First-hand home purchase and sale process

Find out which group you qualify for

type	Eligibility	Income limit	Mortgage Advantages	Remark
Green Table	- Public housing residents - Residents holding a valid Green Form Certificate - Qualified civil servants, etc. - Housing Assistant Grade Staff of the Housing Department holding a valid letter of guarantee issued by the Housing Department - Beneficiaries of the Housing Authority’s Rent Subsidy Scheme for the Elderly - Family members of public housing tenants (such as children) can also apply jointly.	No need to pass income limit test	Maximum 95% mortgage (guaranteed by the Housing Authority)	No stress test required and more relaxed approval process. There is no need to pay land premium when purchasing a new HOS flat.
White Table	- Hong Kong permanent residents aged 18 or above - Non-public housing residents who meet the income and asset limits You can choose to apply as a "family group" or "single person".	Income and asset limits(Take 2023 as an example): Family Application: The upper limit of monthly income is $62,000, and the upper limit of assets is $1.47 million. Single applicant: The upper limit of monthly income is $31,000, and the upper limit of assets is $735,000.	Maximum 90% mortgage	Bank stress test required
Housing Society Subsidised Housing	– Both green form and white form applicants (with the same conditions as above) can apply	Refer to the income ceiling for 2017: -1 applicant: HKD 26,000 -2 or more applicants: HK$52,000	First-hand mortgage up to 90%, guaranteed by the Housing Society For second-hand Housing Society properties, if the land premium has not been paid, most of them can only be mortgaged at 70%, but the following can be mortgaged at up to 90%, such as Greenview Court under the "Residential Sale Scheme Second Market" and the "Subsidized Sale Housing Project Second Market".	Generally speaking, the maximum mortgage ratio for housing association buildings purchased in the secondary market without land premium is70%(Need to pass stress test). Exceptions：If it belongs to a specific subsidized housing scheme and meets the guarantee conditions of the Housing Society, the maximum amount you can get is90% mortgage, and no pressure test required
White Form Home Ownership Scheme (White Form Home Ownership Scheme Secondary Market Scheme) It is a housing policy introduced by the Hong Kong Government that allows eligible White Form applicants (non-public housing residents) to purchase units in the "Home Ownership Scheme Secondary Market" without paying the land premium. The prices of these units are lower than those of private buildings, but they are subject to resale restrictions.	– Hong Kong permanent residents aged 18 or above – Non-public housing residents  - The applicant and his/her family members do not receive housing assistance - The applicant and the family members listed in the form must not own/co-own any residential property in Hong Kong	– 1 applicant: HKD 33,000 -2 or more applicants: HKD 66,000	Mortgage amount: Generally reachable 95%(Property price HK$4.5 million or less) or 90%(Property price HK$6 million or below), subject to bank terms.	Repayment Period:longest 25 years, but you need to pay attention to the age of the unit (calculated from the first sale). If the building is too old, the bank may shorten the repayment period (for example, "building age + repayment period ≤ 65 years"). interest rate：Mostly P mortgage (prime rate mortgage), currently generally about P-2.25%(The actual interest rate is approximately 4.125%). Stress Testing:Usually exempt, because Home Ownership Scheme Flats are guaranteed by the Government (the guarantee period is generally 30 years, starting from the first sale).

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Home Ownership Scheme Mortgage Loans and Maximum LTV Ratios

Mortgage Features

• Government Guarantee: New Home Ownership Scheme Flats are guaranteed by the Housing Authority with a maximum guarantee period of 30 years.
• No stress testing required：Buyers do not need to meet the bank's "debt-to-income ratio" requirements.
• interest rate: Generally, it is the prime rate (P) minus a certain percentage, or HIBOR (H).

Maximum loan-to-value ratio

• First-hand housing:
• Green Form Buyers: Maximum mortgage of 95% (down payment of 5%).
• White Form Buyer: Maximum 90% mortgage (10% down payment).
• Second-hand Home Ownership Scheme Flats(Please note the remaining guarantee period of the unit):
• If the remaining guarantee period is ≥ 20 years: Maximum 90% mortgage.
• If the remaining guarantee period is less than 20 years: the mortgage ratio will decrease and the bank stress test may be required.

Mortgage Rates

• Home Ownership Scheme mortgages mostly use the "prime lending rate (P mortgage)" or "HIBOR rate (H mortgage)", which is currently generally around 2.5%-3.5% (the actual rate is subject to the bank's quotation).

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Repayment Period

• The maximum period is 25 years (some banks can extend up to 30 years, depending on the remaining time of the guarantee period).

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Preparation

• Understand the latest Home Ownership Scheme flat sales information (the Housing Authority announces sales plans every year, including the location of housing estates, number of units and prices).
• Confirm your eligibility (Green Form or White Form application eligibility).

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Submit your application

Online Payment

• Fill out the application form and attach the required documents (such as ID card, income certificate, etc.).
• Application fee (about $250), (Visa, Mastercard, JCB or UnionPay are acceptable).

