MORTGAGE FURTHER ADVANCE / PROPERTY REFINANCING

Turn your property's value into flexible cash.

Property Refinancing

What is Mortgage Further Advance / Property Refinancing?

Looking to start a business, study abroad or repay debts? Try Citibank's Further Advance on mortgage / Property Refinancing service to convert the value of your mortgaged property into cash and enhance your savings with reduced interest payment on the mortgage loan. The service and its many benefits are available to you whether you have a Citi mortgage plan or one from another bank. You can use the mortgage calculator to check the interest amount and apply for Citi Mortgage Further Advance / Property Refinancing online. Apply now to enjoy exciting welcome offers!

Four advantages of Citibank mortgage further advance / property refinancing:

  • Enjoy better liquidity and financial flexibility
  • Save on interest payment to ease your mortgage burden
  • Turn property value increase into greater cash flow
  • Enjoy cash rebates and other offers
  • Key Facts Statement (KFS) for Mortgage Loan
  • Enjoy better liquidity and financial flexibility
  • Save on interest payment to ease your mortgage burden
  • Turn property value increase into greater cash flow
  • Enjoy cash rebates and other offers
  • Key Facts Statement (KFS) for Mortgage Loan
Welcome Offers
  • Enjoy HK$500 in cash rebate for online application
  • Drawdown offer: Up to 1% cash rebate; Free fire insurance for the 1st yearΔ
Example

An example of property refinancing

Outstanding mortgage loan balance: HK$1.7 million
Property market value: HK$5.5 million
Refinancing loan-to-value ratio: 60%
Maximum refinancing loan amount: (HK$5.5 million x 60%) - HK$1.7 million = HK$1.6 million
Cash rebate: 1% (Maximum: HK$16,000)
How To Apply

How to apply for the Mortgage Further Advance / Property Refinancing?

If you wish to apply for a Mortgage Further Advance / Property Refinancing by Citibank, you must follow the steps mentioned right below:

  • Submit online enquiry form and our mortgage sales manager will contact and follow up with you regarding your enquiry.
  • Complete mortgage application form and submit the required documents to start with mortgage application process.
  • Once your application is received, Bank will arrange for a valuation of the property you intend to buy.
  • Bank will prepare your mortgage terms based on the valuation result and your repayment ability.

Please note that to apply for a refinancing mortgage the applicant must pay off the outstanding balance of the current mortgage.

If the bank approved your mortgage, then it will proceed with the following:

  • Sign the confirmation letter with mortgage
  • Send instruction letter to the corresponding solicitor firm to prepare mortgage deeds

After the solicitor firm signs the necessary contracts, it will notify the bank. Once that is done, the mortgaged amount will be passed by the bank to the seller's solicitor firm to complete the transaction.

The customer will also be provided with a copy of the repayment schedule.

Required documents:

If applying in the name of an individual:

  • HKID or passport of borrower and guarantor (if applicable)
  • Temporary Sales Agreement (for new purchase)
  • Latest repayment schedule or latest 3 months' mortgage repayment record (for refinance)
  • Latest 3 months' payroll record shown on bank passbook or statement
  • Latest tax demand note/ latest tax return / employment letter

If applying in the name of a shell company*:

  • HKID or passport of personally guaranteed shareholder
  • Temporary Sales Agreement (for new purchase)
  • Latest repayment schedule or latest 3 months' mortgage repayment record (for refinance)
  • Business Registration / Certificate of Incorporate
  • List of Directors / Records documenting the transfer of shares
  • Documents showing share distribution
FAQs

The following are examples of documents required by the bank for a mortgage application:
If applying in the name of an individual

  • HKID or passport of borrower and guarantor (if applicable)
  • Temporary Sales Agreement (for new purchase)
  • Latest repayment schedule or latest 3 months' mortgage repayment record (for refinance)
  • Latest 3 months' payroll record shown on bank passbook or statement
  • Latest tax demand note/ latest tax return / employment letter
  • If applying in the name of a shell company*

  • HKID or passport of personally guaranteed shareholder
  • Temporary Sales Agreement (for new purchase)
  • Latest repayment schedule or latest 3 months' mortgage repayment record (for refinance)
  • Business Registration / Certificate of Incorporate
  • List of Directors / Records documenting the transfer of shares
  • Documents showing share distribution
  • *Applications in the name of a shell company are not accepted under the Mortgage Insurance Program.

