HK Property Mortgage - ICBC (Asia)
HK Property Mortgage
Whether you are a first-time homebuyer or planning to trade your property, ICBC (Asia) can provide you with the most suitable mortgage solutions.
Comprehensive Property Mortgage Services
To cater to different housing and mortgage needs, we offer you a range of mortgage services options:
Residential Mortgage
- Suitable for purchasing pre-sell properties, and properties in the primary market or secondary market, as well as individuals who wish to go for mortgage transfer or refinancing
- Repayment period up to 30 years
- Loan amount up to 70%* of the purchase price or appraised value of the property, whichever is lower
Mortgage Insurance Programme (MIP)
- Applicable to owner-occupied residential properties under the customer’s personal name
- Repayment period up to 30 years
- Insurance premium can be integrated into the mortgage loan amount
- Loan amount up to 90%** of the purchase price or appraised value of the property, whichever is lower
Green Mortgage
- Aims to encourage customers to purchase sustainable green buildings and build a green future together
- Applicable to first-hand, second-hand residential properties and government subsidised flats with a valid Gold or Platinum rating under “BEAM Plus”*** which is issued by the Hong Kong Green Building Council
Wise Mortgage
Wise Mortgage offers competitive mortgage rates1, and provides a preferential deposit rate equivalent to the mortgage rate for a particular proportion of your deposits2 during the repayment period. By choosing Wise Mortgage, not only can you realise your dream of owning a house, but also earn higher interest returns on your savings deposited in the repayment account. Additionally, you can enjoy greater flexibility in managing your funds since there is no restrictions on withdrawals or deposits. (Up to 60% of the total outstanding balance of the mortgage loan during the first year)
Preferential deposit rate
- The preferential interest rate is equivalent to Wise mortgage interest rate and is accrued on a daily basis, ensuring you benefit from a preferential deposit interest and a consistent return.
- During the first year of repayment, you can deposit up to 60% of the total outstanding balance of the mortgage loan3 to earn the preferential interest rate.
Flexible Funds Management
- You can make deposits or withdrawals from your designated Repayment Account anytime to align with your financial needs.
Comparison between Wise Mortgage and other mortgage plans
| Wise Mortgage4 | Similar Deposit-Linked Mortgage Plans | General Mortgage Plan | |
| Feature | Apart from mortgage, you can also benefit from a preferential deposit rate equivalent to the mortgage rate5 | Mortgage without preferential deposit offer | |
| Maximum amount of deposit bearing preferential interest rate | Up to 60% of the total outstanding balance of the mortgage loan during the first year, and up to 50% thereafter | Up to 50% of the total outstanding balance of the mortgage loan | Not applicable |
| Balance in excess of the maximum amount of deposit bearing preferential interest rate | Interest rate based on our Bank’s tiered interest rate structure for HKD Savings Account6 | Only some plans offer interest, and interest rate based on their tiered interest rate structure for HKD Savings Account | Not applicable |
Example Scenario7 of mortgage loan application as at 1st September 2022 (for reference only)
Mortgage loan amount: HK$1,000,000
Repayment tenor: 30 years
Balance of HKD Repayment Account upon loan drawdown date: HK$20,000
Additional monthly deposit: HK$3,000
(Assuming no withdrawals are made from the deposit throughout the entire loan tenor and no overdue repayment)
| Wise Mortgage | General Mortgage Plan | |
| Mortgage interest rate (p.a.)1 | 2.5% | 2.75% |
| Monthly repayment | HK$3,951 | HK$4,082 |
| Total Mortgage Interest expense (i) | HK$422,864 | HK$470,169 |
| Preferential deposit rate (p.a.) | 2.5% | N/A |
| HKD savings rate (p.a.) | 0.15% | 0.15% |
| Total interest income on deposit account (ii) | HK$167,203 | HK$25,153 |
| Total net interest expenses (i) - (ii) | HK$255,661 | HK$445,016 |
| Saving on interest expenses^ | HK$189,355 | --- |
Home Ownership Scheme
- Specially designed for customers under the Home Ownership Scheme and is available for both primary and secondary markets as well as refinancing
- Repayment period up to 25 years
- Loan amount up to 95% of the purchase price
Tenants Purchase Scheme
- Available to buyers participating in the Tenants Purchase Scheme
- Repayment period up to 25 years
- Loan amount up to 100%**** of the purchase price
Flexible Repayment Options
You can choose between “Fixed Tenor” or “Fixed Repayment Amount”. Apart from “monthly instalment”, you can also opt for bi-weekly# instalment to save on interest expenses.
Simple Application
Online Application
If you have registered ICBC (Asia)’s Personal Internet Banking, you can conveniently and instantly apply online.
In-person Application
You can personally visit any ICBC (Asia) branches with the following documents to process your application.
- Sale and Purchase Agreement [only applicable to new purchase property];
- Existing mortgage repayment schedule and the latest 3 months repayment records [only applicable to refinancing existing mortgage];
- Identity Proof;
- Residential address proof (e.g. utility bill);
- Income proof, including:
- latest tax demand note; and
- payroll statement/passbook for the last 3 months
Download Documents
*If the loan-to-value ratio over 70%, you can apply for “Mortgage Insurance Programme”.
**The terms and conditions of the MIP are subject to the announcement and final approval of “HKMC Insurance Limited” (including the loan ratio, maximum loan amount, and repayment period).
*** For the details of eligible properties, please refer to the website of Hong Kong Green Building Council.
****Exclude the Intention Money paid to Hong Kong Housing Authority.
^Saving on interest expenses = Total net interest expenses of General Mortgage Plan - Total net interest expenses of Wise Mortgage
#Bi-weekly repayment option is not applicable to HIBOR plan.
Remarks:
Annualised Percentage Rates are calculated according to the basis set out in the Code of Banking Practice.
You can choose our savings account or savings account in our integrated account as your designated Repayment Account of Wise Mortgage.
Up to 50% of the total outstanding balance of the mortgage loan thereafter.
Applicable to Hong Kong primary or secondary private residentials and village type houses for purpose of new purchasing, refinancing, top-up refinancing and mortgage-free property refinancing.
Preferential deposit rate will not be available when there is overdue instalment repayment during the repayment period.
The tiered interest rate structure may vary on different type of savings accounts, please contact our bank staff for latest update. The tiered interest rate will be determined according to the total balance of the savings account.
The mortgage loan interest rate and savings rates, and the interest calculation example are for reference only. The actual terms and conditions of mortgage loan refer to the Wise Mortgage facility letter.
ICBC (Asia) reserves the right to amend or suspend the above offers at any time without prior notice and reserves the right of final approval on all loan applications.
In case of any discrepancies between the English and Chinese version, the English version shall prevail.
Reminders about Responsible Borrowing
- Customer should have a clear understanding of his/her financial condition, daily expenses, and actual borrowing needs.
- Customer should assess his/her repayment ability and avoid over-borrowing.
- Customer should repay any outstanding balance on time to avoid late payment charges and additional overdue/overlimit interest charged by the Bank.
- To borrow or not to borrow? Borrow only if you can repay!
For information regarding our list of appointed loan referral agents, please contact our customer service hotline at 218 95588.
