Here you can find some common loan problems and solutions.
How is Konew Financial Express different from the mortgage loan services offered by banks?
Advantages of Konew Financial Express
• No handling, valuation or application counsel fees • All is set in one working day • No penalty interest for advance repayment
General conditions for bank loans
• 1-2% handling fee; Counsel fee is borne by the borrowers • Takes 2-3 weeks to approve • Penalty interest for advance repayment
*Customers must file their applications before 11am on business day with the full set of documents. The time needed for loan assessment depends on the type of property and its condition. Konew reserves the right to cancel any loan promotions anytime and the final approval right of loans.
What are the advantages of Konew Financial Express’ mortgage loans?
To apply for mortgage loans at Konew Financial Express, applicants only need to prepare few documents: title deeds/mortgage repayment statement, demand for rates, and demand for management fees.
What is the longest loan tenure?
The loan tenure is flexible, from 3 months to 10 years. Customers may decide the loan tenure based on their repayment ability.
Is the loan application handled by solicitors?
To provide excellent and reliable mortgage loan service to our customers, Konew entrusts sizable law firms in Central to handle all loan applications.
What are the loan application procedures?
1st step: Submit application and property information via Konew consultation center, phone calls, web application, WhatsApp, WeChat, email or SMS.
2nd step: Preliminary approval, which takes only 15 minutes
3rd step: Customer will be notified of the preliminary approval result, interest rate, installment amount, etc.
4th step: Customer visits our office in person with the required documents to complete the loan application
5th step: Customer signs the agreement at the solicitor’s office and the loan is available for drawdown within 24 hours*
*Customers must file their applications before 11am on business day with the full set of documents. The time needed for loan assessment depends on the type of property and condition. Konew reserves the right to cancel any loan promotions anytime and the final approval right of loans.
How long does phone approval take generally?
It usually takes about 15 minutes. Then, our customer service officers will inform customers about the approval result.
What are “interest-only loans” and “installment loans”? What are the differences?
Interest-only loans: Borrower repays the monthly interest only. The entire principal will be settled when the agreement expires.
Principal and interest loans: Similar to repaying mortgage loans at banks, every installment includes the amortised principal and interest.
Is it possible to apply for a mortgage loan against a deed of gift?
In general, properties obtained through a deed of gift are eligible for mortgage loans 2 years after the title transferred. Under special circumstances, Konew may exercise discretion for transfers less than 2 years.
When applying for a mortgage loan against a jointly owned property, is consent from the all other joint owners required?
According to the Money Lenders Ordinance, the property jointly-owners must sign the documents individual at Konew consultation centre and the law firm to be valid.
If you would like apply application without property joint owners, please submit your information include the relevant income proof and credit report for further approval.
If one of the owners of a joint tenancy property is deceased, is the other owners of the joint tenancy still eligible for a mortgage loan?
Yes, but only after the completion of the probate procedure. Konew may arrange solicitors to handle the procedures on behalf of the customers. Under special circumstances, Konew may also pre-approve part of the loan before the completion of probate process.
Is it eligible for a person who has retired or is over 60 years old to apply for loans?
Yes. If a property owner is over 60 years old, he/she may apply for a loan as long as a young person who is capable of working provides a guarantee. Certainly, if the borrower is able to prove that his/her ability to work despite over 60 years of age, it is possible that he/she may not need a guarantor when applying for loan.
Is it possible for an existing customer of Konew Financial Express, can he/she revolve his/her loan?
Yes. We will set up a stand-by credit limit for existing customers of Konew Financial Express to shorten the re-approval process. This can quickly help property owners to solve their urgent funding needs.
Does Konew offer loans against subdivided properties?
Konew does not accept loan applications against subdivided properties.
Does Konew offer construction loans for village houses/small houses in the New Territories?
Konew does not accept any construction loan application for village houses/small houses in the New Territories.
Is it possible to sell a mortgaged property during the loan tenor?
Customers of Konew Financial Express may request to sell the mortgaged property anytime during the loan tenor. The property owner should inform us as soon as he/she and the buyer have agreed on the price and signed the provisional sale and purchase agreement. The completion date will be taken as the cut-off date. We will calculate the full amount of the repayment as quickly as possible.