Source: Hong Kong Government special administrative region
Banking industry introduces further measures to assist affected individuals of Tai Po fire
The HKMA and HKAB have launched 11 emergency support measures (Note) following the Tai Po fire incident last year, including a six-month pre-approved repayment grace period for various loans to alleviate the immediate financial pressure of the affected individuals. The repayment grace period also offers time and room for the affected residents and relevant parties to manage legal matters, insurance claims and rehousing arrangements associated with the affected residential mortgages.
Recognising that the affected residents may need time to understand various options and details under the long-term housing arrangements for WFC, so that they can make informed choices and corresponding financial arrangements, the banking industry announces the following three additional measures:
(1) Extend the repayment grace period for various loans: All 28 retail banks will extend the repayment grace period (including principal and interest) for existing mortgages, personal loans and credit card loans, etc. of the affected individuals by another six months to the end of November 2026, to alleviate their short-term financial pressure;
(2) Assist with mortgage arrangements under different housing options: All WFC mortgagee banks will help relevant owners in handling mortgage-related matters, including:
(3) Establish a multi-party collaboration and communication mechanism: The HKMA, HKAB and the banking industry will establish a communication platform to understand, including through the “engagement team” co-ordinated by the Housing Bureau, the specific needs of WFC residents and provide appropriate assistance to each individual case.
The HKMA and HKAB would like to take this opportunity to remind the public to stay vigilant at all times to prevent fraudsters from taking advantage of the situation. Whenever receiving calls that claim to be from banks, the public should authenticate the identity of the caller and never disclose personal and bank account information, passwords, or other sensitive information to suspicious individuals.Issued at HKT 16:00
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