| Amid intensifying competition between banks for mortgage business and reports of the Hong Kong Monetary Authority informing banks verbally that they must restrict rebates on such loans immediately, the HKMA had come out to say it is not setting any new caps.
A spokesperson from the authority said it is already a requirement that if a bank offers a cash rebate or cash- equivalent incentive that exceeds 1 percent of the amount of the mortgage loan then the bank should treat the sum as part of the mortgage loan when calculating the loan-to-value ratio...............................................Full Article: Source
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