Terms and Conditions for "Reverse Mortgage Cash Rebate Programme"
- The Reverse Mortgage Cash Rebate Programme is valid from 1 January 2021 until 31 December 2021, inclusive of both dates ("Promotion Period") for customer(s) who successfully drawdown the reverse mortgage loans.
- The borrower(s) are eligible for the reverse mortgage cash rebate under the conditions that (i) within six months from the date of the first monthly or lump sum payout, no application for refund or waiver of mortgage insurance premiums of the loan has been issued by the borrower(s); and (ii) individual customer(s) ("Eligible Borrowers") have to maintain the relevant Shanghai Commercial Bank Limited (the "Bank") account at the time when the cash rebate is being credited.
- Eligible Borrowers are entitled to 0.4% cash rebate of the specified property value of the pledged property on each Eligible Mortgage Loan. Specified property value is subject to the definition as provided byHKMC Insurance Limited.
- The actual cash rebate amount is calculated from the amount of the specified property value of the pledged property and the approval from the Bank shall be final.
- The applications of reverse mortgage loan are subject to the relevant approval and credit requirements and all mortgage terms are subject to the Bank or lending institution's final approval.
I. If the closing date of loan is between 1 January 2021 and 30 June 2021, then cash rebate will be credited into the specific Eligible Mortgage Loan account on or before 30 April 2022.
II. If the closing date of loan is between 1 July 2021 and 31 December 2021, then cash rebate will be credited into the specific Eligible Mortgage Loan account on or before 31 October 2022.
Cash rebate cannot be directly collected as cash or transferred to a third party or transferred to other accounts.
The Bank reserves the right to terminate or amend the promotion offers and terms and conditions without notice. In case of any disputes, the decision of the Bank shall be final.
In case of any discrepancy between the Chinese and English versions of this Terms and Conditions, the Chinese version shall prevail.