Housing loan cap raised

INCOME limits for a government scheme to help sandwich-class families to buy their own homes have been increased to up to $50,000 a month, it was announced yesterday.

Families with incomes between $25,001 and $50,000 will be able to apply for the 1,500 loans - up to $550,000 each - from today , under the latest phase of the scheme.

The Housing Society, which was appointed by the Government to manage the $2 billion loan scheme, said the adjustment in income limits followed the government move to raise the limits for its Home Ownership Scheme flats earlier this year.

A spokesman said: 'With a wider income range, the society hopes that more families can benefit from the scheme.' The scheme was launched in 1993 with the aim to help 4,000 sandwich-class families to buy homes in the market. So far about $1.3 billion has been granted to 2,530 families to buy flats. Applications close on August 31 and forms can be obtained at the society's estate offices, district offices, and some MTR and KCR stations.