THE BANK OF EAST ASIA, LIMITED For Immediate Release
Customers can enjoy a fixed rate of 1.8% per annum for the first year
Hong Kong, 16th March, 2016 - The Bank of East Asia, Limited ("BEA") today announces the launch of a new fixed rate residential mortgage plan (the "Plan"), which offers customers a mortgage rate fixed at 1.8% per annum for the first year, and at HIBOR plus 1.6% per annum thereafter (for mortgage loan amounts of HK$2,000,000 or above), capped at BEA's HKD Prime Rate minus 3.1% per annum. Customers are also entitled to a cash rebate of up to 1% of the loan amount.
The Plan can be used to purchase residential property in both the primary and secondary markets, or for mortgage transfers or cash-out refinancing, with a loan tenor of up to 30 years.
Commenting on the Plan, Mr. Vincent Hui, General Manager and Head of the Personal Banking Division at BEA said, "To provide our customers with a greater range of financing options, we at BEA are pleased to introduce a fixed rate residential mortgage plan. The instalment amounts are fixed during the first year, which helps to protect customers against interest rate fluctuations and to ensure effective financial planning."
BEA offers a wide range of mortgage loan schemes to cater to different customer needs. In addition to the Plan, BEA offers Prime-based and HIBOR-based floating rate residential mortgage plans, non-residential mortgage plans, mortgage plans through the Mortgage Insurance and Reverse Mortgage programmes, and through the Home Ownership Scheme and Premium Loan Insurance Scheme.
The fixed rate residential mortgage plan is subject to terms and conditions. For details, please call the Mortgage Hotline on (852) 3608 8686 (press "1") or visit any BEA branch.
About The Bank of East Asia, Limited
Incorporated in 1918, BEA is Hong Kong's largest independent local bank, with total consolidated assets of HK$781.4 billion (US$100.8 billion) as of 31st December, 2015. Listed on the Stock Exchange of Hong Kong, the Bank is a constituent stock of the Hang Seng Index.
BEA offers customers a comprehensive range of corporate banking, personal banking, wealth management, and investment services through an extensive network of more than 240 outlets covering Hong Kong and the rest of Greater China, Southeast Asia,
the United Kingdom, and the United States. For more information, please visit any BEA branch or the Bank's homepage at www.hkbea.com.
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Media enquiries: Ms. Christine Lo
Head of Retail Lending Department Personal Banking Division
The Bank of East Asia, Limited Tel.: (852) 3608 2028
Email: locwy@hkbea.com
Mortgage rate per annum for the first year | Mortgage rate per annum starting from the second year | Cash rebate | Full prepayment fee (% based on original loan amount) | Partial prepayment fee (% based on partial prepayment amount) |
Fixed rate at 1.8% | HIBOR + 1.6% (for mortgage loans of HK$2,000,000 or above1 and capped at BEA's HKD Prime Rate2 minus 3.1%) | 1% of loan amount | First year: 2% & repayment of full cash rebate Second year: 1% & repayment of 50% of cash rebate | First year: 1% (Min. HK$1,000) |
BEA - The Bank of East Asia Limited issued this content on 16 March 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 17 March 2016 10:48:31 UTC
Original Document: http://www.hkbea.com/pdf/en/about-bea/new-release/2016/20160316e.pdf
