"Comparison of Mortgage Loans between the Housing Authority and Housing Society"

"Understanding the different mortgage loan conditions offered by various institutions to choose the best option for purchasing public housing"

For those planning to buy public housing in Hong Kong, mortgage loans are one of the most important considerations. The institutions offering mortgage loans for public housing include the Housing Authority (HA) and the Housing Society (HS). However, the mortgage loan conditions offered by these two institutions differ. This article will introduce the mortgage loan conditions offered by the HA and HS to help readers choose the most suitable option for purchasing public housing.

First, let's take a look at the mortgage loans offered by the HA. The HA's mortgage loan can reach up to 25 years and does not require a stress test. In addition, the interest rate offered by the HA is P-prime, and no mortgage insurance is required. If you have already purchased a first-hand public housing unit and plan to purchase a second-hand public housing unit from the HA, you do not need to undergo a stress test. The HA also offers a refinancing service, which can extend the repayment period.

Next, let's examine the mortgage loans offered by the HS. The HS's mortgage loan can reach up to 30 years but requires a stress test, which depends on the age of the property. There are two options for the interest rate: H-prime or P-prime. If you have already purchased a first-hand public housing unit and plan to purchase a second-hand public housing unit from the HS, you need to undergo a stress test. In addition, the HS only offers mortgage insurance for first-hand units, not for second-hand units. The HS does not provide a refinancing service to extend the repayment period.

In summary, the mortgage loan conditions offered by the HA and HS differ. If you have already purchased a first-hand public housing unit and plan to purchase a second-hand unit from the HA, the mortgage loan conditions offered by the HA may be more suitable for you because no stress test or mortgage insurance is required, and refinancing and repayment period extension services are provided. However, if you plan to purchase public housing from the HS, you need to undergo a stress test and pay for mortgage insurance, and you cannot extend the repayment period. Of course, when choosing how to buy public housing, readers should not only consider mortgage loan conditions but also other factors such as the location, age, facilities, and surrounding environment of the public housing. Only by considering all these factors can one make the most informed decision.

In conclusion, the HA and HS offer different mortgage loan conditions for public housing. Readers can choose the most suitable option based on their needs and circumstances. However, regardless of which option is chosen, one should carefully study various loan conditions and other factors to make the most informed decision.