A loan scheme will be introduced to help Albert House owners who are legally bound to pay a huge amount of judgment debts in a civil claim arising from a 1994 fatal accident, Secretary for Home Affairs Dr Patrick Ho says.
With the assistance of the Housing Society, all owners of the residential units of Albert House, except corporate owners, will be eligible to apply for a loan with favourable terms.
After a meeting with the owners' representatives today, Dr Ho said the maximum size of the loan will be $200,000 for each residential unit owner and should be sufficient to cover their respective share of the debt.
He believed that the loan scheme could substantially relieve Albert House owners from the financial predicament they are facing.
First $50,000 interest-free
The loan offered by the society is capped at $200,000 or the actual amount of the debt payable by each owner of Albert House owners, whichever is the lower.
For every loan, the first $50,000 will be interest-free. For the portion above $50,000, interest will be charged at the HSBC prime rate.
Each loan will have to be fully repaid, by equal monthly instalments in not more than 36 months from the drawdown date or at the time the ownership of the subject domestic unit is transferred to another party, whichever is earlier.
Dr Ho said the Government understands that some owners have special economic needs. In order to accommodate these cases, the interest for the whole loan will be waived.
Where circumstances warrant, no repayment of the loan will be demanded, until the ownership of the subject unit is transferred to another party or at the passing away of the borrower, whichever happens earlier. The property of the owner concerned will be charged in favour of the society.
Panel formed to assess applications
A panel to be chaired by Hong Kong University Professor Nelson Chow will assess the applications from owners. Other panel members include Southern District Council Chairman Mar Yuet-har, Accountant Lawrence Cheung, Deputy Director of Home Affairs Isaac Chow, and Southern District Social Welfare Officer Raymond Fung.
Dr Ho also took the opportunity to stress the importance of proper building management and the procurement of third-party risks insurance for the common parts of buildings.
"We will introduce a Building Management (Amendment) Bill and a Building Management (Third Party Risks Insurance) Regulation into the Legislative Council in April this year to make it a mandatory requirement for all owners' corporations to acquire third-party insurance cover," Dr Ho said.
Go To Top
|
