Breaking News! Decoding the Eligibility Criteria for Public Housing Applications: Is It Really Possible to Apply with Zero Income or No Assets?

In Hong Kong, the Housing Authority has made it clear that all eligible permanent residents are welcome to submit their application for public housing, regardless of their income or assets. However, banks will evaluate mortgage applications based on individual circumstances.

You may have heard rumors that public housing is only suitable for lower-middle-class citizens or those with certain assets. However, the Housing Authority's explicit regulations state that any Hong Kong permanent resident over 18 years of age who meets the eligibility criteria may submit an application for public housing, even if they have no income or assets. This is great news, especially for those who need affordable housing.

Of course, there are income and asset requirements for public housing applications, but these are only upper limits, without any minimum requirements. For single applicants, the income cap is HKD 33,000 and the asset cap is HKD 850,000. If you have no income or assets, you can still apply. For families, the income cap is HKD 66,000 and the asset cap is HKD 1.85 million. Similarly, if any family members have no income or assets, they can still apply. However, applicants must provide proof of their ability to afford the housing by declaring their household income.

Nevertheless, each bank has different approval criteria, and if you need to apply for a mortgage, banks may be more lenient in approving public housing mortgages since the Housing Authority serves as the guarantor. However, banks may impose restrictions on the mortgage repayment period. Banks will determine the mortgage repayment period based on the applicant and their family's circumstances. The longest repayment period can be up to 25 years if the family members can afford it. However, if the mortgage applicant is over 80 years old, the bank may refuse the application.

Since the situation for every zero-income applicant is different, we recommend that those interested in applying for a public housing mortgage carefully evaluate their financial situation, including that of their family members, before making a decision. If you have any questions, you can contact a professional mortgage advisor who can provide you with personalized advice and assistance.

Finally, if you are sure you want to apply for a public housing mortgage, please remember that this is not only a great opportunity to solve your housing problem but also a good choice for affordable homeownership. As long as you meet the criteria, you can apply for public housing and provide a stable home for yourself and your family.