Cabinet passes civil state housing project

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The government has given the nod to a new civil state housing campaign for low-income earners.  Deputy Minister of Finance Wisut Srisuphan disclosed last week that the green light has been given to the housing project, which was established to support people on low-income in acquiring a home of their own.

Under the campaign, which will run for two years, three state-run banks, namely the Government Housing Bank, the Government Savings Bank and Krungthai Bank, are to provide home buyers with soft loans, under a condition that each home must be worth no more than 1.5 million baht.  The eligible home can be constructed on private property or state-owned land and can be located anywhere in the country.  Those making home renovations are also entitled to the loans.

There are two types of loans to be given out: The first type is for housing estate developers, with a credit line of 30 billion baht and a maximum repayment period of two years.  The second type is for home buyers, offering a total line of credit of 40 billion baht and a 30-year repayment period.

The Ministry of Finance is confident the project will help stimulate the Thai economy, especially the real estate sector, and expects around 40,000-50,000 people to benefit from it.