Tax Deductions For Up To Bt500.000: First Time Home Buyers

[Buchholz]

In order to placate the poor who have realized this "populist" program is but for the rich...

comes a new scheme..

Govt Plans Interest-free Home Loan

The government plans to issue cheap loans to first-time home buyers at zero-percent interest to provide an opportunity to low-income earners.

The new scheme is being introduced amid heavy criticism against the first-home tax refund that it only helps people with higher incomes.

Cabinet Officially Endorses Mortgage Scheme

The Cabinet has approved a proposal that the Government Housing Bank make available 20 billion baht for zero-percent interest loans for first-time home buyers.

Deputy Government Spokeswoman Anuttama Amornwiwat announced that the Cabinet has given a green light for the Government Housing Bank or GHBank to provide cheap loans to first-time home buyers at zero percent interest for the first three years.

The interest-free mortgages will be offered to first-time home buyers, with a limited price of one million baht.

The program also covers second-hand homes of GHBank, with a maximum repayment period of 30 years.

The Cabinet has approved a total budget of 25 billion baht during the first phase of the scheme.

Anuttama noted that the scheme was introduced with the aim of helping low-income earners to own a house.

The only requirement for applying is that applicants have not owned a home or property before.

People interested in the program can contact any branch to apply for the loan from next Tuesday until the end of September of next year.

-- Tan Network 2011-10-05

[Buchholz]

Interesting development on the home buyer scheme with the increase in the limit for mortgagees to 5 million baht from 2 million earlier.

SC Asset (the Shinawatra company that Yingluck just left and now run by Thaksin's daughter) has 1,700 houses that are now eligible for the scheme.

The potential increase to their real estate business comes to 5.1 Billion Baht.

News from SC Asset today in regards to Thaksin's new son-in-law, Nuttaphong Kunakornwong, who is the new Deputy CEO of the company.

Nuttaphong, who married Thaksin's daughter last December, and received his appointment in March, has listed the company's new goal of 10 Billion Baht in sales per year and aims for the company to advance to the top 3 property developers in the country.

Nuttaphong Kunakornwong, Thaksin, and Thaksin's daughter Pingthongta in the UK earlier this week.

[ginjag]

First time home buyer, 500,000 deductions ???  what per/cent of the poor people qualify ???  This can be seen by the poor people as an insult with her new statement to help the poor.. Haven"t we heard of that somewhere before ?????