From 8 August 2024, HKMC Insurance Limited (HKMCI) will allow eligible homeowners to rent out self-occupied properties under the Mortgage Insurance Programme (MIP) on a case-by-case basis. This new arrangement assists those facing specific challenges, such as expecting or adopting children, unemployment, or other special needs, as long as the homeowner has lived in the property for at least 12 months. Applications require a signed undertaking and relevant proof, and homeowners with other residential properties in Hong Kong are generally ineligible. Approved applicants must primarily reside in Hong Kong and cannot purchase additional properties while the waiver is active. The unauthorised rentals may result in HKMCI action.
Resources: Hong Kong Monetary Authority – Mortgage Insurance Programme (hkma.gov.hk)