Submit your application in person

Submission Location:

• Public housing residents: relevant estate office
• General applicants: Housing Authority Customer Service Centre "Home Ownership Scheme Sales Team"
  (Address: 3 Wang Tau Hom South Road, Kowloon)

Required documents:

• Completed application form
• Relevant supporting documents (such as ID card, income certificate, etc.)
• Payment method: Crossed cheque or cashier's check
  (Please make it payable to "Hong Kong Housing Authority" or relevant designated name)

Note:

• It is recommended to confirm the opening hours of the housing estate office in advance to avoid a wasted trip.
• The cheque/cashier's check amount must be accurate to avoid invalidating your application due to an incorrect amount.
• You can ask for a receipt or proof of submission to ensure that your application has been successfully submitted.

Submit your application by post

1. mailing address:
   "Home Ownership Scheme Sales Team, Podium 1, Hong Kong Housing Authority Customer Service Centre, 3 Wang Tau Hom South Road, Kowloon"
2. Document preparation:

• Completed application form
• Copies of all supporting documents (it is recommended to make clear copies and mark the purpose)
• Payment method: Crossed cheque or cashier's check

Note:

• Use registered mail or courier, keep the postage tracking number for tracking.
• Confirm the validity period of the check/cashier's check to avoid expiration.
• Send the documents in advance to ensure they arrive by the deadline (based on the postmark date).
• Incomplete documents may cause delays, so it is recommended to attach a list of documents and check them item by item.

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Cost issues:

• For crossed cheques or cashier's orders, please fill in the correct amount and payee according to the application instructions.
• Fees are generally non-refundable, so please make sure you meet the application eligibility requirements before submitting.

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Document preparation:

• Some documents may require original copies for verification. It is recommended that you bring the original copies when submitting in person.
• It is recommended that you mark the photocopy as “This copy is for Home Ownership Scheme / Public Housing Application only” and sign it.

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Query pipeline:

• Housing Authority Hotline: 2712 2712
• Official website:https://www.housingauthority.gov.hk

If you have any questions, it is recommended to contact the relevant estate office or HOS sales team directly to confirm the details!

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Draw

• The Housing Authority conducts an open computer lottery to determine the order of flat selection based on the "last two numbers" of the application number. Those who draw the first number will have priority in choosing a flat.
• Priority groups: Family applicants and families with elderly persons (60 years old or above) will be given priority in selecting flats; single applicants will be ranked last.

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Qualification review andSelect a building

• The winners will receive a written notification and will be required to undergo an asset review. If they pass the review, they will be invited to select a property in order.
• You need to bring a deposit (usually 5-10% of the property price) and related documents.

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Signing of sales agreement

• Sign a provisional sales contract and pay a deposit.
• The signing of the formal sales contract usually needs to be completed within a specified date.

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Apply for a mortgage loan

• Submit a mortgage application to a bank or financial institution (proof of income, credit report, etc.)
• The Housing Authority provides a "mortgage loan guarantee" for first-hand Home Ownership Scheme flats, and buyers do not need to pass a stress test.

• After signing the contract, you must complete the mortgage application within the specified period and pay miscellaneous fees such as legal fees, stamp duty (2nd scale tax rate, must be paid within 30 days after signing the deed) and so on.

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Property Handover and Property Inspection

• Make an appointment to pick up the keys at the Housing Authority's management office. When inspecting the building, focus on checking: hollow bricks, floor flatness, window sealing, drainage system, etc. Submit a repair report within 7 days.

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Pay the down payment and complete the transaction

• Pay the down payment (calculated according to the mortgage ratio) and the remaining balance will be loaned by the bank.
• Obtain the unit keys after completing the legal procedures.

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Decoration and move-in

Home ownership flats are delivered as bare-bones flats and require self-decoration. It is recommended to reserve HK$100,000 to HK$300,000 (depending on the size of the unit and needs).

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Precautions

Land Premium:

• When purchasing a second-hand public housing flat, one must pay the land premium (government premium) before reselling it in the free market.
• If the land premium for a new Home Ownership Scheme Flat is not paid, the resale must be conducted through the "Home Ownership Scheme Flat Secondary Market".

Resale restrictions:

• There is a ban on selling new homes (usually 5 years). After the ban expires, you have to pay the land premium before they can be sold freely.

Application Period:

• The Home Ownership Scheme (HOS) Sales Scheme opens for application around mid-year to end-year each year, so please pay close attention to announcements from the Housing Authority.

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FAQ

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Summarize

• Advantages: Under the guarantee of the Housing Society, no stress test is required and high mortgage ratio is available, suitable for first-time buyers and buyers with limited funds.
• risk: You need to pay attention to the remaining years of the guarantee period. If the loan is not repaid after the guarantee period, the bank may require an additional down payment. It is recommended to confirm the mortgage conditions of the specific unit through the Housing Society or the bank before purchasing, and assess your own repayment ability.

The above information is for reference only. The actual process and policy may be adjusted due to the latest arrangements of the Housing Authority. It is recommended to consult professionals or refer to the official documents of the Housing Authority before applying.