The Hong Kong Housing Authority on Saturday announced immediate relaxation of provisions regarding mortgage repayment periods and repayment amounts to alleviate repayment burdens on owners affected by the Tai Po fire.
The relaxations allow banks and financial institutions providing mortgage loans for subsidized sale flats to offer special mortgage arrangements to the holders of mortgages on subsidized sale flats with unpaid premiums at Wang Fuk Court, according to a government notification.
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This includes deferred repayment of mortgage instalments or of the mortgage principal.
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The Housing Authority has notified participating financial institutions of the arrangements and will issue letters of confirmation to them.
A devastating fire, which started at 2:51 pm on Wednesday and was finally put out at 10:18 am on Friday, burned seven out of eight buildings of the housing estate in the northern district of Tai Po, claiming at least 128 lives.
