Insurance coverage for property loans
12-12-2008
The Hong Kong Mortgage Corporation has extended its insurance coverage for property loans, giving banks more insurance coverage for mortgages. However, the new changes to be implemented next Thursday, will also require homebuyers to double the size of their downpayments.The expansion of the insurance scheme is designed to help lessen banks' exposure to defaulted mortgage loans, and hence encourage them to lend to homebuyers.
