The lender is raising the cap on home loans linked to the Hong Kong interbank offered rate by 0.5 percentage point, pushing rates on new loans to 4.125% from 3.625% effective Sept. 18, according to two people familiar with the move who asked not to be identified because the information is internal. Banks last raised the cap in 2022 by 25 basis points.
“We have decided to revise our mortgage rate following a recent review, which takes into account a range of factors, including HIBOR, our competitiveness and market pricing,” the spokesperson said in a statement. Almost 95% of mortgages in Hong Kong are tied to Hibor, according to July data for new loans by the Hong Kong Monetary Authority. This is likely one of the highest in the world.
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