Macau Urban Renewal Limited (MUR) started home sales for its Macau New Neighbourhood (MNN) residential estate in the Guangdong-Macau In-depth Cooperation Zone in Hengqin late last month, and Bank of China (Macau) Director-cum-Deputy Chief Executive Chan Weng Tat told reporters yesterday that his bank had so far received 200 to 300 mortgage applications for MNN flats, adding that more precise data on the applications were still being compiled.
Chan, who made the remarks after a press conference at the Bank of China Building on Avenida Doutor Mário Soares, pointed out that the Debt-To-Income (DTI) ratio for a mortgage is always subject to the financial situation of the borrower, adding that a 90 percent loan-to-value (LTV) mortgage can only can be provided in particular cases. He underlined that not every applicant can expect to get a 90 percent LTV mortgage, but so far, he said, there have been no cases in which the applicant has withdrawn the application due to being unable to receive 90 percent LTV mortgage.
A 90 percent LTV mortgage is a mortgage to purchase or remortgage a property with a 10 percent mortgage deposit, the latter being the amount of money that the borrower needs to pay upfront for a property purchase. The 90 percent LTV mortgage and the 10 percent mortgage deposit make up 100 percent of the final purchase price.
Chan reminded applicants to consider their financial capability before buying or selling a flat, or placing a reservation.
Among the 200 to 300 mortgage applications, according to Chan, more than 100 cases have meanwhile been approved. He said that if all the required information is available, the approval can normally be completed in three to five days.
Based on the information on the MNN website, the 27 MNN residential towers comprise a total of 4,279 flats, which will be sold at an average price of 30,000 yuan per square metre.
Macau residents aged at least 18 who do not own any residential property in Zhuhai nor own more than one residential unit in Macau will be eligible to buy an MNN flat.
Bank of China (Macau) Director, Deputy Chief Executive Chan Weng Tat talks to reporters after yesterday’s press conference at the Bank of China Building on Avenida Doutor Mário Soares. – Photo: Yuki Lei
