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MIP Preliminary Assessment

This tool enables you to obtain a preliminary assessment of the eligibility of your prospective mortgages for insurance coverage and to identify the Mortgage Insurance Programme product that best fits your needs.



Purpose

1. To facilitate home purchase by enabling homebuyers to know in advance whether their mortgage loan will qualify for MIP coverage;

2. To assist homebuyers in identifying the appropriate MIP product that best fits their needs ahead of home purchase.



Please Note the Following

1. The Mortgage Insurance Programme (MIP) provides mortgage insurance cover to participating banks against the risk of default. The beneficiary of the MIP cover is the bank and not the borrower;

2. Prior to submitting your details for this online Preliminary Assessment of Eligibility you should consult the Insurance Eligibility Criteria;

3. In order to assess whether your mortgage loan fulfils the Insurance Eligibility Criteria, you must submit the correct information for the Preliminary Assessment of Eligibility;

4. The Preliminary Assessment of Eligibility and the issuance of a Preliminary Assessment of Eligibility Report is for your reference only and afterwards you must submit all required documents to your bank who will make the application to the HKMCI. You are strongly advised to obtain your bank's confirmation that the HKMCI has approved its application for MIP cover before entering into any agreement for sale and purchase of a property.



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Mortgage Insurance Programme – Preliminary Assessment of Eligibility







Particulars of Borrower (1)

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Particulars of Borrower (2)

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Particulars of Borrower (3)

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Particulars of Borrower (4)

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Particulars of Borrower (5)

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Particulars of Borrower (6)

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Property and Loan Information


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How did you find out about the Preliminary Assessment of Eligibility for Mortgage Insurance Programme? (May tick more than 1)


 
 
 
 
 
 
 
 
 
 
Terms and Conditions

I/We confirm and understand that the following Terms and Conditions shall apply to the Preliminary Assessment of Eligibility for the Mortgage Insurance Programme:


  1. The Preliminary Assessment of Eligibility Report ("Report") issued by HKMC Insurance Limited ("HKMCI") is based on the accuracy and correctness of all the information submitted by me/us to the HKMCI, and is subject to me/us having a satisfactory credit record and to the provision of satisfactory proof and evidence of the information submitted by me/us to the satisfaction of the HKMCI and as required by the terms of the Mortgage Insurance Programme.
  2. The HKMCI reserves the right to alter or vary the terms and conditions of the Insurance Eligibility Criteria or the Report or to cancel the Report without giving notice to me/us and the conclusions of the Report are based on the Insurance Eligibility Criteria applicable as at the date of the Report.
  3. The issuance of the Report does not oblige the HKMCI to approve a mortgage insurance application in relation to the Report, which at all times will be at the sole discretion of the HKMCI. I/We are required to submit a formal application to the lending institution granting me/us the mortgage loan, providing all such documents and information as shall be required by the HKMCI, and satisfy all the Insurance Eligibility Criteria as advised by the HKMCI from time to time.
  4. Even though the HKMCI may approve the mortgage insurance application in relation to the Report, the loan amount, the loan tenor and the permitted debt-to-income ratio granted may be different to those specified in the Report depending on your employment type and such other factors as the HKMCI may consider relevant.
  5. The amount of any mortgage insurance cover extended to my/our lending institution in relation to the Report may be different to that specified in the Report depending on applicable interest rates, the value of the property involved (which may be different from that input by me/us), the existence of other credit facilities and such other factors as the HKMCI may consider relevant.
  6. The HKMCI shall not be liable to me/us (or any other person) in any way in connection with the issuance of the Report including, without limitation, any loss suffered as a result of me/us purchasing a property in reliance upon the issuance of the Report.
  7. I/We acknowledge and agree that any mortgage insurance cover extended to my/our lending institution by the HKMCI in relation to the Report is for the sole protection, interest and benefit of the lending institution and I/We shall not have not any rights or benefits whatsoever in relation to the mortgage insurance cover.
  8. The Report is not transferable.
  9. In the event of any conflict or discrepancy between the information, terms and conditions on this website and the information, terms and conditions of the Operational Manual of the Mortgage Insurance Programme, the Operational Manual shall prevail.
  10. In the event of any conflict or discrepancy between the English version of these terms and conditions and the Chinese version, the English version shall prevail.