The Home Assistance Loan Scheme (HALS) was introduced in January 2003, aiming to help eligible applicants acquire home ownership by offering them financial assistance. It also enabled the Housing Authority and the Housing Society to recover rental housing flats for re-allocation to families in need. The approved families may opt to have an interest-free loan of $530,000 (to be repaid over 13 years) or $390,000 (to be repaid over 20 years), or a monthly mortgage subsidy of $3,800 (payable for 48 months). The loan and subsidy amount for single person is half of the above rates.
However, after conducting an overall review on the scheme, the Housing Authority (HA) endorsed the immediate termination of the HALS on 14 July 2004. Now the Home Assistance Loan Unit deals only with post-loan / subsidy matters.
Please click on the links to get more details of the HALS: