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For Immediate Release
BEA Launches URA Bridging Loan
Hong
Kong, 18 June 2002 –The
Bank of East Asia ("BEA") today announced that, in order to cater to the
requirements of homeowners affected by the Urban Renewal Authority's
("URA") redevelopment projects, it is offering a Bridging Loan to those
Flat Owners who have sold their existing properties to the URA for
redevelopment.
Under the URA Bridging Loan scheme (the "loan
scheme"), affected owners would be offered a loan amount of up to 85% of
the total sales proceeds. This would facilitate the purchase of a new flat
and payment of removal expenses before the actual receipt of the sales
proceeds from the URA. With the new loan scheme, borrowers will not be
required to pay monthly instalments. The principal and accrued interest
may be repaid upon receipt of the sales proceeds from the URA. As such,
the scheme offers affected flat owners high flexibility to meet their
financial obligations.
Details of the loan scheme are as follows:
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| 1. |
Loan amount |
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Up to 85% of the total selling price; or a minimum amount
of HK$200,000 |
| 2. |
Interest Rate |
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Prime -1.5% p.a. (Current prime rate:
5.125%) |
| 3. |
Repayment Tenor |
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Up to six months |
| 4. |
Application Fee |
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HK$500. (Refundable if borrowers successfully apply for
mortgage instalment loan at BEA for the new property)
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BEA's 11
branches near the redevelopment areas in Tai Kok Tsui, Sham Shui Po and
Wanchai have been designated to handle the affected homeowners' enquiries
and applications. Further details of the loan scheme are also available by
calling BEA's "Mortgage Hotline" on 2868 5151 (press "1") or by visiting
any BEA branch.
- End -
For further information, please
contact:
Mr. Kenneth Tsin
Senior Mortgage Distribution
Manager
Property Loans Department, BEA
Tel: (852) 3407
2133
Fax: (852) 2845 5781
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