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Customer service was excellent and timeliness of loan was great. Their loan experts was a great help. Would recommend them to anyone.

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Had an awesome experience from the day I applied for my home loan. Their representative was very co-operative and handled my queries very efficiently.

Premium Loan Insurance Scheme, loan insurance.#Loan #insurance

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Fully Own Your Property


The Premium Loan Insurance Scheme (PLIS) is operated by The Hong Kong Mortgage Corporation Limited or its subsidiary (Insurer) for owners of subsidised sale flats who are aged 50 or above and wish to settle land premium payment to the Hong Kong Housing Authority (HA), the Hong Kong Housing Society (HS) or the Government.

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What is a PLIS loan?

PLIS loan is a loan arrangement. Under the PLIS, borrowers will be granted loans against their subsidised sale flats as security primarily for settling land premium payment to the HA, the HS or the Government. Although borrowers mortgage their properties in favour of lenders, they remain as owners of their properties. After settling the land premium payment, borrowers will have greater flexibility in letting or selling their properties in the open market. In general, a borrower does not need to repay his PLIS loan and can stay in the property during his lifetime, unless the PLIS loan is terminated under certain circumstances.

When a PLIS loan is terminated, a borrower (or his personal representatives) will have the preferential right to redeem the property by repaying to the lender in full the outstanding loan amount owed by the borrower under the PLIS loan.

If a borrower (or his personal representatives) does not exercise such a right, the lender will be entitled to sell his property to settle the outstanding loan amount. If the sale proceeds from the property exceed the outstanding loan amount owed by the borrower, the lender will pass the surplus to the borrower (or his personal representatives). If there is any shortfall, the borrower (or his inheritors) needs not worry as the shortfall will be borne by the Insurer under an insurance arrangement between the lender and the Insurer.

Eligibility Criteria

In general, the applicant and the property must:

  • be aged 50 or above and a holder of valid Hong Kong Identity Card
  • not be an undischarged bankrupt or otherwise subject to bankruptcy petition or individual voluntary arrangement
  • be a residential property Note 1 under the Home Ownership Scheme, Private Sector Participation Scheme and Tenants Purchase Scheme of the HA, the Flat-For-Sale Scheme and Sandwich Class Housing Scheme of the HS, or any other schemes accepted by the Insurer from time to time with outstanding land premium to be paid up
  • be held in the applicant s own name, or in joint names among the applicants (up to three) as joint tenants Note 2
  • not exceed 50 years of age Note 3

Note 1: Where the property is subject to a mortgage, such mortgage will have to be discharged on the date when the PLIS loan is drawn down.

Note 2: All joint tenants must be co-borrowers under the PLIS loan, and must satisfy the relevant eligibility criteria.

Note 3: Property exceeding 50 years of age will be considered on a case-by-case basis and subject to building inspection.

Key Product Features and Benefits

Note 4: Borrowers may choose to finance in the PLIS loan the commission paid to the licensed estate agents for letting their properties, which are mortgaged under PLIS loans.

Note 5: Supporting documents are required for each such lump-sum payout application. Other purposes not listed above may be considered on a case-by-case basis.

Note 6: Under the fixed-rate mortgage plan, any request for further lump-sum payout after the first drawdown will be considered on a case-by-case basis.

Note 7: Each partial repayment will be subject to a handling fee of HK$1,000. The minimum amount for each partial repayment and the minimum outstanding loan balance required to be maintained are both set at HK$100,000. Such fee will be financed in the PLIS loan.

Lump-sum Payout

In general, the older the borrower and the higher the open market value of the property, the higher will be the maximum lump-sum payout amount. If there is more than one borrower, the entry age of the youngest borrower will be used for calculation of the maximum lump-sum payout amount. Table 1 below shows the maximum amount of specified property value for lump-sum payout calculation. Table 2 below shows the scale of maximum lump-sum payout amount under the floating-rate mortgage plan (per HK$1 million of specified property value) at the entry ages of 50, 60, 65, 70 and 80 respectively. For the maximum lump-sum payout amount under a fixed-rate mortgage plan, borrowers can approach banks for details. In general, the maximum lump-sum payout amount under a fixed-rate mortgage plan is higher than that under a floating-rate mortgage plan.

The primary purpose of the PLIS lump-sum payout is to settle land premium payment. If the borrower borrows only part of the maximum lump-sum payout amount for the land premium payment, he may apply for further lump-sum payout Note 8 up to the maximum lump-sum payout amount for other specific purposes such as repayment of an existing mortgage, payment for home improvement, repair and maintenance of his property and the fees payable to the relevant solicitors and medical practitioners in connection with the enduring power of attorney or application for a court order under Part II of the Mental Health Ordinance.

