回復 古惑強
I don't think he got the numbers right. At 35, with one new born and family in ...
letsrock 發表於 2010-11-23 16:41 
Just did a bit more maths on this case.
A) The guy is 35 yrs old, I think the bank would only consider a max 20 yrs mortgage for him, as 25 yrs mortgage will imply he can only pay off the loan when he gets to 60!
B) With house hold income at HK$25K per month, the mortgage bank will at best allow 40~45% of the month income as mortgage repayment, as the guy will only have 55~60% of monthly income left ($13,750~15,000) for all other household expenditure (supporting 2 adults, 1 elderly plus 1 child) will be really really tight.
C) If we assume the HIBOR interest rate hike will max out at 5% p.a., the mortgage rate would be 5% + 0.8% =5.8%. Do remember that during 2007~2008 pre crisis time, Hibor was routinely hoovering around 4~5%, and that was not even a high interest rate era!
Borrowed Amount = PV (interest, number, installments)
=HK$1.6M (assuming 45% income is used for repayment)
=HK$1.4M (assuming 40% income is used for repayment)
Assuming the Mortgage Corp is willing to take up the extra 20% to bridge the grap and take the total financing ratio up to 90%, he can only afford property with a selling price of HK$1.55~1.77M. He still need to have additional funds for the stamp duty, agent commission, lawyer fees & move in expenses etc, and the above calculations didn't factor in the mortgage corp insurance cost neither.
From the newspaper info, he bought a flat with a price tag of HK$1.965M, he was already $200K over budget before all these shit had happened.
Sad case really, only if he did talk to the bank / mortgage consultant before hand, they probably would have advised him not to buy anything property above HK$1.7M even before the government had announced the latest anti-speculation measure. |
