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Sold out: GHB home loans snatched up


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Sold out: GHB home loans snatched up

By The Nation

 

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Thousands of people gather outside the Government Housing Bank’s Chompol and Mitraparp branch offices in Nakhon Ratchasima province yesterday to reserve loans under the government’s lowcost housing scheme. Nation/Prasit Tamgprasert

 

GOVERNMENT Housing Bank (GHB) will budget another Bt50 billion to help low-income earners buy homes after the entire budget for the programme was booked on the same day it was introduced.
 

GHB chief executive Chatchai Sirilai announced the extension of the scheme yesterday after thousands of people queued at GHB branches across the country, beginning early in the morning, to reserve loans to buy houses designed for low-income earners and priced under Bt1 million. The bank had set aside Bt50 billion for the programme, enough for about 50,000 homebuyers. 

 

The state-run bank is offering low-interest loans that can be repaid over 40 years. People earning less than Bt25,000 a month will be charged a fixed 3 per cent interest for the first five years. People earning more pay 3 per cent interest for the first three years. 

 

As of 4pm yesterday, the tally of loans reserved had topped Bt90 billion – nearly double the Bt50 billion budgeted. 

 

Chatchai said the bank was ready to extend another Bt50 billion in loans in the second phase to meet the high demand, but Cabinet approval was needed to subsidise the interest costs.

 

For the first phase, the government agreed to earmark Bt3.8 billion in subsidies covering the interest. 

 

Chatchai said interest for the second phase could be somewhat higher because interest rates in general are going up. 

 

He said the bank would complete the process of gauging and granting loans for the first phase by February. 

 

Source: http://www.nationmultimedia.com/detail/national/30361010

 
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-- © Copyright The Nation 2018-12-24
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Nothing in Chiang Mai city near within 1 hour is under 1 million. You’d need to go farther out and even this is a crap shoot. GHB only funds houses that are built on land. They don’t fund land or to build.

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Can't buy much for 1 million unless it's in the middle of nowhere. I can only imagine how many that applied are completely unsuitable borrowers...and for 40 years, blimey. Smells of electioneering to me and this scheme has trouble written all over it as loans have to be paid back, which is not something the locals excel at.

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29 minutes ago, holy cow cm said:

Nothing in Chiang Mai city near within 1 hour is under 1 million.

You're wrong.

I bet you've never even heard of the 'Housing for the King' projects around, 2 bed houses for around 700k.

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2 hours ago, BritManToo said:

You're wrong.

I bet you've never even heard of the 'Housing for the King' projects around, 2 bed houses for around 700k.

How about the Thaskin condo/room projects oh the so many years ago. All fully sold out years ago. You may be correct if there are by somehow new pop ups in the real-estate market to help the lower class. Show me a link. 

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2 hours ago, BritManToo said:

You're wrong.

I bet you've never even heard of the 'Housing for the King' projects around, 2 bed houses for around 700k.

Was that housing purchase price subsidized?

Do you have any links to describe the details of those projects as I found none?

Checking houses for sale within the Chiang Mai vicinity with 2 bedrooms found minimum one million baht. No homes offered under one million baht.

https://www.chiangmaihouse.com/properties/1/1/houses-for-sale.html?price=1-2000000&page=1

 

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2 hours ago, Srikcir said:

Was that housing purchase price subsidized?

Do you have any links to describe the details of those projects as I found none?

Checking houses for sale within the Chiang Mai vicinity with 2 bedrooms found minimum one million baht. No homes offered under one million baht.

https://www.chiangmaihouse.com/properties/1/1/houses-for-sale.html?price=1-2000000&page=1

 

You think Thais buy houses at the same prices offered to foreigners?

Try reading a few Thai language property pages.

Do some google searches in Thai.

 

Big one in Lamphun, บ้านเอื้ออาทรจังหวัดลำพูน โครงการ 3 (Low Income Housing Project 3)

another here, near Hang Dong, https://goo.gl/maps/sDMocXiLDFS2

Another at Nong Han, and more dotted around Chiang Mai.

 

บ้านเอื้ออาทร = Government low-cost housing.

If you can't read and write Thai, you won't notice these places, they aren't for foreigners or advertised to foreigners. Google doesn't list them in English.

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7 hours ago, webfact said:

GOVERNMENT Housing Bank (GHB) will budget another Bt50 billion to help low-income earners buy homes after the entire budget for the programme was booked on the same day it was introduced.

another 100 billion in bad loans then.

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Here you go, a photo from the front of the project near Hang Dong/San Patong.

Translation of the blue sign Housing (เคหะ) from 390k, deposit/downpayment 3,000bht.

I've looked around these, 2 beds upstairs, living area downstairs, enough land to park a car.

(Narrow like a terraced house in the UK, but not terraced)

 

Hang Dong.jpg

 

low cost housing.jpg

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55 minutes ago, BritManToo said:

You think Thais buy houses at the same prices offered to foreigners?

Try reading a few Thai language property pages.

Do some google searches in Thai.

 

Big one in Lamphun, บ้านเอื้ออาทรจังหวัดลำพูน โครงการ 3 (Low Income Housing Project 3)

another here, near Hang Donghttps://goo.gl/maps/sDMocXiLDFS2

Another at Nong Han, and more dotted around Chiang Mai.

 

บ้านเอื้ออาทร = Government low-cost housing.

If you can't read and write Thai, you won't notice these places, they aren't for foreigners or advertised to foreigners. Google doesn't list them in English.

Not really very helpful directly in response (Thai language is not a problem regardless) but given a project name I did find the following announced January 2018 that might be representative to other recent low-income projects that comes in two parts: land lease and unit purchase.

Land leases:

  • Leases for low-income earners have been set for 30 years; no mention of lease cost. But with 30% of total land being allowed for commercial development vs 70% reserved for low-come housing I expect residential unit lease to be nominal, perhaps rent-free. Might be a problem with 40-year mortgages if leases are 30 years.
  • Anyone leasing a unit is unable to transfer the lease rights unless it involves an heir assuming the property.

Residential Units:

  • available to people who earn under THB35,000 per month
  • homes are priced between THB350,000 to THB700,000
  • mortgages cost less than THB2,000 a month

Forgive me this article is in English.

https://www.ddproperty.com/en/property-news/2018/1/168311/low-cost-housing-plans-for-thailand-announced

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4 minutes ago, Srikcir said:

Not really very helpful directly in response

Sorry you didn't like the photos and details in my 2nd post.

Not sure what else I could give you, as far as I know there aren't many details online.

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40 minutes ago, BritManToo said:

(Narrow like a terraced house in the UK, but not terraced)

Yes like a council estate   the official name is Bahn ooh Arton  (โครงการบ้านเอื้ออาทร )

they started off here in Jomtien at  about 360,000 baht for a 33 SQM  apartment (bare bones)

now they asking about 480,000 baht for the same units.

233639281_ooharton4.thumb.jpg.a62af7a87f87b37684e3bbe2f913ca3f.jpg

 

P_20181127_075842_SRES.thumb.jpg.d12ef37f9eee24fb5cdc7a5411d4a294.jpg

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