The Plan aims to provide assistance to potential sandwich class home buyers who are able to repay mortgages in the long term but currently do not have enough savings for the down payment.
[2] Under this Plan, the Hong Kong Housing Society will lease the flats to eligible applicants at prevailing market rates.
My Home Purchase Plan has reserved five sites (i.e. Tsing Yi, Diamond Hill, Sha Tin, Tai Po, Tuen Mun in building 5000 subsidized housing.
The outcome of the public consultation showed that a lot of people are concerned about the rise in property prices and the difficulties in purchasing their first flat.
The Legislative Council of Hong Kong is of the view that the Government should introduce measures to help the sandwich class purchase their own flats, regarding the high property price.
It is asserted that providing relief measures to sandwich class home buyers to give them time to save up is suitable.
As a result, the Government, in collaboration with the Hong Kong Housing Society (HKHS), will introduce My Home Purchase Plan.
Under the minimal intervention approach, the government is firmly committed to provide a fair and stable operating environment for the sake of the healthy development of the private property market.
Moreover, efforts are made to enhance the transparency of sales information and fairness of transactions of first-hand private residential properties in order to protect consumers' rights; It must be stressed that the Government place utmost importance in the home ownership needs of the Hong Kong citizens.
It is recognized that home ownership is a matter of personal choice which is greatly related to individual circumstances and affordability.
Relevant policies includes working with the HKHS to implement a new form of assisted home ownership premised on the concept of "rent-and-buy".
In the future, HKHS will investigate and with regard the then market situation, set the income and asset limits, before it accepts applications for pre-letting of the Tsing Luk Street project.
[11][12][13] Tenants who have bought a property under MHPP will not qualify for any other form of subsidy in the future housing schemes provided by the Government.
However, if MHPP beneficiaries have great financial difficulties in future and are in real need of PRH, the Government may give discretion to exceptional cases.