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HA approves income and asset limits for White Form buyers under extended HOS Secondary Market scheme

The following is issued on behalf of the Housing Authority:

     The Housing Authority's Subsidised Housing Committee (SHC) today (November 29) endorsed income and asset limits and other arrangements for White Form (WF) applicants to purchase Home Ownership Scheme (HOS) flats with premium not yet paid under the Secondary Market Scheme (SMS).

     The income limit for family applicants will be $40,000 per month and the asset limit will be $830,000, whereas the limits for one-person applicants will be set at half of the limits for family applicants and will therefore be $20,000 per month for income limit and $415,000 for asset limit (see annex).

    "The limits are determined according to the established methodology under the HOS with the assumption that the mortgage loan-to-price ratio is at 90 per cent and down-payment expenditure is 10 per cent of the flat price," a spokesman for the HA said, adding that the latest property market and economic conditions have also been taken into account.    

     The SHC approved in September this year the extension of the SMS to buyers with WF status with an annual quota of 5,000 as an interim scheme before the completion of the first batch of new HOS flats in 2016/17. The scheme will be launched in January 2013.  

     In order to accord priority for Hong Kong people and in view of the Government's policy on "Hong Kong properties for Hong Kong people", the SHC also decided to adopt a more stringent eligibility criteria on residence requirements for applicants under the interim scheme. The applicant must have lived in Hong Kong for at least seven years on or before the closing date of the application, and his stay in Hong Kong must not be subject to any condition of stay (except the condition on limit of stay).

     Following the established practice, the HA will also provide mortgage default guarantee up to 90 per cent of the flat price to the buyers for 30 years under the interim scheme.

Ends/Thursday, November 29, 2012
Issued at HKT 19:23


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