Second-Hand Property Mortgage Guide: LTV Ratios, Rates, Process, and Solutions for Undervaluation

二手樓按揭是以已落成、由二手市場轉售的物業作抵押的貸款。2026 年申請時，買家應先以銀行估價較低者計算可借金額；一般銀行按揭監管上限為樓價或估價的 70%，高成數按揭則須符合按揭保險計劃資格。金管局的 +2 厘利率壓力測試現已暫停，但銀行仍會按 DSR、信貸紀錄、物業狀況及估價作審批。簽好臨約才是挑戰的開始！面對 2026 年銀行審批變數，購買二手樓隨時因「估價不足」或「壓測卡關」而面臨撻訂風險。

本文提供最新二手樓按揭全攻略，詳細介紹最新按揭成數、完整流程與常見陷阱；還教您在銀行估價不足時如何迅速應對，確保資金鏈不斷，順利獲得心儀的安樂窩！

什麼是二手樓按揭？與一手樓按揭有什麼不同？

Definition of a Second-Hand Property Mortgage

二手樓按揭是指買家以二手市場物業（即非由發展商首次出售的房產）作為抵押品，向金融機構申請的按揭貸款。此類貸款涵蓋範圍廣泛，包括全港各大私人屋苑、居屋、公屋、村屋、舊式唐樓及單幢式大廈等所有現樓物業。

二手樓按揭是金融機構提供的貸款，買家用二手市場物業作為抵押品。

Main Differences: First-Hand vs. Second-Hand Mortgages

Second-Hand Property Mortgage LTV Ratios and Latest Regulations (2026)

Self-Use Residential Mortgage LTV Ratios

• Property price below HKD 10 Million: Standard bank mortgages can borrow up to 70%.

• Property price HKD 10M to HKD 15M: Can borrow up to 60% to 70%.

• Property price above HKD 15 Million: The maximum limit is capped at 50% to 60%.

• High-LTV Mortgages (HKMC Mortgage Insurance): For first-time buyers applying for mortgage insurance, self-use residential properties below HKD 15 million can borrow up to 80% to 90%.

Investment / Non-Self-Use Mortgage LTV Ratios

• Maximum LTV Limit: If the property is purchased for investment/rental rather than self-use, the maximum LTV ratio is strictly capped at 50% across the board.

• Repayment Ability Calculation: When assessing your Debt Servicing Ratio (DSR), the expected rental income of the investment property must usually be discounted by 50%, making the approval standard extremely strict.

樓齡對成數的影響

• Under 50 years old: Generally able to smoothly obtain the full LTV ratio and the maximum 30-year repayment period from banks.

• Over 50 years old: For high-age Tong Lau and old single-block buildings, banks generally use the "75 minus property age" or "80 minus property age" calculation. Once the property age is too high, the bank will forcefully shorten the repayment period or directly deduct the LTV ratio.

Second-Hand Property Mortgage Interest Rates

The 6-Step Second-Hand Property Mortgage Application Process

Step 1 — Property Valuation

Around the time of signing the Provisional Agreement for Sale and Purchase, the buyer should immediately seek a preliminary valuation from banks or financial institutions for the target property. This ensures the asking price matches the market value, preventing the risk of "appraisal shortfalls" due to massive discrepancies.

Step 2 — Compare Bank Mortgage Plans

With many mortgage products on the market, buyers should shop around. Comprehensively compare the H/P rates, cash rebate percentages, and high-yield mortgage-link account features of various banks to select the plan that best meets your personal financial goals.

Step 3 — Submit Application and Proof Documents

After signing the agreement and paying the deposit, buyers usually submit formal mortgage applications to 3 to 4 banks simultaneously. Buyers need to prepare the following basic documents:

• Provisional Agreement for Sale and Purchase

• Copy of HKID Card

• Income proof for the latest 3 months (e.g., salary slips, bank transfer records)

• Latest annual tax demand note or MPF contribution records

Step 4 — Bank Approval (Stress Test / DSR 50%)

Banks will conduct a credit structure review on the applicant. This includes calculating the Debt Servicing Ratio (DSR generally capped at 50%) and assessing the applicant's repayment ability in a simulated interest rate hike environment (the Stress Test). The approval process generally takes 2 to 4 weeks.

