Parking lot up to 40%

According to the latest guidelines of the HKMA, the number of parking spaces for mortgages must be lower than residential mortgages, so the maximum number of parking mortgages is only 40%, the ceiling for the ratio of contribution to income is 50%, and the upper limit for pressure tests is 60%.

If it is not completed, the building will be approved more strictly

It is worth noting that if the public currently owns a mortgage residential property, the parking space subsequently purchased will be counted as a second mortgage property. The pressure test requirements will be higher, and the contribution rate to the income ratio and the upper limit of the pressure test will need to be lowered by 10 The percentage points dropped to 40% and 50%, respectively, means that buyers need to have more abundant contribution capacity to succeed in the meeting.

Wang Meifeng, managing director of Zhongyuan Mortgage Brokers, reminded users that for the general public to purchase properties and car parking spaces for their own use, they may consider using car parks to negotiate leases with the property. The same conditions can be enjoyed when the mortgage is arranged. The same mortgage interest rate, number, and longer mortgage term will increase the number of parking lot mortgages in disguised form.

If a local user first purchases a residential property with a parking space, the property and parking spaces can also be taxed at the old stamp duty rate, which will help reduce the cost of the parking spaces.

On the contrary, if the public purchases a parking space independently, it will be regarded as a non-residential category. Even if the buyer did not own the property or parking space, he would still have to pay double stamp duty.