Following HSBC’s reduction of mortgage concessions, Hang Seng Bank (00011) immediately followed, cutting the new mortgage cash rebate to a minimum of 1%, and raising the mortgage lock limit, and raising interest rates by 0.1% in disguise, suitable for first-hand and second-hand property mortgages, aligning HSBC
Huang Jiaxin, Managing Director of Lijiage Mortgage Agency, looks forward to other banks in the future or follow the downward adjustment of the building.
Hang Seng Bank actually raised its interest rate to 2.47 percent.
BOC Hong Kong believes in shooting
It is understood that Hang Seng will raise the mortgage interest ceiling to the best lending rate (P) by 2.65%, that is, the actual interest rate is 2.475%, while the cash rebate of more than 10 million mortgages will be reduced to 1.5%. Home mortgages and private home mortgage rebates of less than $10 million are reduced to 1%, and cash rebates for press and re-press are cancelled. The final terms are subject to the case. The news also pointed out that BOC Hong Kong (02388) is also considering to follow.
In response to the enquiry, the Hang Seng spokesman said that the interest rate and cash rebate of the bank will depend on market conditions, customer repayment ability and loan amount, and will be reviewed and adjusted regularly in response to market conditions.
Expert: offset cost pressure
Li Jiage mortgage Huang Yixin pointed out that the high cash rebates of past banks and the long-term low interest rates have caused the profit margin of property mortgage loans to shrink significantly, so banks have enough incentives to cut concessions. As the mortgage leader HSBC took the lead in cutting the concessions this week, it will take the lead, and other banks will continue to follow the interest rate increase and reduce the rebate.
Wang Meifeng, managing director of Zhongyuan Mortgage Brokerage, believes that the reduction of the building price can offset the upward pressure on the bank’s capital cost. After adjustment, the interest rates of HSBC and Hang Seng are at a relatively appropriate level, and may not take further action to reduce the concession in the short term.