Low mortgage rates to fuel HOS rush
Low mortgage rates are expected to trigger a flood of applications from middle-income earners when the latest batch of Housing Authority Home Ownership Scheme flats goes on sale tomorrow.
A total of 3,052 flats in three projects in Shau Kei Wan, Lam Tin and Ma On Shan are to be offered at 70 per cent of their market value.
They range from 290 sq ft to 1,008 sq ft and are priced at between HK$441,500 and HK$2,756,400.
The acting assistant director of housing, Rosaline Wong Lai-ping, said she expected a positive response as interest rates were now as low as 2.85 per cent after local banks followed the US Federal Reserve's rate cut early this month. Applications for the flats will close on March 12.
Meanwhile, 5,100 more needy families will qualify for public housing under proposed changes to income and asset requirements.
In a document presented to the Legislative Council housing panel, the Transport and Housing Bureau said the income and asset limits for public housing would increase by an average of 5.5 per cent and 3.1 per cent respectively in 2008-09.
For example, a family of four with a monthly income of HK$15,300 or less and assets not exceeding HK$373,000 could qualify for public housing.
For single people, the income and asset limits will be HK$7,300 and HK$181,000.
If the limits are adopted, the number of people qualifying for public housing will increase from 99,800 to 104,900.