OREANDA-NEWS. May 15, 2013. The Bank of East Asia (“BEA”) announces the launch of a new Fixed Rate Residential Mortgage Plan, which offers customers a fixed mortgage rate ranging from 2.15% to 2.4% per annum for a period of up to three years, and equal to the BEA Prime Rate minus 2.85% per annum thereafter.

Customers are also entitled to a cash rebate of up to 0.5% of the loan amount. The Fixed Rate Residential Mortgage Plan can be taken out to purchase property in both the primary and secondary markets, orfor mortgage transfers or cash-out refinancing. The maximum loan-to-value ratio is 90% (under the Mortgage Insurance Programme) and the minimum loan amount is HKD0.5 million, with a loan tenor of up to 30 years.

Instalment amounts are fixed during the fixed rate period, protecting customers against interstate fluctuations.

BEA offers a wide range of mortgage loan schemes to cater to different budgets. Apart from the above Fixed Rate Mortgage Plan, BEA also provides Prime-based and HIBOR-based Floating Rate Residential Mortgage Loans, Non-Residential Mortgage Loan, Home Ownership Scheme Mortgage, and Tenants Purchase Scheme Mortgage Loan.

Several free-of-charge mortgage services are available through Cyberbanking, the Bank’s electronic banking platform. Customers interested in BEA’s mortgage products and services, including the Fixed Rate Residential Mortgage Plan, should call the Mortgage Hotline on (852) 3608 8686 (press “1”) or visit any BEA branch or the Bank’s homepage at www.hkbea.com for assistance.