GHBank announces new real-estate credit program for low-medium income earners

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Government Housing Bank (GHBank) is allocating 10 billion baht for its new real-estate credit program, offering loans to low-to- medium income real-estate buyers with debt service ratios of up to 50 percent.

GHBank’s Chiang Mai branch manager Pongsakorn Tulanond announced in a recent press conference that the move is in line with the government’s policy of stimulating the country’s real estate sector and extending more credit to low and medium income earners.

The new loan program extends no more than 3 million baht in credit to real-estate buyers earning less than 30,000 baht per month, with a debt service ratio of 40-50 percent of the monthly income.  Interest rate for the first year will be at 3.5 percent and increase to 4.25 percent in the following year.  Those under welfare will be given a minimum retail rate of 1 percent per year, while individuals under normal conditions will be given a minimum retail rate of 6.75 percent per year.  The maximum duration of the mortgage under the program is 30 years.

Meanwhile, Krirk Vanikkul, Chairman of GHBank said those who are interested in the program can apply at GHBanks across the country, call 02-645-9000, or visit www.ghbank.co.th.