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Premium Loan Insurance Scheme Calculator

IMPORTANT: The information contained in this Indicative Loan Schedule is for reference and illustration purposes only and should not be relied upon as an accurate indication of the actual amounts of Lump-Sum Payout, interest, mortgage insurance premium and the Outstanding Loan Balance of the premium loan. All figures set out in this document are estimates. Neither the Lender nor HKMC Insurance Limited (HKMCI) makes any representation or warranty whatsoever as regards the information set out in this Indicative Loan Schedule and shall have no responsibility for its contents.


This Indicative Loan Schedule does not constitute an offer from the Lender to you for a premium loan. Any application for a premium loan is subject to the approval by the Lender at its sole discretion.




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Interest is calculated on the Outstanding Loan Balance on a monthly compound basis at Hong Kong Prime Rate3 minus 2.5% per annum, which is currently 2.75% per annum

(Note: Hong Kong Prime Rate is quoted by The Hong Kong Mortgage Corporation Limited (HKMC) and is subject to change from time to time)


For further details about the Premium Loan Insurance Scheme, please contact bank or HKMCI.


Notes:

  1. "Appraised Property Value" means the value of the Property, which is lower of the assessed value of the Property as specified in the notice of assessment issued by the relevant entity (where available) or the assessed value stated in the Lender's valuation report (Note: Applicable to the Property aged over 50 years at first drawdown) to be obtained at the application stage, subject to any adjustment HKMCI may make at its sole discretion.
  2. "Specified Property Value" means a figure in multiples of HK$10,000 which, by default, equals to the Appraised Property Value (or if the Appraised Property value exceeds HK$8 million, the relevant maximum amount of Specified Property Value as shown in the table below), or any lower amount chosen or accepted by you.

Maximum amount of specified property value for lump-sum payout calculation
Appraised Property ValueMaximum Amount of Specified Property Value
HK$8 million or below100% of Appraised Property Value
Above HK$8 million and up to HK$12 millionHigher of 80% of Appraised Property Value and HK$8 million
Above HK$12 million and up to HK$16 millionHigher of 70% of Appraised Property Value and HK$9.6 million
Above HK$16 millionHigher of 60% of Appraised Property Value and HK$11.2 million (capped at HK$15 million)


  1. "Hong Kong Prime Rate" means the interest rate in respect of the Hong Kong Dollar from time to time announced by the HKMC, being the arithmetic mean of the prime rate quoted by 12 reference lenders specified by the HKMC from time to time, eliminating the highest prime rate (or, in the event of equality, one of the highest) and the lowest prime rate (or, in the event of equality, one of the lowest) and rounded to the nearest 2 decimal places (i.e. 0.01%).
  2. "Lump-Sum Payout" is the lump-sum amount which you may borrow at first drawdown or from time to time thereafter for specific purposes (such as payment for premium for removing the alienation restrictions, repayment of an existing mortgage immediately before first drawdown, payment for home improvement, repairs or maintenance of the property, fees payable to the relevant solicitors and medical practitioners in connection with the enduring power of attorney (EPA), or the fees in connection with the application for a Court Order under Part II of Mental Health Ordinance (Court Order)). If you request for and are granted the then maximum amount of Lump-Sum Payout whether at first drawdown or from time to time thereafter, you will not receive any further Payout.
  3. The maximum amount is calculated by HKMCI by reference to a number of factors including the Specified Property Value, your age and the aggregate amount of Lump-Sum Payouts you have received. The minimum amount is set at HK$100,000. Such minimum amount requirement is not applicable to the payment of fees relating to EPA / Court Order.
Remarks:

  1. This Indicative Loan Schedule is prepared on the assumptions that (a) there is no interest rate change; (b) there is no Lump-Sum Payout other than the one at first drawdown (if any); and (c) no other fees and expenses (such as administration fee for the application of premium assessment, building inspection fee and legal fee), which may be posted to the Outstanding Loan Balance, is posted to the Outstanding Loan Balance.
  2. "Monthly Mortgage Insurance Premium" is charged on monthly basis at 1.5% per annum on the Outstanding Loan Balance. You are required to reimburse the Lender for the Monthly Mortgage Insurance Premium payable by the Lender to HKMCI under the relevant mortgage insurance arrangement, and each such reimbursement amount will be posted to the Outstanding Loan Balance.
  3. "Upfront Mortgage Insurance Premium" is charged at the flat rate of 2% on the Specified Property Value. You are required to reimburse the Lender for the Upfront Mortgage Insurance Premium payable by the Lender to HKMCI under the relevant mortgage insurance arrangement, and such reimbursement amount will be posted to the Outstanding Loan Balance.