The Hongkong and Shanghai Banking Corporation has raised the Hibor-based mortgage rate and lowered the cash rebate rate due to a pessimistic property market outlook and to seek a higher earnings yield, local media reported. Other banks are expected to follow.
The bank has raised the rate by 0.1 percent for loans worth HK$6 million or below to H+1.5 percent and lowered the cash rebate rate 0.3 percentage points to 0.2 percent.
The rate is H+1.45 percent and the cash rebate rate is 0.5 to 0.8 percent for loans worth HK$6 to 20 million. For loans more than HK$20 million, the rate is H+1.4 percent, with a 1 percent cash rebate rate. The upper limit of the rate is the prime rate minus 2.5 percent.
The Bank of East Asia (0023) had revised terms of its deposit-linked mortgage plan earlier this month, lowering the upper limit of the depsit for the mortgage-linked accounts to HK$2 million or 50 percent of the remaining loan amount, whichever is lower, effective July 2.
Source: The Standard
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