Step 5 — Law Firm Handles Sale and Mortgage Procedures

After the bank approves the mortgage contract and the buyer signs in confirmation, the bank will send the mortgage deed to the buyer's appointed law firm. The law firm will be responsible for checking the property title (deed search), handling stamp duty, and preparing the final legal assignment documents.

Step 6 — Sign the Mortgage Deed and Loan Drawdown

A few days before the transaction completion date, the buyer must go to the law firm to sign the formal mortgage deed. On the completion date, the bank will formally release the loan to the law firm, which will then transfer it to the seller's lawyer, completing the entire sale transaction. The buyer officially collects the keys and becomes the owner!

Common Traps in Second-Hand Property Mortgages

What should I do if there is an appraisal shortfall?

During market fluctuations, a bank's valuation might be lower than the actual transaction price (e.g., purchase price HKD 6M, but the bank only values it at HKD 5.5M). This means the mortgage loan amount shrinks, and the buyer must find cash in a short time to cover the gap, otherwise facing the risk of forfeiting the deposit.

估價不足是指銀行估價低於實際成交價，導致貸款額減少。

• Solution: Buyers can immediately ask several other banks for a re-valuation or try applying for mortgage insurance to increase the LTV. If time is running out, the fastest method is to apply to a finance company like GICL for a first or second mortgage.

What if the bank rejects the property because it is too old?

Many old single-block buildings, village houses, or Tong Lau in prime urban areas are often over 50 years old. Traditional banks are extremely conservative with high-age properties, frequently applying rigid restrictions like "LTV deductions" or "massively shortening the repayment period," causing the buyer's monthly payment pressure to soar.

傳統銀行常以「75 減樓齡」或「75 減借款人年齡」作內部按揭年期參考，令部分高樓齡物業的還款期縮短、每月供款提高；不過，這並非金管局硬性規定，最終批核仍由個別銀行按整體風險作商業判斷。詳見政府對按揭年期計算的說明.

樓齡過高時，銀行通常採取減成數或縮短還款年期等限制措施。

• Solution: What banks won't do, GICL will! GICL possesses extensive experience in old building financing, and our property mortgage plans have absolutely no property age limits. No matter how old the property is, we assess it practically based on market value, helping you complete the transfer and get on the property ladder smoothly.

What if my income proof is insufficient?

If you are an SME owner, self-employed, freelancer, or a full-commission salesperson with irregular income, you often cannot provide the "perfect" three-month salary slips, MPF records, or tax demand notes required by banks, making you easily rejected at the bank's stress test hurdle.

• 自僱人士、公司董事、佣金制或收入結構較複雜的買家，未必因「沒有固定月薪」而失去按揭機會；重點在於能否以報稅紀錄、銀行流水、公司財務資料、合約收入及資產證明，清晰展示持續而穩定的還款能力。金管局的按揭指引亦以債務供款與收入比例作為風險管理框架之一。

對自僱人士、公司股東、佣金制或收入不規則的買家而言，按揭關鍵亦不在於「有沒有固定月薪」，而在於能否以報稅表、銀行流水、公司財務資料及資產證明，建立清晰的還款能力證據。值得留意的是，金管局已自 2024 年 2 月 28 日起暫停按揭利率上調 2 厘的壓力測試要求；實際批核仍須按銀行的收入、債務、估值及物業風險評估而定。金管局現行按揭審慎監管措施

• Solution: GICL offers specialized "no income proof required" plans. We don't fixate on rigid income documents; instead, we flexibly assess the property's underlying potential value. Even if you lack standard salary slips, you can still easily secure a large mortgage approval.

What if my credit record is flawed?

