Cash rebate to house buyers gets underway

By THE NATION

 

 

The Government Housing Bank on Friday (December 20) started transferring Bt50,000 in cash rebate to each of the qualified registrants under the government's "Baan Dee Mee Down" campaign to encourage house purchases.

 

 

The registration period of the campaign is scheduled from December 11 to March 31, 2020. There were 71,531 registrants as of December 18, according to the bank's president Chatchai Sirilai.

 

  The government launched this campaign to reduce home-purchase costs with the offer of Bt50,000 in cash-back to each buyer on the down payment.

 

  To be eligible, the buyer must have a monthly salary not exceeding Bt100,000 and included in the Revenue Department's tax database of around 100,000 individuals under this category.

 

Source: https://www.nationthailand.com/business/30379683

 

-- © Copyright The Nation Thailand 2019-12-21

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What a scheme, amazed it wasn't done before????

8 minutes ago, alant said:

What a scheme, amazed it wasn't done before????

They have done it before but on cars, I got 100,000baht back when I bought my car 7 years ago. 

Gotta love the various methods Thailand uses to distort markets: rice supports, palm or rubber, etc etc & now this for those making less than 100k/month. Gee, so nice to see them help out the needy (?).. and where does the 50k come from to pay those needy people? General fund, paid into by people who may make 15k a month if they are lucky?

I suppose we could applaud gov for looking after the not so hiso, rather than usual self serving deals

But there is no such thing as a free lunch. Better that money was spent on infrastructure, services... something that benefits all imo

The cash back for cars flooded the market and collapsed the once stupid 2nd car prices, let's hope this scheme does the same for stupid property prices

I'm guessing they are basically letting you off two months mortgage - though 'd like to see the clause extending the contract by 2 months

Why not just wait a little longer and the developers would be happy to pay instead?

2 hours ago, baansgr said:

The cash back for cars flooded the market and collapsed the once stupid 2nd car prices, let's hope this scheme does the same for stupid property prices

floods the market?

not that much because a good part of the vehicles bought were very quickly taken back by the banks.
buyers who cannot afford to reimburse their credits even when they have been made over 8 years!
And then 100,000 baht was on the sedans; for a pickup it was only 30,000 baht.

If it can clean up the second-hand market a bit, it's very good because when you see the asking price for a vehicle that is sometimes more than ten years old, Thai people really work on their heads!

32 minutes ago, Assurancetourix said:

floods the market?

not that much because a good part of the vehicles bought were very quickly taken back by the banks.
buyers who cannot afford to reimburse their credits even when they have been made over 8 years!
And then 100,000 baht was on the sedans; for a pickup it was only 30,000 baht.

If it can clean up the second-hand market a bit, it's very good because when you see the asking price for a vehicle that is sometimes more than ten years old, Thai people really work on their heads!

Exactly, all the repocessions sold at auction by the banks/lenders helped reduce 2nd hand prices. Most people now realize the selling price but there are still a few holdouts wanting half a mil for a 20 year old truck...any easy credit for property will work the same and expidite the imminent crash that will soon be on us.

1 hour ago, Assurancetourix said:

floods the market?

not that much because a good part of the vehicles bought were very quickly taken back by the banks.
buyers who cannot afford to reimburse their credits even when they have been made over 8 years!
And then 100,000 baht was on the sedans; for a pickup it was only 30,000 baht.

If it can clean up the second-hand market a bit, it's very good because when you see the asking price for a vehicle that is sometimes more than ten years old, Thai people really work on their heads!

Yes indeed I bought a Honda City and put in my wife's name,  Exactly 1 year later 100,000 was given back and the wife gave that to me to cover my deposit. 

Not bad a top model city cost 704,000 on the road so basically cost us 604,000.

5 hours ago, Emdog said:

But there is no such thing as a free lunch. Better that money was spent on infrastructure, services... something that benefits all imo

Agree. And how about improving the living conditions of people living in corrugated tin shacks.

You're aware of the fact, that this "gift" comes straight from the tax payers ...