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.
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.
The Importance of E-Wallets for Online Gaming Sites
With e-wallets and cryptocurrency being the most relevant options, banks have been put on the side burner, especially when e-wallets and cryptocurrency allow for fast electronic transfer, that is done instantly.
Thai Government to issue Bt50 bln ( $1.57 bln)Savings Bonds to fund COVID-19 Relief Measures
The special savings bonds are available via the “Sasom Bond Mung Kung” e-wallet, abbreviated to “Sor Bor Mor” in Thai on Krungthai Bank’s Pao Tang mobile app, and through four dealer banks. The minimum purchase of these bonds is 1,000 baht, without no maximum. Interest is paid twice a year.
BANGKOK (NNT) – Thailand’s Public Debt Management Office (PDMO) plans to issue “Ying Aom Ying Dai” (the more you save, the more you earn) government savings bonds, worth 50 billion baht, next month, aiming to use the funds to finance state projects to ease the impacts of the pandemic.(more…)
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