The Bank of East Asia (BEA) has launched its new mortgage plan called '$1 Protection Plus', for customers of residential property in Hong Kong.

According to the bank, in addition to enjoying preferential mortgage terms, customers of the plan can purchase designated insurance products and a health check-up plan for HKD1 each.

Customers who apply for loans of HKD1m or above can avail a mortgage rate of 3.1% per annum for the entire loan period. Upon successful loan drawdown, customers can enjoy 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.”