Best Nanyang Commercial Bank Mortgage Plan in Hong Kong
NCB offers a convenient, efficient and professional way of banking through diversified channels. At the moment, NCB has 42 local branches in town, offering comprehensive banking services. Moreover, customers can bank online via Mobile banking or Internet banking. In addition, customers can also make use of JETCO automatic teller machines with the withdrawal cards issued by NCB.
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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 |
|---|---|---|---|
| Nanyang Commercial Bank 1 Month HIBOR | H+1.5% | P(5.0%)-2.5% | All property types apart from public housing and HOS Scheme |
| Nanyang Commercial Bank Prime Rate | P(5.0%)-2.5% | 5.0% | Public Housing and HOS Scheme |
Nanyang Commercial Bank Refinance Prime Rate Plan
| Prime Rate Plan | P Plan Rate | Best Lending Rate (=P) | Applicable Property Types |
|---|---|---|---|
| Nanyang Commercial Bank 1 Month HIBOR | H+1.5% | P(5.0%)-2.5% | All property types apart from public housing and HOS Scheme |
| Nanyang Commercial Bank Prime Rate | P(5.0%)-2.5% | 5.0% | Public 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.
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:
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Can these properties get a Nanyang Commercial 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: 85% 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 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
Apply for Nanyang Commercial Bank Mortgage via MoneySmart
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Applicants can contact our professional mortgage team though our website WhatsApp +852 9665 5218
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Nanyang Commercial Bank Mortgage Plans FAQ
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.
Why Get a Mortgage through MoneySmart?
- Best Mortgage Offers: Get SPECIAL interest rate offer from 2.5% and cash rebate up to 1.5%.
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