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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
- To facilitate home purchase by enabling homebuyers to know in advance whether their mortgage loan will qualify for MIP coverage;
- To assist homebuyers in identifying the appropriate MIP product that best fits their needs ahead of home purchase.
Please Note the Following
- 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;
- Prior to submitting your details for this online Preliminary Assessment of Eligibility you should consult the Insurance Eligibility Criteria;
- 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;
- 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 HKMC. You are strongly advised to obtain your bank's confirmation that the HKMC has approved its application for MIP cover before entering into any agreement for sale and purchase of a property.
Eligibility Criteria
Eligibility Criteria for Owner-occupied Residential Properties
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