Life has its financial tight spots. If you have previously paid credit cards late or have outstanding personal loans, your TU (personal credit rating) might have dropped to Grade D or below. Traditional banks scrutinize this strictly; even a slight flaw in your credit record usually means your mortgage application is ignored.

TU 是指個人信貸評級系統，用於評估個人信用狀況。

Traditional banks scrutinize this strictly; even a slight flaw in your credit record usually means your mortgage application is ignored.

• Solution: GICL utilizes an independent and humane approval mechanism that does not rely solely on TU ratings. Even if your credit record is less than ideal, we can tailor a suitable first or second mortgage plan for you based on the property's current value. Finance companies are much more flexible, offering customized interest rates and no rigid DSR limits based on individual risk.

二手樓按揭 vs 一手樓按揭 — 邊種較抵？

Second-Hand Property Mortgage Fees Overview

Stamp Duty (Ad Valorem Stamp Duty - AVD)

印花稅（從價印花稅，AVD）是買樓開支中佔比最大的一筆雜費。所有置業人士均須向稅務局繳交從價印花稅（AVD）。目前本港首置居民可享有較低的「第二標準稅率」，實際稅費將根據物業的最終成交價按比例計算。

Legal Fees

Second-hand property sales and mortgages must be handled through legal channels. The lawyer's scope is broad, including conducting title searches (deed checking), handling sale contracts, signing mortgage deeds, and discharging the previous owner's mortgage. Standard residential legal fees range from several thousand to over ten thousand Hong Kong dollars.

Valuation Fees

Before approving a mortgage loan, financial institutions must commission independent professional valuation firms to assess the market value of the target property. Traditional banks generally charge buyers a valuation fee; however, when applying for a mortgage with GICL, we promise to completely waive the property valuation fee for owners, helping you save to the max.

Agency Commission

If the second-hand property transaction is facilitated by a real estate agent, both the buyer and seller must pay an intermediary commission to the agency. Although the commission rate is not a strict law, the standard practice in Hong Kong's property market is usually 1% of the transaction price.

Fire Insurance

Whether applying to a bank or a finance company, lenders mandatorily require buyers to purchase building structural insurance (commonly known as "fire insurance") to protect against structural damage caused by fires, typhoons, etc. The premium is generally charged annually based on a specific percentage of the property's rebuild cost or total mortgage loan amount.

Mortgage Insurance Premium (For High-LTV Mortgages)

If you wish to borrow an 80% to 90% high-LTV mortgage to ease down payment pressure, you must pass the Hong Kong Mortgage Corporation (HKMC) approval and pay the mortgage insurance premium. The premium amount depends on the LTV ratio and repayment period. Buyers can choose to pay it in a lump sum at completion or roll the premium into the mortgage loan to repay monthly.

Bank Second-Hand Mortgage Rejected? GICL Alternative Solutions

Being rejected by a bank absolutely does not mean you must helplessly forfeit your deposit! As your strong financial backer, GICL provides highly flexible express property financing alternatives, helping you turn danger into safety and smoothly navigate every home-buying or cash-flow hurdle.

GICL First Mortgage Plan — No Property Age Limits, No Stress Test

Eyed a premium high-age Tong Lau, single-block old building, or village house in a core urban area, only to be shut out by traditional banks due to "excessive property age"? Or are you self-employed and unable to pass rigid stress tests?

• Our Advantage: GICL's first mortgage service has absolutely no property age limits and no strict stress test thresholds during approval. We evaluate the property's market potential with a practical attitude, tailoring high-LTV first mortgages for you. The self-employed and freelancers can be easily fully approved.

GICL Second Mortgage Plan — Cover Down Payment / Valuation Shortfalls

Encountered a bank "appraisal shortfall" after signing the provisional agreement, causing your loan amount to shrink drastically? Unable to raise hundreds of thousands or even a million dollars for the extra down payment in a short time, risking the loss of both your deposit and the property?

