BOC HONG KONG raises mortgage cash rebate to a maximum of 1.2%

According to market news, BOC Hong Kong (02388.HK) has increased its mortgage cash rebate, with the rebate threshold for loans over HKD 5 million breaking 1%, reaching a maximum of 1.2%, becoming the first major bank to exceed the 1% rebate threshold.

It is reported that BOC has recently raised the rebate for loans over HKD 5 million from 1.05% to 1.2%, increasing incrementally based on the loan amount. If the loan amount reaches HKD 10 million or more, the rebate will be 1.2%.

Based on a loan amount of HKD 10 million, the actual rebate amount will increase from HKD 100,000 to HKD 120,000, an increase of about 20%. Additionally, if the green mortgage requirements are met, further discounts can be obtained, with some new developments offering up to an additional HKD 6,388 discount.

According to data, BOC Hong Kong is currently the "big brother" in the mortgage market, with a market share of nearly 30% in the first quarter of this year. However, due to the impact of other major banks launching low-interest fixed-rate mortgages, the market share gap with other banks has narrowed in recent months