If the maximum lump-sum payout amount is fully drawn by the borrower at the first drawdown, he will not be allowed to apply for further lump-sum payout thereafter unless he has made partial repayment to the PLIS loan after the first drawdown and the redrawn amount will be capped at his repaid amount Note 8 .

Note 8: Under the fixed-rate mortgage plan, any request for further lump-sum payout after the first drawdown will be considered on a case-by-case basis.

Mortgage Insurance #i #need #a #loan #now

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Open the door to sooner, safer, and smarter homeownership

A loan with mortgage insurance may be the safest, most affordable option to help you achieve the dream of homeownership. Mortgage insurance allows you to responsibly buy a home years sooner, even if you have a low down payment. And after closing, if a financial setback occurs, our one-on-one homeowner assistance can help keep you secure in your home.

At its core, Mortgage Insurance provides these advantages for homebuyers:

  • Competitive monthly payments
  • Steady monthly payments that never increase
  • Convenient and easier closing paperwork than an FHA loan
  • Mortgage insurance premiums that are tax deductible 1
  • Peace of mind if times get tough
  • Cancellation of the mortgage insurance upon building sufficient equity (approximately 80% of the home’s original value)

And with Mortgage Insurance from Genworth, you may be able to take advantage of our additional benefits that help you after you move in. Ask your lender for more information about:

Homebuyer Privileges®

Get discounts and rebates – valued up to $3500 – on the things you need most for your new home. Ask your lender if they participate in Genworth’s Homebuyer Privileges program.

Homeowner Assistance Program

In times of financial hardship, our Homeowner Assistance Program is here to help. Genworth professionals work one-on-one with you and your lender to structure a loan workout and help keep your dream of homeownership safe.

Learn more about mortgage insurance, and the products and services we offer, at .

Or contact Genworth’s Mortgage Insurance ActionCenter ® by calling toll-free:

Mortgage Insurance discussed in this website is underwritten by either Genworth Mortgage Insurance Corporation, Genworth Residential Mortgage Insurance Corporation of North Carolina or Genworth Residential Mortgage Assurance Corporation.

1 MI Tax Deductibility applies to loans closed on or after January 1, 2007, and is currently available through December 31, 2013. The MI premium is fully deductible for households with incomes at or below $100,000; households earning up to $109,000 can qualify for a reduced deduction. Consult with a tax professional for specific advice.

Loan Insurance Plans – IDBI Federal #home #financing

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Why Loansurance® Group Insurance Plan?

    Financial protection for borrower’s family against the burden of loan liability

Loansurance® ensures that the outstanding debt is settled in the unfortunate event of death of the insured member.

Affordable premium

Loansurance® is a cost- effective way for protecting your borrower’s loan liability with its affordable premiums.

Opt for joint cover and enjoy premium discount for joint life

Two co-borrowers of a loan can insure themselves, provided they have insurable interest in each other. Upon death of either joint insured members, full benefit amount is paid and the cover terminates. Additionally the younger life is offered a discount on the applicable premium.

Opt for proportionate cover

Up to four co-borrowers of a loan may insure themselves for their respective share of the loan, provided they have insurable interest in each other.

Benefit during moratorium period

Covers entire sanctioned loan amount even during moratorium period thereby enabling the borrower’s nominee to not only repay the loan but also accomplish the goal for which loan was taken.

Increased flexibility through Limited and Regular premium payment options

Depending upon the type of cover (Reducing or Level) the borrower gets to choose from options of various premium payment terms.

Advantage Women

There will be a premium discount for a female insured member in this plan. Basic premium payable will be equivalent to the premium for a three-year younger male insured member.

For more information on plan benefits, please refer to the product brochure.

How does Loansurance® Group Insurance Plan work?

Loansurance® provides cover to a person directly liable for loan repayment (and the partners, in case of a partnership), as per the benefit schedule. There are two cover options available:

    Reducing cover option:

In this option, in the event of death during the cover term, a death benefit is paid, which is equal to the reducing amount as per the benefit schedule for the cover month at the time of the death.

This option provides a cover for the sum assured as specified by the insured member and can be to the extent of the full agreed loan amount plus accrued interest as chosen by the insured member. This remains unchanged throughout the cover term. Thus, even if the loan liability declines over time, the plan cover is the sum assured throughout the cover term.

