Financial news
Written by: Xu Shihao
2020-03-18 21:14
Last updated: 2020-03-18 21:14The "New Crown Pneumonia" epidemic has continued. The Hong Kong Government has recently issued a red travel warning. Economic activity has greatly decreased, and the latest unemployment rate has risen to a high of 3.7% over a nine-year period. Some local media allege that banks have tightened mortgage scrutiny for those working in the retail, catering and aviation industries, and some banks have even refused to accept the business of aviation personnel.
Cao Deming, chief vice president of Meridian Mortgage Referral, said that due to risk management and the current economic instability, the bank's approval of mortgage approvals has become more conservative early this year.
If you pass the stress test and maintain the normal procedure approval
He pointed out that at present, some banks are more rigorous in examining and approving mortgage applications in related industries, but it is understood that it is only the attitude of individual banks. Most banks will still maintain normal procedures for approval after the applicant has provided normal income documents and passed the stress test.
Cao Deming added that in the past, local banks have stepped up their mortgage scrutiny under conditions of economic instability (such as SARS in 2003 and the financial tsunami in 2008). Individual banks are more inclined to grant higher interest rate mortgage plans or reduce rebates. .
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