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- Loan applicants must be registered individual owners of domestic units
(except non-profit-making organization and charity organization).
- No means and asset tests
- Terms of Loan
- Interest free
- Maximum loan amount is HK$100,000 (note 1) or 100% of individual property's
shared cost plus, as approved by URA, the cost of repair and maintenance works
to the interior of the property which is carried out in association with the
works to the common area of the whole building, whichever is the lower (note 2).
- Repayment period up to 60 months (minimum repayment amount : HK$100 per
month).
- Execution of Loan Agreement is required between URA and successful
applicant.
- Security
- Loans between HK$25,001 and HK$100,000 shall be subject to a legal charge
over the property in favour of URA.
- Release of loans
- URA will disburse the fund to OC's account established for the
rehabilitation works based on AP's certification.
- For a loan relating to the cost of repair and maintenance works inside a
domestic unit which are carried out in association with the works to the common
area of the whole building, the fund will be disbursed to the borrower's
nominated account upon the receipt of applicant's submission of relevant
Contractor's invoice.
- Loan Repayment
- The first repayment installment will become due on the 5th day of the
following month after the disbursement of the entire amount of the loan.
- The borrowers may settle the repayment by auto-pay, cheques or cash by
debiting the URA's designated bank account.
- Early Repayment
- The borrowers may repay the loan in whole or in part to the URA at any time
before the due date.
- The minimum amount of early repayment shall be
(a) at least 10% of the
original loan amount, or (b) the outstanding loan balance.
- Deferred Payment
During the repayment period, borrowers can apply for
deferred payment when encountering financial difficulty. The maximum period of
deferment is one year. The application should be submitted with financial
hardship proof. The deferment is subject to approval by URA.
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- A grants may be made to individual owner with genuine financial difficulty.
Maximum amount of grant is HK$10,000:
- A grant applicant must be the registered owner of relevant property,
fulfilling one of the following criteria:
- Recipient of Comprehensive Social Security Allowance (CSSA); or
- Aged 60 or over, who meeting income/asset limits in Schedule (a); or
- Below the age of 60, disabled and meets the income/asset limits in
Schedule (b):
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Schedule (a)
Aged 60
or over applicant(s) |
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| Household Size |
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Monthly Income Limit
(HK$)[(Note 1) & (Note 2) |
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Asset Limit
(HK$)[Note
3] |
| Singleton |
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7,650 |
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171,000 |
| Couple |
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12,500 |
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258,000 | |
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Schedule (b)
Below
the age of 60, disabled applicant(s) |
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| Household Size |
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Average Monthly
Household
Income
(HK$)[(Note 1) & (Note 2)] |
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Household
Asset Limit
(HK$)[Note
3] |
| 1 |
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7,400 |
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22,500 |
| 2 |
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11,600 |
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30,000 |
| 3 |
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12,900 |
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45,000 |
| 4 |
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15,800 |
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60,000 |
| 5 |
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18,400 |
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60,000 |
| 6 |
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21,700 |
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60,000 |
| 7 |
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23,400 |
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60,000 |
| 8 |
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24,800 |
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60,000 |
| 9 |
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27,500 |
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60,000 |
| 10 or above |
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28,700 |
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60,000 | |
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Note 1: In the case that
the applicant's property is mortgaged, the monthly income limit will be adjusted
upwards to include his monthly mortgage repayment.
Note
2: The income limit will be adjusted upwards for families with disabled
member(s). Family members mean all the members residing in the same
unit.
Note 3: The property in which the applicant
resides and to which the loan relates will be disregarded in assessing the
applicant's assets.
Note 4: The income/assets limits in
Schedules a) and b) are subject to change without prior notice. |
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URA will disburse the fund to OC's account
established for the rehabilitation works based on AP's certification.
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URA hardship grant to a grantee relating to the
cost of repair and maintenance works inside domestic unit which are carried out
in association with the works to the whole building will be disbursed to the
grantee's nominated account upon the receipt of applicant's submission of
relevant Contractor's invoice. | |
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Application is easy and simple. Please
call 2588 2333 for details. |
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| Last Update at :
09/04/2009 |
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