GH Bank Expects Low Interest Rates for 3 Years

GH Bank Expects Low Interest Rates for 3 Years

BANGKOK (NNT) - State-owned GH Bank expects domestic interest rates will remain low over the next three years, providing a golden opportunity for people wanting to own their own homes.

GH Bank’s President Chatchai Sirilai said GH Bank’s interest rate for home loans stands at 3% 0.25% at present, a very low rate for the past decade. Low interest rates reduce borrowers’ monthly installment payments. The price of property in Thailand has also fallen, with a large quantity of pre-owned homes available in the housing market.

He said there have been no signs of speculation in the property market because of macro-prudential measures issued by the Bank of Thailand to curb speculative behavior.

Mr Chatchai said the property market is forecast to continue expanding once the construction of mass transit train routes is completed.

Homebuyers are expected to purchase properties in Bangkok’s suburbs because of lower prices and commuting to downtown areas is convenient with the mass transit system.