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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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Loan amount
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Up to 85% of the total selling price; or a minimum amount of HK$200,000
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| 2. |
Interest Rate
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Prime -1.5% p.a.
(Current prime rate: 5.125%)
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| 3. |
Repayment Tenor
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Up to six months
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| 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.
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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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