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Hang Seng Bank raises home-loan rates
Becomes third Hong Kong bank to do so.
The new mortgage rates are between prime minus 2.6% and 2%, which translates to 2.4% and 3%. HSBC and Standard Chartered last week added 0.25 percentage points to their newly approved home loans.
These three mortgage lenders, who belong to the “Big Four, were responsible for almost half of all home loans issued in 2012. It is widely expected that market leader BOC Hong Kong will raise its rates, probably this week.
The adjustment is in reaction to the Hong Kong Monetary Authority tightening the risk-weighted assets requirement of newly offered mortgages, forcing lenders to set aside more capital for such loans.
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