I have just requested my bank(HSBC - my first mortgage loan) to process the repayment of the mortgage loan to HKHS(within 3 yrs period).
The HKHS request me to formally apply and submit a valuation statement for the property to them. Luckily, the price valuated through e-valuation service from HSBC (which is acceptable by HKHS and you do not need to spend $4000 for the property valuation done by HKHS) was just less than the buy-in price . I just only spend $1000 admin fee to HKHA and lawyer fee (around$5000-6000). The overall process will be completed at the end of this month. At that time, my monthly instalment will be significantly reduced to 62% lar(I choose 20yrs period at p-2.775% and 2 yrs repayment penalty at 3% and 2%)!!!
After first 3-year from you use the HKHS's loan, you shall pay $15,000 admin fee and no need to pay the price diff even the price of the property rise up.
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