“Navigating the Nightmare of Public Housing Stress Testing: How Residents Can Make Informed and Resilient Choices!”


"Navigating the Nightmare of Public Housing Stress Testing: How Residents Can Make Informed and Resilient Choices!"

"Exercise Caution When Purchasing Public Housing, and Stay Informed About the Guarantee Period and Land Prices."

Did you know that when you purchase public housing, banks may require stress testing? Today, let's discuss this issue.

First, let's understand what public housing stress testing is. Essentially, banks assess a borrower's income, expenses, and debts to determine whether they have sufficient repayment capacity. If the borrower lacks the ability to repay, the bank may refuse the loan or require additional repayment conditions.


For a first-hand public housing mortgage that has not yet paid off the land price, the Hong Kong government provides a 30-year guarantee period, and therefore no stress testing is required regardless of the housing type (Green Form or White Form). However, if you purchase a second-hand public housing unit without paying off the land price, stress testing may be required depending on how much time is left in the guarantee period. If there is only around 10 years remaining, banks may request stress testing. If the guarantee period has already expired, stress testing is mandatory.


For a second-hand public housing unit that has already paid off the land price, the mortgage arrangements are the same as for private property mortgages. If it is a first-time purchase, there may be an opportunity to waive the stress test. However, if it is not the first time, stress testing is required.


When choosing to purchase public housing, how can we make informed and resilient choices? First, we should be aware of the guarantee period and land prices. If the guarantee period is long, there is no need to worry about stress testing; however, if the guarantee period is approaching its end, we should be prepared. Additionally, if purchasing public housing without paying off the land price, we should also be aware of the possibility of stress testing to avoid any surprises.


Moreover, we should pay attention to our financial situation. If we already have other debts or lower incomes, we may not pass the stress test and thus may be unable to obtain a loan. Therefore, when selecting public housing, we should carefully evaluate our financial situation and determine whether we have sufficient repayment capacity.


We can also consider increasing our repayment capacity, such as by increasing our income or reducing our expenses. Before purchasing public housing, we can make financial plans to estimate our repayment capacity and make decisions based on this.


Finally, purchasing public housing is an important decision that should not be made lightly. We must fully understand our financial situation and the situation of the public housing, and carefully consider our decisions. Additionally, when selecting banks and lenders, we should compare and evaluate them to obtain the most favorable loan terms.

In summary, public housing stress testing is a challenge that we must face when purchasing public housing. We must make informed and resilient choices based on our own situation, increase our repayment capacity, and ensure that we can repay the loan smoothly. We hope that everyone can master this information and make wise decisions.

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