Bank of East Asia (abbreviated as BEA) has introduced its new-fangled mortgage plan called \'$1 Protection Plus\', all set to serve customers of residential property in Hong Kong. In accordance with the latest claims of bank, as well as talking pleasure in privileged mortgage terms, clientele of the plan can pay for designated insurance products and a health check-up plan for HKD1 each.

What is more, consumers applying for loans of HKD1m or above can make use of a mortgage rate of 3.1% per annum for the entire loan period. If a successful loan drawdown takes place ever, customers can have the benefit of free fire insurance for the first year, said the bank. Customers who obtain loans of a designated amount will also be entitled to enroll in a maximum of three designated schemes for HKD3, or maximum total savings of nearly HKD6,5003.

The schemes include: 1) Household Protection Insurance (first-year coverage), 2) Domestic Helper Protection Insurance (first-year coverage), and 3) the U Care Medical Check-up Scheme (for one person). Simon Lau, general manager and head of personal banking division at BEA, said: “We are pleased to introduce this comprehensive mortgage package, which combines attractive loan terms with extra protection, thereby ensuring that the various needs of our customers are met all at once.”

The Bank of East Asia happens to be the largest independent local bank and the third largest bank in Hong Kong. Its chairman and chief executive is Sir David Li. It was the year 1995 when BEA acquired United Chinese Bank, which was fully merged with the bank in 2001. In 2000 it acquired First Pacific Bank.