The following are answers to some frequently asked questions that you may find useful when purchasing your own home

> If I have found a suitable unit, how much do I have to pay for the first instalment?
It all depends on your income and how much you can afford to spend on your property. Generally speaking, your first down-payment is 30% of the property value, with the balance of 70% to be settled by bank loan. If you want to pay less for down-payment, you can apply to the Hong Kong Mortgage Corporation for a 90% mortgage loan guarantee. Alternatively, you can apply for government loans such as the "Home Assistance Loan Scheme" provided you meet the eligibility criteria.

> Other than privately-owned properties, do I have other housing schemes to choose from?
Yes. There are public housing schemes and those subsidised by the government such as the Home Ownership Scheme, Tenants Purchase Scheme and Sandwich Class Housing Loan Scheme. Each Scheme has its own specific requirements for the applicant.

> Apart from the down-payment, what are the other expenses involved?
You should take into account the related expenses which include the real estate agent's commission, solicitor's fees (including sales & purchase agreement, transfer deed and mortgage agreement), stamp duty, and search and registration fees charged by the Land Registry.

> If I want to get a mortgage loan from a bank, what kind of properties would be more acceptable or preferred by the bank?
The age (since completion) of the property and its quality are the two major factors a bank considers when granting a mortgage loan. A more conservative attitude would be adopted towards older buildings. Therefore it would be more desirable to choose new, well-managed and well-maintained properties.

> There are so many repayment alternatives provided by banks. How do I know which one best fits my requirements?
Apart from considering your own financial position, you should also find out the various repayment alternatives available in the market before making your decision. For example, repayments can be made on monthly or bi-weekly basis, in progressive or fixed amount, at a fixed or variable tenure.

> What are the documents I need to submit to apply for a mortgage loan from a bank?
You will have to bring along the preliminary or formal sales and purchase agreement, your identity card, and the original copy of your income proof (including income tax statement, salary statement and bank statement). For corporate applicants, you will also need the business registration certificate, company registration, list of directors and the company's memorandum and articles of association.

> Will the bank accept guarantors for a mortgage loan?
Generally speaking, most banks do accept a guarantor nominated by the applicant, on the condition that the said guarantor must be directly related to the applicant. The identity card of the guarantor and his/her financial proof must also be presented.