Download Brochure Sample Policy Document

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Home Refinance, Home Purchase, Reverse Mortgage, Personal Loans, Auto Loans, Credit Cards, Auto Insurance, Life Insurance #harp #loan #program

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Reverse Mortgage

Seniors over 62 may use their home equity to get cash through a reverse mortgage.

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FHA Requirements: Mortgage Insurance #best #car #loan

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Mortgage Insurance for FHA Insured Loan

Mortgage insurance is a policy that protects lenders against losses that result from defaults on home mortgages. FHA requirements include mortgage insurance primarily for borrowers making a down payment of less than 20 percent.

Current Up-Front Mortgage Insurance Premium

The UPMIP is currently at 1.75% of the base loan amount. This applies regardless of the amortization term or LTV ratio.

Current Up-Front MIP on Certain Streamline FHA Refinances

SF forward streamline refinance transactions that are refinancing FHA loans endorsed on or before May 31, 2009, the UFMIP is currently 0.01 percent of the base loan amount.

Current Annual MIP on Certain Streamline FHA Refinances

SF forward streamline refinance transactions that are refinancing FHA loans endorsed on or before May 31, 2009, the Annual MIP will be 55 bps, regardless of the base loan amount and takes effect on or after June 11th, 2012.

*Revision to the Annual MIP Premium – as per Mortgagee Letter 2015-01

There will be no change in Annual Mortgage Insurance Premiums for all case numbers assigned on or after January 26th, 2015 for the following:

  1. On loans with a Loan to Value of less than or equal to 78% and with terms up to 15 years. The annual MIP for these loans will remain at 45 basis points.
  2. On terms 90%, the Annual Premium remains the same at 70 basis points (bps).
  3. On terms $625,500 – If the loan to value is 78.01% – 90.00%, the Annual Premium remains the same at 70 basis points (bps). If the loan to value is >90%, the Annual Premium remains the same at 95 basis points (bps).

There will be the following reduction in premiums in Annual Mortgage Insurance Premiums for all case numbers assigned on or after January 26th, 2015 for the following:

  1. On terms > 15 years and loan amounts 95%, the new Annual Premium is reduced from 135 basis points (bps) to 85 basis points (bps).
  2. On terms > 15 years and loan amounts >$625,500 – If the loan to value is 95%, the new Annual Premium is reduced from 155 basis points (bps) to 105 basis points (bps).

FHA Loan Calculator – FHA Mortgage Calculator with Taxes and Insurance #unsecured #loan #bad #credit

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FHA Mortgage Calculator

Calculator currently updated with lower FHA Mortgage Insurance Premiums Jan. 26th, 2015*

FHA Loan Calculator – Buying a home using a FHA home mortgage? Calculate the PITI mortgage payment with taxes and insurance for a FHA loan. This FHA mortgage calculator also provides the down payment, monthly FHA mortgage insurance (FHA MIP) and the FHA upfront mortgage insurance premium (UFMIP) of a FHA home loan. Lastly, view the minimum income required to qualify for the home’s sales price and calculated FHA loan amount with this free, simple, FHA loan calculator with taxes and insurance.

Mortgage Calculator Instructions

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Related Items

The next time you apply for a mortgage or personal loan, you may be asked if you want to buy credit insurance, or it might already be included in your loan proposal. Credit insurance protects the loan on the chance that you can’t make your payments. Credit insurance usually is optional, which means you don’t have to purchase it from the lender. In fact, the Federal Trade Commission (FTC), the nation’s consumer protection agency, says it’s against the law for a lender to deceptively include credit insurance (or other optional products) in your loan without your knowledge or permission.

There are four main varieties of credit insurance: Credit life insurance pays off all or some of your loan if you die.Credit disability insurance, also known as accident and health insurance, makes payments on the loan if you become ill or injured and can’t work. Involuntary unemployment insurance, also known as involuntary loss of income, makes your loan payments if you lose your job due to no fault of your own, such as a layoff. Credit property insurance protects personal property used to secure the loan if destroyed by events like theft, accident or natural disasters.

Shopping Tips

Before deciding to buy credit insurance from a lender, think about your needs, your options, and the rates you’re going to pay. You may decide you don’t need credit insurance. If you do, credit insurance can be an expensive form of insurance. For example, it may be less expensive and more practical for you to get life insurance than credit insurance. Before deciding to buy credit insurance, you should ask:

  • How much is the premium?
  • Will the premium be financed as part of the loan? If so, it will increase your loan amount and you’ll pay additional interest, and more for points (if points are on your loan).
  • Can you pay monthly instead of financing the entire premium as part of your loan?
  • How much lower would your monthly loan payment be without the credit insurance?
  • Will the insurance cover the full length of your loan and the full loan amount?
  • What are the limits and exclusions on payment of benefits – that is, spell out exactly what’s covered and what’s not.
  • Is there a waiting period before the coverage becomes effective?
  • If you have a co-borrower, what coverage does he or she have and at what cost?
  • Can you cancel the insurance? If so, what kind of refund is available?

