[wooe]

Hi,

I am considering buying a property in HK but currently reside overseas. I used to live in HK so I have an idea about the location and how the flats are like. The online realty sites are pretty detailed nowadays. My questions are:

- How long does the bank take for mortgage approval?

-What documents do I need to bring to HK from overseas to support my income source(Income tax return-- for how many years? property tax in my home country, bank statements, anything else?)

-Once I get a mortgage approval, what do I do next and how long will the whole process of buying take?

-What is the standard time, here in HK, in terms of the time you sign the paper to the time you actually own the flat?


I will be on a job assignment where I will transit in Hk from my home country and I am tentatively thinking of coming to HK a week earlier to confirm the flats and to start the paper work at the bank. I will then be away for 2 weeks for my job and plan to stay for another week or so to finish up the paper work. Do I sound realistic in terms of time?

My apology if similar questions had been asked and
would appreciate your direction to the right link.

Thanks for your tips and advise!

Wooe

[Oldtimer]

I doubt any Hong Kong bank will even entertain your application.
Your best option would be talk to your present bankers in your country of residence.

[PDLM]

I agree - I don't think you will get a mortgage from a HK Bank as a non-resident. Certainly not quickly or cheaply.

[wooe]

Hi,

Thanks for the reply. I certainly understand that they are not going to give a mortgage to a non-resident. However, I do hold a valid HKID (ie have right of abode) and have a saving account in Hk. It's just that majority of my assets are overseas. Would that be different then?

Wooe

[banang]

Local usually gets mortgage approval in one month when all paper doc are in place. It may be easier for you if you can walk into one of service center of your bank to see if they'll entertain you while you're in HK. There may be a different scheme for non-resident.

Bring the tax return, bank statement, passbook, employment letter/contract if you've only worked for your present employer for less than a year.