Mortgage Insurance Programme
156. Over the years, the Government has been suppressing investors' and speculators' demand for local property while striving to assist people in buying their own homes. At the end of 2019, the Government relaxed the Mortgage Insurance Programme (MIP) of the HKMC Insurance Limited. Public response was positive with the property market remaining stable. Given the current market situation, the supply in the next few years and the need to provide assistance for the first‑time home buyers and families seeking self‑occupied "flat for flat", I have instructed the HKMC Insurance Limited to make amendments to the MIP. For these home buyers and families, the cap on the value of a property eligible for a mortgage loan of a maximum cover of 80 per cent loan‑to‑value (LTV) ratio will be raised from $10 million to $12 million. For the first‑time home buyers, the cap on the value of a property eligible for a mortgage loan of a maximum cover of 90 per cent LTV ratio will be raised from the existing $8 million to $10 million. The HKMC Insurance Limited will announce the details later. As for other property demand management measures, we have no plan for relaxation.
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