Homeowner Loans
Property owner personal loans are a type personal loan that does not require any property as collateral. They are services aimed for property owners. In comparison to conventional personal loans, the loan amount is based on the valuation of the property owned by the applicant, usually allowing for higher loan amounts. This is an attractive for property owners who are in need of funds but do not wish to sell or mortgage their properties. Lenders typically does a valuation of the applicant's property before determining the loan amount, which tends to be higher than that of standard personal loans.
No credit check required, single applicants are welcome
Property owner loans are credit-check free throughout the entire process. In the case of jointly-owned properties, a single individual can apply, making property owner personal loans accessible to all property owners. Whether one owns public housing, factory premises, commercial properties, private residential properties, or standalone buildings, all property owners can conveniently apply online without the need of a property deed colleteral. Property owner loans offer lower interest rates compared to standard personal loans, with interest rates starting from as low as 1.6%. Loan amounts range from a minimum of HK$10,000 to a maximum of HK$2,000,000 (up to 90% of the property value).
The application process for property owner personal loans is straightforward and with a high approval rate: When applying for a second mortgage on a property, there may be a need to undergo the mortgage approval process again, which involves reevaluating income proofs, repayment capabilities, stress tests, among other factors. However, property owner personal loans do not require property collateral, thus they are not constrained by the requirements of conventional property mortgage loans. As a result, the application process is much simpler and are approved easier.
Features of Property Owner Loans
Example:
For a loan amount of HK$100,000, with an annual interest rate of 9%, a repayment period of 12 months would result in a monthly installment of HK$8,745.
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Our company reserves the right to determine the loan interest rate and final approval, subject to terms and conditions.
The difference between property owner loans and bank mortgage or refinancing
Refinancing or re-mortgaging is a common property financing method where property owners take out an additional mortgage on their currently mortgaged property to retrieve extra cash. However, this method typically does not apply to subsidized public housing such as Home Ownership Scheme (HOS), public housing, or Green Form Subsidized Home Ownership Scheme (GSH) units without a premium. On the other hand, property owner loans are defined as loans that can be applied for by any property owner, regardless of whether they own HOS units, public housing, or GSH units. This process does not involve any mortgage procedures, such as providing property deeds or legal fees, making the approval process simple and efficient.