• Our Advantage: You do not need to touch or transfer your existing bank first mortgage. GICL's second mortgage plan is designed to "save the deal," offering preliminary express approval in just 15 minutes and loan drawdown within 24 hours. It specifically helps you cover down payment or valuation gaps, ensuring you rapidly replenish funds before the completion date.

GICL Cash-out Refinancing Plan — Cash Out for Renovations After Buying

Buying a second-hand property often requires reserving a large sum for full-house renovations and rewiring. Many buyers find their cash flow depleted and their renovation budget stretched thin after paying the down payment, stamp duty, and agency commission.

• Our Advantage: After successfully purchasing and holding a second-hand property, whether you want to revitalize your fixed assets or need funds for luxurious home renovations, you can use GICL's cash-out refinancing plan. We leverage the property's residual equity to pull out a large sum of liquid cash for you.

Second-Hand Property Mortgage FAQ

What is the maximum repayment period for a second-hand property mortgage?

在 2026 年最新按揭指引下，二手私樓的最長按揭還款年期為 30 年。不過，傳統銀行審批時會嚴格執行「75 減樓齡」或「75 減人齡」（部分銀行可放寬至 80 減）的公式。例如，若購買的二手樓樓齡已達 50 年，最長還款期可能被強行縮短至 25 年（75 – 50）。

Can second-hand HOS / Public Housing properties get a mortgage?

可以。受惠於房屋委員會放寬的資助房屋政策，未補地價的二手居屋、公屋及綠置居，其政府按揭擔保期已大幅延長至 50 年，最長還款期亦同步增至 30 年。這讓高樓齡的二手居屋在市場上極易獲批高成數按揭（綠表最高 95%、白表最高 90%）。

Why do second-hand properties experience appraisal shortfalls?

• Market Fluctuations: During a market downturn, valuation firms' data adjustments are often faster than lagging transaction records.

• Overpriced Asking Rates: The original owner's asking price is too aggressive, significantly deviating from recent transaction prices of similar units in nearby estates.

• Specific Property Flaws: For example, accidents occurred on the property (haunted houses), the Buildings Department issued an un-encumbered illegal structure order, or it is a non-standard specialty unit that is extremely difficult to value.

Can I refinance to cash out immediately after buying a second-hand property?

Traditional banks have strict limits on newly purchased properties, generally imposing a 1 to 2-year penalty period, and may not accept immediate re-valuations for extra loans in the short term. However, if you apply for a cash-out refinance with GICL, you are not bound by this. As long as the market conditions permit after purchase, or if you paid a larger cash down payment, GICL can immediately revalue the property and rapidly squeeze out liquid cash for your turnover needs.

Can I apply for a second-hand property 2nd mortgage if my down payment is insufficient?

Yes. When buying a second-hand property, if the LTV ratio approved by a traditional bank cannot meet your budget and you cannot pay the remaining down payment shortfall, you can apply for a GICL second-hand property 2nd mortgage. A second mortgage sits behind the existing first mortgage, filling your 10% to 20% down payment gap without needing to alert the first mortgage bank.

Can second-hand village houses / Tong Lau apply for a mortgage?

Yes, but the approval threshold at traditional banks is extremely high. Banks often deduct LTVs for village houses due to legal issues like right-of-way or the Certificate of Compliance; they outright reject Tong Lau because their ages generally exceed 50 years, lack elevators, and have multiple illegal structures. GICL adopts flexible approval criteria. We have no property age limits, and both village houses and Tong Lau enjoy the same rapid property valuation and approval processes.

Want to Understand Your Second-Hand Property Mortgage Options? Contact GICL Now

When buying a second-hand property, time is money, yet traditional bank approvals are notoriously slow. If you encounter an appraisal shortfall or a stress test hurdle at the final moment, you face the crisis of forfeiting your deposit at any second! GICL Global International Credit Limited deeply understands your concerns. We have specifically designed flexible, express second-hand property financing solutions to act as your most solid home-buying backup at all times.

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