Bank of East Asia launches cross-boundary mortgage loan service

Hong Kong customers may apply for mortgage loan for properties within the GBA.

Bank of East Asia (BEA) has launched a new cross-boundary mortgage loan service aimed to help customers looking to purchase properties in the Guangdong-Hong Kong-Macau Greater Bay Area (GBA), an announcement revealed.

Under this service, customers will be able to handle their mortgage application for properties within the area from Hong Kong. Applicants may receive pre-approval in just 10 working days, according to BEA.

The service will cover four mainland cities in the GBA in its first phase—Guangzhou, Shenzhen, Zhuhai and Foshan.

Customers must be Hong Kong residents purchasing residential property: first property (for selected property projects) or second property (for refinancing and mortgage-free properties).

Customers can receive a loan amount of up to 50% of the purchase price or appraised property value, with a maximum of $1.29m (HK$10m). Interest rate is at 5.25% per annum (pa) minus 1.5%.