    Remarks: The documents listed above are for reference only. Citibank has the right to request additional documents depending on the information provided by each application.Please contact Citibank for details.

For the most part, there is no difference between applying for a regular mortgage and a refinancing mortgage. The only difference is customers are required to pay off the outstanding balance of their current mortgage. For details on refinancing, please call our Mortgage Hotline 2963 6489 within office hours.

In Hong Kong, most home mortgages are either based on our Hong Kong Dollar Prime Rate (P) or Hong Kong Interbank Offered Rate (HIBOR).

A conventional mortgage will allow up to 60% of the property's value. To borrow up to 90% of the property's value, customer can apply for the Mortgage Insurance Program.

Other than the down payment, the purchaser may also have to pay for the stamp duty of the transaction, solicitor's fee, agent commission, and other similar fees.

You can call our Mortgage Hotline at 2963 6489, visit any Citibank branch or browse this website for more information.

Upon making any mortgage application or redemption, you will be responsible for the legal expenses to be incurred by both yourself and the Bank, regardless of whether or not both parties are represented by the same solicitor firm. While the Bank only engages solicitors from the Bank’s list of approved panel firms (the “List”) to represent the Bank, you have the right to engage your own solicitors out of the List to separately represent yourself. However, if you engage separate solicitors to represent yourself, extra legal costs will be incurred by additional work to be conducted by solicitors representing each party in reviewing and negotiating the other party’s documentation. Therefore, you are reminded to check with the Bank on whether the solicitor you are going to engage is on the List to avoid incurring additional costs.

Please note that the Bank shall not be liable for any loss or damages which you may incur in connection with your engagement of any solicitors. The legal expenses charged by the respective solicitors may vary depending on the solicitors’ firm.

The information herein is for general information only. It should not be relied upon as legal or professional advice. Whilst reasonable care has been taken to ensure the accuracy of the information herein, no warranty or representation is made as to its correctness or completeness. Content herein may be modified at any time without notice.

  • A Citibank customer using the Citi Mobile App
  • A toy house

Act Now

Mortgage Application Hotline
(852) 2963 6489a

Get expert advice to address mortgage
enquiry in just one business day!*

Mortgage Application Hotline
(852) 2963 6489a

Get expert advice to address mortgage
enquiry in just one business day!*

Mortgage Application Hotline
(852) 2963 6489a

Get expert advice to address mortgage enquiry in just one business day!*

To borrow or not to borrow? Borrow only if you can repay!

Remarks:Remarks:

  • a
    Mortgage hotlines service hours: Monday to Friday 9:00am - 6:00pm
  • Δ
    First year fire insurance waiver is subject to the decision of Citibank (Hong Kong) Limited.
  • *
    Our Mortgage Sales Manager will respond to enquiries within the next business day (excluding Saturdays, Sundays and Public Holidays).

Terms and Conditions:Terms and Conditions:

  • Citibank Home Smart is a fixed installment account. Should interest rates change, the loan tenor will be lengthened or shortened automatically. Citibank (Hong Kong) Limited reserves the right to make all final decisions relating to this account.
  • Upon successful application, a checking account will be opened in conjunction with the mortgage account. Should the application subsequently be cancelled, this checking account will automatically be terminated.
  • An upper limit on the extra loan repayment amount will apply to the Citibank Home Smart account. For further details on the terms and conditions of Citibank Home Smart, please contact Citibank.
  • Home Smart Account is not a protected deposit account and is not protected by the Deposit Protection Scheme in Hong Kong.
  • Actual interest rate, repayment period and interest expense are depending on customer's existing loan details and Citibank's final approval of loan amount and interest rate. Please contact Citibank for details.
  • The sum of money, interest expenses and repayment period in all the examples are rounded to the nearest unit. Quoted savings rates and money amounts are limited to unit place.
  • Citibank (Hong Kong) Limited reserves the right to amend the terms and conditions of the above mortgage plans without prior notice.
  • Citibank (Hong Kong) Limited reserves the right of the final approval of all loan applications. For further details of terms and conditions applying to any mortgage plans, please contact Citibank.
  • In the event of any discrepancy between the English and Chinese versions of this leaflet, the English version shall prevail.