We will use the latest “Outstanding Balance” to re-calculate the remaining number of installments. If extra prepayment amount has been made during the period, the loan period will be adjusted accordingly.

The regular repayment amount is held from the “Available Limit” for principal payment while the monthly interest is charged at month-end outstanding balance. The interest is not over-charged.

The interest calculation between Citibank Home Smart and traditional mortgage plan is different, therefore you may not apply the above schemes when you are using Citibank Home Smart at the same time.

No. Your account will not be cancelled due to early full loan settlement. However, your account will become a normal check account rather than Home Smart Loan account on the next 2 business day of full loan settlement. For example, full loan settlement is on Thursday and your account will become a normal checking account on next Monday.

Complete a mortgage application form and submit required documents to the bank (please refer to Question 2 for details).

Upon receiving your application, the bank will first arrange for a valuation of the property you intend to purchase. We will then prepare your mortgage terms by assessing the valuation result and your repayment ability.

Please note that to apply for a refinancing mortgage the applicant must pay off the outstanding balance of the current mortgage.

If your mortgage is approved, the bank will proceed with the following:

• ● Arrange to sign confirmation letter with mortgage. Send instruction letter to corresponding solicitor firm to prepare mortgage deeds
• ● After signing necessary contracts, the solicitor firm will notify the bank. The bank will then pass the mortgaged amount to the seller's solicitor firm to complete the transaction.The bank will provide a copy of the repayment schedule to the customer. A repayment schedule should include loan details such as monthly installment, interest and outstanding balance.
• ● The bank will provide a copy of the repayment schedule to the customer. A repayment schedule should include loan details such as monthly installment, interest and outstanding balance.

The following are examples of documents required by the bank for a mortgage application:
If applying in the name of an individual

• ● HKID or passport of borrower and guarantor (if applicable)
• ● Temporary Sales Agreement (for new purchase)
• ● Latest repayment schedule or latest 3 months' mortgage repayment record (for refinance)
• ● Latest 3 months' payroll record shown on bank passbook or statement
• ● Latest tax demand note/ latest tax return / employment letter

If applying in the name of a shell company^*

• ● HKID or passport of shareholder acting as personal guarantor
• ● Temporary Sales Agreement (for new purchase)
• ● Latest repayment schedule or latest 3 months' mortgage repayment record (for refinance)
• ● Business Registration / Certificate of Incorporate
• ● List of Directors / Records documenting the transfer of shares
• ● Documents showing share distribution

^*Applications in the name of a shell company are not accepted under the Mortgage Insurance Program.

Remarks: The documents listed above are for reference only. Citibank has the right to request additional documents depending on the information provided by each application. Please contact Citibank for details.

For the most part, there is no difference between applying for a regular mortgage and a refinancing mortgage. The only difference is customers are required to pay off the outstanding balance of their current mortgage. For details on refinancing, please call your Relationship Manager / our Investment Service Hotline (852) 2860 0333 or visit any of our branches.

In Hong Kong, most home mortgages are either based on our Hong Kong Dollar Prime Rate (P) or Hong Kong Interbank Offered Rate (HIBOR).

A conventional mortgage will allow up to 70% of the property's value. To borrow up to 90% of the property's value, customer can apply for the Mortgage Insurance Program.

Other than the down payment, the purchaser may also have to pay for the stamp duty of the transaction, solicitor's fee, agent commission, and other similar fees.

You can click “Contact a mortgage specialist”, visit any Citibank branch or browse this website for more information.

Upon making any mortgage application or redemption, you will be responsible for the legal expenses to be incurred by both yourself and the Bank, regardless of whether or not both parties are represented by the same solicitor firm. While the Bank only engages solicitors from the Bank’s list of approved panel firms (the “List”) to represent the Bank, you have the right to engage your own solicitors out of the List to separately represent yourself. However, if you engage separate solicitors to represent yourself, extra legal costs will be incurred by additional work to be conducted by solicitors representing each party in reviewing and negotiating the other party’s documentation. Therefore, you are reminded to check with the Bank on whether the solicitor you are going to engage is on the List to avoid incurring additional costs.

Please note that the Bank shall not be liable for any loss or damages which you may incur in connection with your engagement of any solicitors. The legal expenses charged by the respective solicitors may vary depending on the solicitors’ firm.