Government Housing Bank breaks ground with 0% down payment home loans

[snoop1130]

 

The Government Housing Bank (GHB) is set to introduce three new home loan products with a combined budget of 45 billion baht. With an initial interest rate of 0% for the first three months and a minimum monthly repayment of just 3,300 baht per million borrowed, the bank aims to make homeownership more accessible for Thai citizens.

 

GHB, a state-run financial institution whose mission is to enable Thai people to own their homes, is offering three distinct home loan products as this year draws to a close. Here are the details:

 

1. The “Happy ;D” home loan has a budget of 10 billion baht. It is designed for customers who wish to purchase houses or condominium units from participating projects.

 

The interest rate for the first three months is 0% per year, followed by 2.50% for months four to 12, 2.98% for the second year, and 3.55% for the third year. The average interest rate for the first three years is 2.80% per year. If a customer borrows 1 million baht with a loan term of 40 years, the initial monthly repayment is just 3,300 baht.

 

2. The “Mild Home” loan comes with a budget of 30 billion baht. It is aimed at customers who wish to purchase, construct, extend, or renovate their homes, or refinance from other financial institutions.

 

The interest rate for the first three months is 0.70% per year, 2.98% for months 4 to 24, and 3.55% for the third year, with an average interest rate for the first three years at 2.98% per year. For a loan of one million baht over 40 years, the initial monthly repayment is just 3,600 baht.

 

By Nattapong Westwood

Caption: Photo: siam-legal.com

 

Full story: The Thaiger 2023-10-30

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

Get our Daily Newsletter - Click HERE to subscribe

[observer90210]

Doing sort of the same mistakes as the US,. years back that lead to the crash when people could not pay back the loan installments ? Society always forgets that in real estate, it's a bit like at the Casino if the market crashes or not or if the bubble bursts or not.....the bank always wins.

Edited October 30, 2023 by observer90210