Before you sign any loan papers, ask the lender whether the loan includes any charges for voluntary credit insurance. If you don’t want credit insurance, tell the lender. If the lender still pressures you to buy insurance, find another lender. And review your loan papers carefully to be sure they have been drawn up correctly. Lenders can’t deny you credit if you don’t buy optional credit insurance – and if you don’t buy it directly from them. If a lender tells you that you’ll only get the loan if you buy the optional credit insurance, report the lender to your state attorney general. your state insurance commissioner or the FTC. Consumers should ask these same questions about other extra products offered with their loan, such as auto or shopping clubs, home or auto security plans, and debt cancellation products.

This article was previously available as Credit Insurance: Is It for You?

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One stop solution for Financial services comparison with

Are you worried about which Insurance service you should go for? Are you feeling unsecured about any particular credit card and fear of improper credit rating? Are you looking for some most attractive home loans in India for creating your dream home? Are you not sure about which life insurance can offer you the best coverage with a promising return? With a vivid growth of financial service in India, it’s quite obvious to know about the intricate matters that can help the end-users to choose a policy of their own through a beneficial manner. And this is the reason why PolicyUncle is here to offer you A to Z solution about all financial services in India including Loans,Online Insurance Quotes, Credit Cards and Investment options.

Compare Financial Services in India:

PolicyUncle is providing you a stand-off platform that can be a handy helper to compare any sort of financial service in India. Be it about a personal loan or a loan against property or a car loan or even an education loan, we will render you all the options that are considered useful for the best interest of the end-users and determine the best financial services for pursuance. Whether you need specific information about a financial service provider in India or compare among all the similar service providers for the same type of financial service, you will get them in a gist in a few clicks of mouse button. Not only this, you can chose and compare among the most updated information available from various financial service operators and select the best as you like.

Loan Specific Information:

Whether you are interested for a car loan or a home loan or even a loan against property and an education loan, you must be worried about getting the exact information in the most precise format so as to understand the clause in order to go for the service. We provider you in detail the following aspects when you chose loan specific information from us:

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Life Insurance Products (Online Insurance Quotes):

Choosing life insurance products seems quite a daunting task in the light of presence of many attractive plans from various life insurance operators. Especially, when there are many other services and benefits added up with the life insurance products, it is extremely important to understand the plans and their service conditions. With PolicyUncle we will offer you an extensive service that can cater to the best of life insurance services with exact details of life insurance products. You can get online insurance quotes and easily compare among the best of the life insurance products and select the best as per your suitability and requirement. We provide all information for various insurance segments such as Term Insurance, Retirement Plans, Child Plans, Guaranteed Income Plans, Tax Saving Plans, Investment Plans along with many other life insurance plans as on offer from different financial service providers in India.

Non-Life Insurance Products:

In our country, non-life insurance products also have a huge market demand and so is the availability of products from different insurance service providers. Especially in the segment of Car Insurance, Two Wheeler Insurance, Health and Travel Insurance, Home and Corporate Insurance sectors are leaping new heights with various non-life insurance products. At PolicyUncle we provide you detailed specific information regarding all these products from various reputed insurance service providers. All our information are collected from the reliable resources and are compiled here to be served on a single window for easy comparison and adoption. If you like, you can always ask us for loan and insurance quotes and we will be glad to offer you information absolutely free of cost.

Credit Cards:

There is a fear-psychosis associated with the Credit cards among the general people. This is merely for the reason that most of us are not familiar with the credit processing and the charge-back options. We at PolicyUncle are offering a unique proposition of comparing various types of Credit Card options available for Indian customers from various banks and financial operators. You can not only know about the facilities available with Credit Cards with fuel savings, Credit Cards with dining benefits, Credit Cards with travel benefits, Credit Cards with extra mileage offers and Credit Cards for frequent flyers, but you also can easily compare their services and know the factual details about the EMI options and other intricate details about Credit Card operators.

We propose to make your financial service adoption worry-free as well as comforting enough with dynamic information and the best of service response. We will be available for consultation over phone as well and can provider you specific support over email. Let us know your requirements and we will be delighted to offer you your unique solution that you have always desired to know from any financial service provider and bank in this country!