XN000022-1988-06-14 — Page 2

TUESDAY, JUNE 14,1988

APPLICATION FOR NEW HOME PURCHASE LOAN STARTS TOMORROW

APPLICATIONS WILL BE INVITED FOR THE NEW HOMB PURCHASE SCHEME (HPLS) FOR FOUR WEEKS STARTING FROM TOMORROW (WEDNESDAY), DIRECTOR OF HOUSING, MR FRED PANG ANNOUNCED TODAY (TUESDAY).

LOAN THE

"THE HPLS IS AN INTEGRAL PART OF THE LONG TERM HOUSING

·TRATEGY, AND IS TO PROMOTE AND SATISFY THE GROWING DEMAND FOR HOME .URCHASE.

"THE NEW SCHEME WILL WIDEN THE RANGE OF CHOICES AVAILABLE To ELIGIBLE FAMILIES SERĶING ASSISTED HOME PURCHASE AND WILL ENSURR THE FULL UTILISATION OF THE PRIVATE SECTOR'S RESOURCES, MR PANG SAID.

CONFERENCE

MR PANG TOLD A PRESS HOUSING AUTHORITY IS RESPONSIBLE FOR THE SCHEME.

||

"I

TODAY (TUESDAY) THAT "THE ADMINISTRATION OF THE NEW

HR WAS ACCOMPANIED BY THE ACTING DEPUTY DIRECTOR OF HOUSING (ESTATE MANAGEMENT}, MR Y.Q. LIM AND THE ASSISTANT DIRECTOR OF HOUSING (POLICY), MR THOMAS CHAN.

MR PANG SAID: "UNDER THE HPLS PHASE 1. A QUOTA OF 2 500 HOME PURCHASE LOANS WILL BE GRANTED TO SUCCESSFUL APPLICANTS. 500 ARE FOR ELIGIBLE KOWLOON WALLED CITY CLEAREES.

OF THESE,

"SUCCESSFUL APPLICANTS WILL BACH BE GRANTED AN INTEREST-FREE LOAN OF $70,000 FOR THE PURCHASE OF A PRIVATE SECTOR FLAT TO HELP OVERCOME THE PROBLEM OF INITIAL FINANCING FACED BY MANY FAMILIES WISHING TO BUY THEIR OWN HOMES.'

THE REPAYMENT OF THE INTEREST-FREE LOAN BY BQUAL MONTHLY INSTALLMENTS CAN BE UP TO 20 YEARS, OR WITHIN THE TIME STIPULATED IN THE MORTGAGE DEED WHICHEVER REPAYMENT PERIOD IS SHORTER,

MR PANG SAID: "IN PRINCIPLE, FAMILIES WHO CAN APPLY FOR THE HOME OWNERSHIP SCHEME BY USING THE GREEN FORMS, ARE ELIGIBLE.

ESTATE

"THEY INCLUDE ALL HOUSING AUTHORITY AND HOUSING SOCIETY SITTING TENANTS, AUTHORISED OCCUPANTS OF TEMPORARY HOUSING AREAS AND COTTAGE AREAS, AND PROSPECTIVE PUBLIC HOUSING TENANTS."

PROSPECTIVE HOUSING TENANTS CONSIST OF WAITING LIST APPLICANTS AND CLEAREES WITH RENTAL ELIGIBILITY AND JUNIOR CIVIL SERVANTS.

THE HOME PURCHASE LOAN MAY ONLY BE USED TO PURCHASE DOMESTIC FLATS IN THE PRIVATE SECTOR, NEW FLATS OR FLATS OF NOT MORE THAN FIVE YEARS OLD FROM THE DATE OF ISSUE OF THE OCCUPATION PERMIT MAY BE PURCHASED.

/HOWEVER, FLATS