LENDING & CREDIT | Terry Gangcuangco, Hong Kong

BEA launches First-year Effective Rate P3.28%

The Bank of East Asia (BEA) has launched a new mortgage plan offering a first-year mortgage rate of P3.28 percent (prime rate) for Emerald Green property owners.The new mortgage plan exclusively for owners of Emerald Green properties includes an interest subsidy or the effective rate, and the mortgage rate thereafter is P2.25 percent per annum. Available until 30 April 2009, the "First-year Effective Rate P3.28%" Mortgage Plan has a loan tenor of up to 30 years and a loan-to-value ratio of up to 95 percent.Based on a mortgage loan of $129,024 and a 20-year loan tenor, Emerald Green property owners can save more than 34 percent on net interest expenses and avail an effective mortgage rate of 1.97 percent for the first year. Kenneth Tsin Wailun, Head of BEA’s Property Loans Department, said, "We at BEA are pleased to launch this highly attractive mortgage plan, which helps alleviate the burden of homebuyers of Emerald Green at the initial stage, and enables them to enjoy greater financial flexibility."BEA offers a wide range of mortgage loan schemes catering to varying financial budgets, including Easyhome Mortgage Loan, Non-Residential Mortgage Loan, Home Ownership Scheme Mortgage Loan, and Tenants Purchase Scheme Mortgage Loan. It is the largest independent local bank in Hong Kong and has more than 240 outlets worldwide, covering Hong Kong and Greater China, the United States, Canada, the United Kingdom, the British Virgin Islands, and Southeast Asia.

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