Enhanced HLISS realises the dream of home ownership and refinance
The measures of Enhanced HLISS were introduced in the last edition of HASLink. This time, we share with you a few successful stories. One of them is an associate consultant of the Hong Kong East Cluster, the first successful applicant who purchased a three-bedroom apartment. Another colleague Mr Lai refinanced his existing mortgage loan with the scheme. Both say it has saved them hundreds of thousands of dollars in interest expense or mortgage insurance, and consider the scheme attractive.
“It speeded my dream of home ownership! I was able to get a higher mortgage loan. In other words, it saved me at least HK$300,000 in mortagage insurance, which eased my financial burden. My son and daughter felt so excited to have their own bedrooms!”
“I was approved 2.6 million dollars of staff loan, and 0.5 million dollars of bank loan. The loan tenor from my previous plan was for 25 years, but now the repayments of Enhanced HLISS is shortened by more than half until my retirement. Although the monthly repayment has been increased, there is no more repayment after my retirement. Under the recent high interest rate environment, the monthly repayment amount under the Enhanced HLISS is similar to my previous mortgage. However, in view of the shortened loan tenor and the 3% HA interest subsidy, I will probably save up hundreds of thousands of dollars in interest expense. In the long run, as interest rates are expected to decrease, I may be able to save more interest expense. Colleagues should do their sums carefully.”
In early September, the transaction date of some applications had to be deferred because of Typhoon Saola and the black rainstorm signal. HAHO HLISS Unit proactively followed up with relevant colleagues and panel banks, ensuring the transactions were smoothly completed.
Flat-for-flat for a family of four
The Associate Consultant lived in a two-bedroom flat with his wife and two children. He would like to arrange his son and daughter to have their own bedrooms as they are growing up. He was looking for a three-bedroom flat since last year, and bought a 900 square feet three-bedroom flat (photo below) valued around 10 million dollars with the help of Enhanced HLISS.“It speeded my dream of home ownership! I was able to get a higher mortgage loan. In other words, it saved me at least HK$300,000 in mortagage insurance, which eased my financial burden. My son and daughter felt so excited to have their own bedrooms!”
Refinance to save up hundreds of thousands of dollars in interest expense
Mr Lai owned a 700 square feet apartment in Olympic. Now, he still has 3 million dollars of outstanding mortgage loan and refinanced it via Enhanced HLISS.“I was approved 2.6 million dollars of staff loan, and 0.5 million dollars of bank loan. The loan tenor from my previous plan was for 25 years, but now the repayments of Enhanced HLISS is shortened by more than half until my retirement. Although the monthly repayment has been increased, there is no more repayment after my retirement. Under the recent high interest rate environment, the monthly repayment amount under the Enhanced HLISS is similar to my previous mortgage. However, in view of the shortened loan tenor and the 3% HA interest subsidy, I will probably save up hundreds of thousands of dollars in interest expense. In the long run, as interest rates are expected to decrease, I may be able to save more interest expense. Colleagues should do their sums carefully.”
In early September, the transaction date of some applications had to be deferred because of Typhoon Saola and the black rainstorm signal. HAHO HLISS Unit proactively followed up with relevant colleagues and panel banks, ensuring the transactions were smoothly completed.