Question 1

How do I apply for a refinancing mortgage?

Accepted Answer

For the most part, there is no difference between applying for a regular mortgage and a refinancing mortgage. The only difference is customers are required to pay off the outstanding balance of their current mortgage. For details on refinancing, please call our Mortgage Hotline 2963 6489 within office hours.

Question 2

What are mortgage interest rates based upon?

Accepted Answer

In Hong Kong, most home mortgages are either based on our Hong Kong Dollar Prime Rate (P) or Hong Kong Interbank Offered Rate (HIBOR).

Question 3

What is the highest acceptable loan-to-value ratio?

Accepted Answer

A conventional mortgage will allow up to 60% of the property's value. To borrow up to 90% of the property's value, customer can apply for the Mortgage Insurance Program.

Question 4

What are the fees and charges involved in purchasing a property?

Accepted Answer

Other than the down payment, the purchaser may also have to pay for the stamp duty of the transaction, solicitor's fee, agent commission, and other similar fees.

Question 5

What should I do if I have further inquiries?

Accepted Answer

You can call our Mortgage Hotline at 2963 6489, visit any Citibank branch or browse this website for more information.

Question 6

What are the solicitor arrangement and the related cost in Citibank?

Accepted Answer

Upon making any mortgage application or redemption, you will be responsible for the legal expenses to be incurred by both yourself and the Bank, regardless of whether or not both parties are represented by the same solicitor firm. While the Bank only engages solicitors from the Bank’s list of approved panel firms (the “List”) to represent the Bank, you have the right to engage your own solicitors out of the List to separately represent yourself. However, if you engage separate solicitors to represent yourself, extra legal costs will be incurred by additional work to be conducted by solicitors representing each party in reviewing and negotiating the other party’s documentation. Therefore, you are reminded to check with the Bank on whether the solicitor you are going to engage is on the List to avoid incurring additional costs.Please note that the Bank shall not be liable for any loss or damages which you may incur in connection with your engagement of any solicitors. The legal expenses charged by the respective solicitors may vary depending on the solicitors’ firm.The information herein is for general information only. It should not be relied upon as legal or professional advice. Whilst reasonable care has been taken to ensure the accuracy of the information herein, no warranty or representation is made as to its correctness or completeness. Content herein may be modified at any time without notice.

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