You may apply for loans under the Building Safety Loan Scheme. It provides loans to individual owners to carry out maintenance and repair works to reinstate or improve the safety conditions of the buildings and/or private slopes voluntarily, or in compliance with statutory orders.
Yes. One of the co-owners could act as the applicant for loan, with written consent from the other co-owner(s).
All registered owners of private buildings can apply for loans irrespective of the value of his property. He may be offered a loan and the loan amount would be determined by the approved cost of the repair project and the means of apportionment among owners who contribute towards the cost.
At present, OCs are not empowered to borrow loans from the Building Safety Loan Scheme. Owners should submit applications for loans on an individual basis.
Subject to provision of all required supporting documents, an applicant will normally be informed of the result or progress of the application in two weeks' time for the removal of Unauthorised Building Works and three weeks for repair works.
For written enquiries, an interim reply will be sent if a substantive response cannot be made in ten days. For complex cases, the response time may be extended by a further 30 days.