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Government Housing Bank (GH Bank) extends low-cost housing project

The Government Housing Bank (GH Bank) has launched the one-million-unit low-cost housing project, which provides an opportunity for the general public to buy houses priced below one million baht.

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Real Estate promotion billboards in downtown Bangkok

BANGKOK, 24 May 2019 (NNT) – The government has a policy to improve the people’s quality of life by providing affordable housing to low- and middle-income earners.

Recently, the Government Housing Bank (GH Bank) has launched the one-million-unit low-cost housing project, which provides an opportunity for the general public to buy houses priced below one million baht.

After receiving a positive response from the people, GH Bank has extended the project to next year and the second phase will begin in September.

The GH Bank President, Chatchai Sirilai, said the bank had approved loans worth 4.3 billion baht to more than 6,300 people under the one-million-unit low-cost housing project. The bank is expected to approve 10 billion baht worth of loans this year.

After the cabinet approved the project’s extension from December 2019 to December 2020, the state-owned GH Bank has invited real estate companies that plan to build houses priced below one million baht to join the project.

The bank will also introduce a new soft loan scheme aimed at low-income earners, working-age people, and those who have to financially support their parents. The maximum housing loan term is 50 years to ease their financial burden. The scheme is expected to be open this September.

Meanwhile, GH Bank will launch its first savings lotteries worth 27 billion baht in August, with a price of one million baht per ticket. The second savings lotteries worth 30 million baht will be launched by the end of this year, with a price of 10 million baht per ticket. GH Bank’s third and final savings lotteries valued at 50 billion baht will be launched next year at a price of 500 baht per ticket.

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