Best Fubon Bank Mortgage Plan in Hong Kong
In Hong Kong, there are 17 Fubon Bank branches and 1 Securities Services Centre in operation, offering comprehensive financial products and banking services to consumers. Besides retail and commercial banking, Fubon Bank provides wealth management and investment services across financial markets, securities and various investment products.
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Mortgage Plans
Fubon Bank provides various mortgage plans for different types of properties, including Fubon Preferential Mortgage Plan, Fubon 90% Mortgage Plan, Fubon HIBOR Mortgage Plan, Fubon Mortgage Plan for Government Home Ownership Scheme, and Fubon Easy Life Mortgage Wealth Management Plan. Property owners can apply online in just a few easy steps.
Fubon Bank New Buy Mortgage Rate Plans
| New Buy Plan | Rate | Interest Rate Cap | Applicable Property Types |
|---|---|---|---|
| Fubon Bank 1 Month HIBOR | H+1.5% | P(5.38%)-2.75% | All property types apart from public housing and HOS Scheme |
| Fubon Bank Prime Rate | P(5.38%)-2.75% | 5.375% | Public Housing and HOS Scheme |
Fubon Bank Refinance Mortgage Rate Plans
| Refinance Plan | Rate | Interest Rate Cap | Applicable Property Types |
|---|---|---|---|
| Fubon Bank 1 Month HIBOR | H+1.5% | P(5.38%)-2.75% | All property types apart from public housing and HOS Scheme |
| Fubon Bank Prime Rate | P(5.38%)-2.75% | 5.375% | Public Housing and HOS Scheme |
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Fubon Bank Mortgage Plan: Advantages
The Fubon Bank Mortgage Plan applies to large housing estates, single blocks , tong lau, village houses, office buildings, shops and parking spaces and other property types, catering to the needs of various home buyers. Before applying for a mortgage at Fubon Bank, valuation is needed. However, Valuation fees can be exempted.
Fubon Bank Mortgage Plan: Disadvantages
Fubon Bank does not have its own valuation department. Mortgage loan given by the bank may therefore be lower than the estimated value. The referral commision of Fubon bank is also much higher than other banks - Fubon bank charges 0.8% while other banks charge 0.3%.
Property Valuation with Fubon Bank
Fubon Bank does not have their own valuation department. They usually use the valuation service by a third party company like Savills to provide valuation services.
Fubon 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 mortgage. Numerous specific factors relating to the building will be considered during valuation. Old buildings and village houses 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 Fubon Bank mortgage?
| Property Type | Y/N | Notes |
|---|---|---|
| Off Plan Property | Y | Less than 6 Million: 80% LTV 6 -10 Million : 60% LTV or 5 Million (whichever is less) 10 Million or above: 50% LTV |
| First hand Property | Y | Less than 10 Million: 80-90% LTV, depending on mortgage amount 10 Million or above: 50% LTV |
| Second hand Private Housing | Y | Less than 10 Million: 80-90% LTV, depending on mortgage amount 10 Million or above: 50% LTV |
| Village Housing | Y | Less than 10 Million: 80-90% LTV, depending on mortgage amount 10 Million or above: 50% LTV Maximum loan period: 25 years |
| Tong Lau | Y | Less than 10 Million: 80-90% LTV, depending on mortgage amount 10 Million or above: 50% LTV |
| Home Ownership Scheme Housing | Y | Prime 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 |
| Public Housing | Y | Prime 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 Fubon 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 Fubon Bank Home Loan
Apply for Fubon Bank Mortgage via MoneySmart
Get in touch with our mortgage team
Applicants can contact our professional mortgage team though our website WhatsApp +852 9665 5218
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Fubon Bank Mortgage Plans FAQ
Does Fubon Bank impose any restriction on the property with building order?
- Fubon 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?
- In general, self-employed applicants are required to provide the most recent 6-month of bank statements as income proof. Applicants can also apply through Asset Based Lending.
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- Best Mortgage Offers: Get SPECIAL interest rate offer from 2.5% and cash rebate up to 1.5%.
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