Connect with us
CGIF-10th-Year-Anniversary

Banking

0% Mortgage Loans to help first-time homebuyers

0% Mortgage Loans for first-time homebuyers will help to stimulate the Thailand’s property market

Boris Sullivan

Published

on

housing thailand

Cabinet’s approval of a Bt25 billion loan programme for first-time homebuyers with special repayment terms and conditions will help stimulate Thailand’s property market and the mortgage loan business in the rest of this year, according to Kasikorn Research Center KRC.

Under the loan programme, the Government Housing Bank will offer first-time homebuyers a mortgage at zero interest for the first two years if it is less than three million baht, with a full term of 30 years. Homebuyers with less than one million baht annual income can borrow up to one million baht.

housing thailand

0% Mortgage Loans for first-time homebuyers will help to stimulate the Thailand's property market

Successful applicants are also eligible for a waiver on a mortgage fee at 1 per cent of the loan amount and an ownership transfer fee at 2 per cent of the appraisal price. The Bt25 billion amount is equivalent to 8 per cent of the new mortgage loans extended each year.According to a report by the Land Department and the Real Estate Information Center, property ownership transfers in Bangkok and its environs in the first two months of this year totaled 18,907 units, down 21 per cent from the same period last year.

The decline in property market activities stemmed partly from the lack of property stimulus measures taken earlier.Simultaneously, commercial banks had begun a gradual increase in lending rates with four major banks offering a minimum lending rate at 6.75 per cent. An increase in lending rates by every 1 per cent will have the approved loan amount reduced by 7-8 per cent. That means the purchasing power of homebuyers will decrease accordingly.

via Loans for first-time homebuyers to help stimulate property market.

Comments

Banking

Thailand’s Public debt to GDP ratio within framework says Finance Minister

Currently, Thailand’s ratio of public debt to gross domestic product (GDP) stands at 49.34 percent, which is below the Fiscal Sustainability Framework set at 60 percent.

National News Bureau of Thailand

Published

on

BANGKOK (NNT) – The Thai economy is gradually recovering, with monthly economic indicators, such as the consumer confidence index and domestic spending, showing positive signs.

(more…)
Continue Reading

Banking

Raising inequality posing credit risks for sovereign in APAC countries

Governments with weaker social protection systems and tighter fiscal positions will face tougher challenges in tackling income inequality

Pr News

Published

on

By

Moody’s Investors Service says in a new report that the impact of the coronavirus pandemic will exacerbate income inequality in APAC, posing credit risk for sovereigns across the region and in particular for those with weaker fiscal capacity and social protection systems.

(more…)
Continue Reading

Banking

Bank of Thailand steps in to curb recent baht strength

Bank of Thailand accelerates measures to advance the development of the new Thai FX Ecosystem and to limit excessive currency volatilities

Olivier Languepin

Published

on

In a press release published on the 20th of November, the central bank’s Monetary Policy Committee (MPC) has expressed concerns over the rapid appreciation of the baht as this affects the fragile economic recovery.

(more…)
Continue Reading
Advertisement

Latest

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,520 other subscribers

Trending