The cash rebate - essentially a discount - has come down to as low as 0.5 per cent now, compared with an average of 2 per cent earlier this year. Some banks are planning to phase it out completely, they said.
HSBC said in a statement that it had continued to accept new mortgage applications"as usual" since the announcement of the new easing initiatives, and applications are considered on a case-by-case basis. "We got more enquiries from clients who were not clear about their repayment capability," said Cookie Wong, a managing director of Ricacorp Mortgage Agency."Some of their income only reaches the bottom line of the requirements, unlike before, when those buying the HK$10 million flats were much more cash sufficient."
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