Terms and Conditions for "Reverse Mortgage Cash Rebate Programme":

  1. The Reverse Mortgage Cash Rebate Programme is valid from 1 January 2020 until 31 December 2020, inclusive of both dates ("Promotion Period") for customer(s) who successfully drawdown the reverse mortgage loans.
  2. 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.
  3. The total amount of pledged asset of reverse mortgage loan is the specified property value of the pledged property ("Total Pledged Asset").
  4. Eligible Borrowers are entitled to 0.4% cash rebate of the Total Pledged Asset on each Eligible Mortgage Loan, with the condition that the maximum limit of Total Pledged Asset on cash rebate is HK$15 million, and the maximum rebate amount is HK$60,000.
  5. The actual cash rebate amount is calculated from the amount of Total Pledged Asset, the above cash rebate amount is for reference only and the approval from the Bank shall be final.
  6. 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.
  7. I. If the closing date of loan is between 1 January 2020 and 30 June 2020, then cash rebate will be credited into the specific Eligible Mortgage Loan account on or before 30 April 2021.
    II. If the closing date of loan is between 1 July 2020 and 31 December 2020, then cash rebate will be credited into the specific Eligible Mortgage Loan account on or before 31 October 2021.
  8. Cash rebate cannot be directly collected as cash or transferred to a third party or transferred to other accounts.
  9. 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.
  10. In case of any discrepancy between the Chinese and English versions of this Terms and Conditions, the English version shall prevail.