Payment Arrangements for Property Transactions (PAPT) – Standard Chartered HK

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Payment Arrangements for Property Transactions (PAPT)

About PAPT

To embrace the digital payment age and enhance customer protection in property transactions, the banking industry has introduced PAPT. This service provides customers with an additional payment arrangement through bank-to-bank electronic fund transfers.

Eligible Scope

Refinancing transactions and the sale and purchase of residential properties in Hong Kong’s secondary market.

Enhanced Payment Efficiency

PAPT streamlines the fund flow of mortgage loans in property transactions, thereby saving time.

Improved Payment Security

PAPT reduces payment-related risks through direct bank-to-bank electronic fund transfers.

Same-Day Settlement of Funds

Vendors can expect to receive surplus (if any, where there is an existing mortgage) or the balance of sales proceeds (where there is no existing mortgage) as soon as on the same day as the completion date.

Sale and Purchase Transactions

Applicable to residential properties in Hong Kong’s secondary market, including car parking spaces in residential buildings, whether independently or together with residential units
The property is subject to no more than one mortgage, and is not subject to restrictions on alienation
Both the buyer and the seller must be either individuals or property holding companies incorporated in Hong Kong

Refinancing Transactions

Applicable to residential mortgage loans, including car parking spaces in residential buildings, whether independently or together with residential units
The property must have one or no existing mortgage

To experience the benefits of PAPT, you can adopt it for your sale and purchase transaction by informing your estate agent prior to signing the provisional sale and purchase agreement. This ensures that the relevant PAPT clauses will be included. For more details, please click here.

If you are planning to refinance your mortgage with our bank, you can opt for PAPT by selecting this option on our mortgage loan application form. For more details, please click here.

Learn more about PAPT for Sales & Purchase transactions in secondary market

To borrow or not to borrow? Borrow only if you can repay!