Enjoy flexible repayments to save mortgage interest expenses
A mortgage does not have to be a burden to your life while owning a home is your lifetime dream. ChiyuBank now presents you with a new concept of wealth management by bringing mortgage and current accounts under one roof - "Chiyu Ideal Mortgage Scheme". You can adjust monthly repayments as you like, to suit your lifestyle and budget, and save on interest expenses. No more need to pay the handling charge and annual fee! Thus, you will be able to buy your first home, trade up or refinance your existing property sooner and easier than you think.
Offers you the flexibility in adjusting your monthly repayment schedule according to your financial needs and preference.
Unlike under general mortgage plans, interest under this scheme is calculated on the daily outstanding net balance of your mortgage loan (Net Balance = Mortgage Balance - Deposits Balance).
Save your interest expense and shorten the repayment period by depositing extra fund on your mortgage loan account whenever you want.
To meet your financial or investment needs, you can withdraw extra deposits from your account via ATMs or by cheques anytime you like.
With "Internet Banking", "Phone Banking" or "Mobile Banking", you can easily access our round-the-clock fund transfer service which transcends any boundaries.
Waivers on handling charge and annual fee.
Easy application. Simply visit any of our branches and bring along your personal identity document, the property information and your income proof to facilitate the application process.
| Chiyu Ideal Mortgage Scheme | General Mortgage Plan | |
|---|---|---|
| Account mode | All-in-one mortgage and current account | Pure mortgage plan with fixed monthly repayments and period |
| Partial repayment | Allows you to enjoy the benefit of flexible repayment by making extra deposits anytime, with no minimum or limit set on the number of transactions*. No handling fee charged | Additional interest or penalty incurred, e.g. 3% for 1st year and 2% for 2nd year; subject to a minimum amount of HKD50,000 in normal case |
| Mortgage Interest | Interest calculated on the daily net balance of your loan to help you save interest everyday | Fixed interest calculated on a monthly basis |
| Convenient withdrawals | Easy and simple withdrawals of extra deposits from your mortgage account via ATMs or by cheques anytime; 24-hour access to our "Internet Banking", "Phone Banking" or "Mobile Banking" for fund transfers | Not available |
* The part of extra deposits in excess of the upper limit is subject to service charge. Please contact our branch staff for more details.
Example (For your reference only)
Assume P=5%p.a.
Mortgage loan amount: HKD1,000,000
Repayment period: 20 years (240 months)
Extra monthly deposits: HKD3,000 (assuming that no withdrawal of extra monthly deposits is made until full repayment of the entire loan)
| Chiyu Ideal Mortgage Scheme | General Mortgage Plan | |
|---|---|---|
| Mortgage interest rate | 3%(P-2%)^ | 2.5%(P-2.5%)^ |
| Monthly repayment | HKD5,546 | HKD5,300 |
| Total mortgage interest expenses | HKD180,997 | HKD271,699 |
| Your saving on interest expenses | HKD90,702 | Nil |
| Actual repayment period | 138 months(Shortened by 102 months) | 240 months |
Reminder: To borrow or not to borrow? Borrow only if you can repay!
