0% For Two Years...Govt Savings Bank?

[bangkokburning]

My girlfriend is all aglow at some scheme we have seen a few times, most recently on ThaiPBS. I asked her if the scheme was offered through the GSB, she said yes but I am not entirely certain this is true. If so, could be a great deal.

First two years were 0% and the terms about 5 years out were favorable.

** IS this GSB offer and would anyone know if this might be available for a 10 or 15 year mortgage??

My thinking is that is a new start up bank and this is just a come-on.

[Crossy]

I heard something about this on Radio Thailand, zero % mortgages for first-time buyers, I don't recall the detail but it's highly likely to be GSB funded.

[Boater]

I heard something about this on Radio Thailand, zero % mortgages for first-time buyers, I don't recall the detail but it's highly likely to be GSB funded.

0% Mortgage Loans to help first-time homebuyers

Cabinet’s approval of a Bt25 billion loan programme for first-time homebuyers with special repayment terms and conditions will help stimulate Thailand’s property market and the mortgage loan business in the rest of this year, according to Kasikorn Research Center KRC.

Under the loan programme, the Government Housing Bank will offer first-time homebuyers a mortgage at zero interest for the first two years if it is less than three million baht, with a full term of 30 years. Homebuyers with less than one million baht annual income can borrow up to one million baht.

http://thailand-business-news.com/banking/30222-0-mortgage-loans-to-help-first-time-homebuyers

[seriouseats]

Suggest you hurry, it's gonna be mayhem. There's a limit of loans.

My gf has been up untill 4am for the last few days arranging all her shit so that we can get a loan during this awesome promotion.

[supaprik]

check the FINE print.....

[bangkokburning]

After (sorry) I posted I thought I'd try Googling it - what the heck and found Boaters link, but thanks.

30 year mortgages - no way

interest rates approaching 7% - no way

7% interest rate to buy a little 1-2m condo - no way

No wonder housing has slowed, who would buy a tiny condo with those interest rates! We have a stellar little flat in the heart of Huay Kwang for 4200

Condos are not re-saleable. There is so much land in BKK, wen they finish putting your condo up, they'll just build a new one new door. Unless you have a prime location, you better love what you bought!

Edited May 9, 2011 by bangkokburning

[wpcoe]

30 year mortgages - no way

Is it standard with Thai mortgages to have no pre-payment penalities, like most mortgages in the USA?

If so, there's no need to resist a 30-year mortgage. Just calculate what the payments would be for what ever term you prefered (e.g. 10-year, 15-year) and make a payment for that amount each month. With excess payment amount being applied to principal each month, you'll end up paying off the mortgage close to the 10-year or 15-year period.

Of course, if there ARE pre-payment penalties in Thailand, never mind. (In an Emily Litella voice.)

[mark5335]

Wpcoe,

There's usually a prepayment penalty in Thailand if the loan is repaid/refinanced within the first 3 years.