CONFIDENTIAL #
機密
C.S. 166
Range of Maximum Debt Servicing under Proposed Mortgage Terms
$
9
XCC(77)8
Initial Programme:
Phase I Flats
$1,800
Average
$3,500
p. m.
($2,650 p.m.)
p. m.
Project
Estimated Average Cost
8%
75,000
111,000
146,000
Lai Chi Kok
85,500
82% 73,000
108, 000
142,000
Chai Wan
98,000
9%
71,000
104, 000
138,000
Aberdeen
112,000
Shatin
113, 400
Oi Man
142, 000
Proposed Mortgage Facilities
19
Possible Forms of Mortgage Facilities. The mortgage facilities required to underpin the Home Ownership Scheme can take many and varied
forms.
20
At one end of the spectrum is a scheme whereby lending institu- tions would provide loans directly to flat purchasers who qualify for assistance, on terms specified by the Government, but without any further Government involvement (e. g. the provision of default guarantees). It is necessary under these arrangements for the Government to specify the terms of the mortgage, so as to ensure that they are consistent with the income and other guidelines of the Home Ownership Scheme, and so as to provide a reasonable degree of protection for both the Government's and the mortgagor's asset. These arrangements should be considered where the Government is satisfied that lending institutions are willing to provide loans on this basis and that adequate funds would be forthcoming.
21
At the other end of the spectrum is a scheme whereby the Govern- ment would create a non-profit-making mortgage institution to raise funds for the express purpose of on-lending them to flat purchasers who qualify for assistance towards becoming home owners. Precisely how it would raise and manage funds, and the type of funds involved, would depend on demand and market conditions. These arrangements would suit circum- stances where either lending institutions are not prepared to provide the mortgage facilities described in the previous paragraph or the funds lending institutions provide are not sufficient to meet the demand for loans.
CONFIDENTIAL
機密