Loan Mortgage HD02S (PDF format), bilingual version


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