Recently, the Hong Kong real estate market has set off an uproar, and a piece of news has spread quickly in the market:
Major banks have suspended the acceptance of mortgage applications from Mainland customers.
This decision has undoubtedly caused an uproar in the real estate world, and there has been a lot of discussion and debate on the matter.
It is reported that this decision stems from various market factors and the bank's own considerations.
Hong Kong 01 reporter inquired with a number of major banks and learned that although a spokesman for Hang Seng Bank said that it has been accepting mortgage applications from various types of customers, in fact, all banks have made this decision after comprehensively considering market conditions, customer repayment ability and property type and other factors.
Centaline Mortgage Managing Director Wang Meifeng pointed out that the reason why some banks have suspended mortgage applications from mainland customers is that they have encountered a series of difficulties in processing mortgage applications from mainland customers, and it is not a one-size-fits-all approach.
On the one hand, it is often difficult to confirm the authenticity of the Mainland income proof documents submitted by Mainland customers, which brings great difficulty and pressure to the approval work of banks.
On the other hand, as banks need to scrutinise the sources of non-local income or assets, and it is difficult for mainland customers to prove how to legally transfer funds to Hong Kong, banks have also made the commercial decision to suspend the application after considering the risks.
This decision is undoubtedly a blow to mainland customers, especially those who are eager to buy a home in Hong Kong.
After the government lifted the purchase restriction policy, mainland tourists continued to pour into Hong Kong to buy houses, and some new real estate projects were "hoarded" by mainland tourists, making some real estate projects reproduce the scene of "pulling boxes" to buy houses.
However, this move by the bank has given them a "head start", and many home buyers have to face the dilemma of not being able to obtain a mortgage loan.
In addition, the high cost of capital faced by banks was also one of the factors behind this decision.
Banks need to strictly control risks, and with the influx of mainland tourists into Hong Kong to buy properties, the pressure on banks to approve property has increased unprecedentedly.
In order to ensure their own interests and sound operation, banks have no choice but to suspend the acceptance of mortgage applications from mainland customers to reduce risks.
However, for mainlanders, this does not mean that the opportunity to buy a home is lost.
On the contrary, now may be a good time for mainlanders to buy a home.
Although some banks have suspended mortgage applications from mainland customers, many banks are still accepting them, albeit through a more stringent approval process.
In addition, home buyers can also handle their mortgages more efficiently and find the right bank with the help of large mortgage referral companies.
In general, although some large banks have suspended mortgage applications from mainland customers, this does not mean that mainland home buyers have lost the opportunity to buy a home.
Instead, there are steps they can take to cope with the current situation to ensure that their home buying plans go smoothly.
Now is a good time for mainlanders to come to Hong Kong to buy property, seize the opportunity to come to Hong Kong to sweep the goods~