Wuhan pneumonia is spreading in Hong Kong
BOC Hong Kong announced yesterday afternoon that in order to alleviate the impact of the epidemic, mortgage loan customers can apply for “interest repayment but not principal repayment” for up to 12 months, but must meet multiple conditions and exclude mortgage insurance Loan. The HKMA welcomes and encourages other banks to take similar action. Both Hang Seng Bank and Bank of East Asia followed last night.
Must pay contributions for one year without including mortgage insurance loans BOC Hong Kong stated that it is engaged in or employed in retail, catering, transportation, tourism hotels, entertainment services and other industries, and existing individual and business customers who have more pressure on monthly contributions, such as Have made contributions for one year or more, and have a normal repayment record in the past 12 months, you can apply for a mortgage loan that “repays interest but does not repay the principal.” If the customer is not in a related industry, the application can still be submitted, and the bank will review and approve it on a case-by-case basis.
“Repayment of interest but no principal” is for 6 months. After the expiration, you can apply for an extension of up to 6 months, which is a total of 12 months. The measures are applicable to properties in Hong Kong, but they involve mortgages from “outside agencies”, such as public housing without land premium; loans that are still guaranteed by mortgage insurance; loans that involve secondary mortgages such as developers and civil servants, etc., are not applicable at this time. In addition to mortgage repayment and non-repayment, BOC also announced that if customers fail to repay personal loans and credit card loans on time due to special circumstances, they can apply to the bank to waive relevant penalties, interest and late payment fees.
Late Cards in Special Circumstances
The HKMA also issued a circular to banks yesterday, welcoming some banks to introduce temporary relief measures and encouraging other banks to consider similar actions. The Association of Banks said that members are encouraged to actively study and launch different financial service support measures in accordance with the HKMA’s guidelines to provide appropriate support for citizens and businesses in responding to the epidemic.
The Macau Association of Banks announced on Monday its “interest repayment but no principal repayment” measure, allowing banks to allow local individuals and corporate mortgage loan customers affected by the epidemic to “repay interest without repaying principal” based on their own risk tolerance, for a maximum period of 6 months.
Standard Chartered: To be announced later HSBC: Arrange according to circumstances
A spokesman for Hang Seng Bank said that if customers need it, the bank can arrange for “repayment of interest but not repayment” of different types of products, such as trade loans, commercial loans, property loans, etc. A spokesman for the Bank of East Asia said that customers who meet the bank’s requirements can apply for temporary repayment of interest without repaying the principal or restructuring the loan. The specific method will be determined on a case-by-case basis. Standard Chartered said it was studying different relief options to assist customers with financial shortfalls or financial difficulties to ease financial pressure. Details will be announced later. HSBC replied that for customers who may be affected by the epidemic, the bank will make appropriate arrangements based on specific circumstances.
Another push for anti-epidemic loans for SMEs up to 2 million
Chen Zhenying, a member of the legislative council of the banking industry, said that large banks have a large number of loans, and the proportion of mortgages with delayed repayments will not be too much, and there will be more funds available for new loans. Therefore, it is advantageous to introduce the delayed repayment discount. As for small banks, he believes that similar measures will be introduced out of social responsibility, but they may be smaller, depending on the situation of individual customers.
BOCHK also announced a number of measures to support the fight against the epidemic, including the launch of a special loan program for SMEs to fight the epidemic, with a loan amount of up to 2 million yuan without providing any collateral. In addition, it will assist customers in prioritizing account opening, global remittance, payment settlement and donation related to the procurement of anti-epidemic materials. For BOC Life customers who fail to pay the premiums of the designated life insurance plan as scheduled, the premium grace period can be extended to June 30.