Home Renovation Interest-free Loan

The Home Renovation Interest-free Loan Scheme is closed for application effective from 1 April 2024. Interested parties are advised to apply Building Safety Loan Scheme (BSLS) under Buildings Department or Building Maintenance Grant Scheme for Needy Owners (BMGSNO) under URA for maintenance work.

Purpose

Eligible applicant will be granted an interest-free loan not exceeding HK$50,000 or the total costs of approved works (whichever is the lower) for flat interior repairs and maintenance works related to safety and hygiene. The loan is repayable by a maximum of 36 equal monthly installments.

Eligibility Criteria

1. The domestic property in Hong Kong for which the loan relates (according to the occupation permit) :

    1.1 Building age must be of 30 years or more (according to the occupation permit) but excluding buildings not exceeding 3 storeys and New

         Territories Exempted Houses.;

    1.2 The annual ratable value for properties in urban areas (including Shatin, Kwai Tsing, and Tsuen Wan) and the New Territories areas shall not

          exceed the limit stipulated at item 2(a) of Appendix 1 of Integrated Building Rehabilitation Assistance Scheme (IBRAS);

    1.3 Must be the only property owned by each applicant in Hong Kong, in any form or manner, directly or indirectly; and

    1.4 Must be solely or jointly owned by individuals (not owned by company)

2. All registered owners of the property must apply as applicant.

3. The applicant must produce income proof (such as salary slips) to prove his/her repayment ability, failing which the applicant is required to execute a legal charge in favor of the Urban Renewal Authority (URA).

4. Un-discharged bankrupt person is not eligible for the loan.

5. Application must be submitted prior to the commencement of home renovation works.

Content Brief

- Eligible applicant will be granted an interest-free loan not exceeding HK$50,000 or the total costs of approved works (whichever is the lower).

- The loan is granted for flat internal repairs and maintenance works related to safety and hygiene.

- The loan is repayable by a maximum of 36 equal monthly installments.