The Bank of East Asia (0023) has revised terms of its deposit-linked mortgage plan, lowering the deposit upper limit for the mortgage-linked accounts to HK$2 million or 50 percent of the remaining loan amount, whichever is lower, effective July 2.
The cut for the high-interest-rate deposit affects both new and old customers, the bank said.
For example, if a customer chose a 90-percent mortgage plan on HK$8-million flat and borrowed HK$7.2 million, they would have previously been able to deposit HK$3.6 million in their mortgage-linked account, while receiving the same interest rate as what was charged on the loan.
Meanwhile, the one-month Hong Kong Interbank Offered Rate fell for the 15th consecutive trading day — the longest drop for three-and-a-half years — to 0.43506 percent yesterday.
Source: The Standard 19 Jun 2020
Link: https://bit.ly/2VeviXB
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