Home Purchase Guaranteed Loan Scheme

1. Purpose and scope
Home Purchase Guaranteed Loan Scheme is a scheme for the housing loan which is approved for the purpose of purchasing self-used property in free property market by authorized credit organizations (bank) of Macao Special Administrative Region. This scheme mainly assists permanent residents of Macao SAR to purchase their housing by guaranteeing the bank loan.

2. Application Qualification

(1) (1) The bank's evaluated price selling price of the housing unit must be less than MOP2,600,000.00;
(2) The amount of loan approved by the bank must be less than 90% of the above-mentioned amount;
(3) The utilization licence of the housing unit has to be issued;
(4) If the utilization licence has not yet been issued (i.e. pre-completion housing unit), a project licence issued by the administrative entity must be provided, the provisional agreement for sale and purchase must be established and the housing unit must be registered at Real Estate Registry;
(5) The housing unit must be registered as residential purpose at Real Estate Registry.
(6) The provisional agreement for sale and purchase must be established after the effective day of By-law No. 18/2009.


3. Important notice for Applicants

1. All the families or individuals who live in Macao Special Administrative Region can apply for the scheme, but the housing unit must be self-used.
2. Family means two or more persons live together because of marriage, common-law marriage, consanguinity, affinity or adoption.
3. The spouse(s) of the family member(s) has/have to be listed in the application form, except the spouse(s) is/are non-permanent Macao resident(s).
4. In accordance with the stipulation of By-law No. 18/2009, application has to be made by the individual or at least one of the family members who fulfils the following qualifications:
 
Applicant must:
(1) be at least 21 years of age;
(2) reside in Macao not less than 7 years;
(3) be a holder of valid Macao SAR permanent identity card.
5. All the family members and their spouses must not:
 
(1) be owners of any housing property or housing units, and owners or concessionaires of any private land within last 3 years counted from the application form submission date and before the approval day of the application;
(2) be debtors of any home purchase loan before the effective date of By-Law No. 18/2009 and before the approval day of the application;
(3) the listed members of other application forms approved by By-Law No. 18/2009, Decree-Law No. 35/96/M (8th July) or By-Law No. 24/2000—The Scheme of Credit Subsidy for Personal Housing Mortgage Loans (4% Bank Interest Subsidy) ;
(4) the listed members of economical housing application forms of another applied families approved by Decree-Law No. 13/93/M (12th April).
6. If there is reasonable explanation, President of Housing Bureau can exceptional approve the elimination of family member(s) from a specific family and permit he/she to apply for the guaranteed loan application, in accordance with the stipulation of Decree-Law No. 35/96/M (8th July), By-Law No. 24/2000—The Scheme of Credit Subsidy for Personal Housing Mortgage Loans (4% Bank Interest Subsidy), Decree-Law No. 13/93/M (12th April) or By-Law No. 18/2009.


4. Application Procedures

1. The scheme has to be applied by submitting the completed application form to Housing Bureau (with applicant's signature).
2. Photocopies of all family members' identification documents have to be submitted with the application form and has to be submitted after the loan approval by credit organization and before the establishment of the loan agreement by certificate
3. In order to comply with the arrangement of the guaranteed loan, the process order of the application will be defined in accordance with the sorting order of the receipt number of the application form.
4. If outstanding documents need to be submitted, the receipt number of the application form will be the one which defines after receiving all the required documents.

5. Application Progress
The application result will be informed to the applicant within 30 days counted from the day that all the necessary documents had been submitted. Housing Bureau will issue an approval declaration within the above-mentioned period and photocopies will be sent to Monetary Authority of Macao and the related bank.

6. Amount of the Guaranteed Loan
The maximum amount of the guaranteed loan is counted by 20% of the total amount of the housing unit and will not exceed MOP 400,000.00, such amount is not included the interest and any amount the applicant has to be paid.

7. Guaranteed Time limit
No matter how long the length of mortgage loan repayment is, the maximum guaranteed time is 15 years counted from the issuing date of the permission.

8. The Establishment of the Certificate

1. The establishment of the loan agreement by certificate must be done within 1 year counted from the day the approval declaration issued. Otherwise the approval of application will be terminated.
2. If reasonable explanation is given and approved by Housing Bureau within the above-mentioned period, the period for the establishment can be extended relatively, but the extension limit is 2 years.

9. The Termination of the Guarantee 
The guarantee will be terminated after the beneficiary repays the whole bank loan

10. Invalidity of the Agreement
If the loan agreement is declared to be invalid, the related guarantee will be terminated simultaneously.

For more information, please read By-law No. 18/2009 or contact Housing Bureau.