Aspiring homeowners flock to Government Housing Bank for interest-free loans

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About 300 aspiring homeowners flocked to the Government Housing Bank in North Pattaya to take advantage of a new program offering home loans with no interest payments for the first two years.

The 25 billion baht program, which runs through Dec. 30, is aimed at first-time homebuyers and offers 0 percent interest the first two years, a half-percent for the third through fifth years, and 1 percent afterward. Loans must be 3 million baht or less.

Aspiring homeowners apply for loans from the Government Housing Bank in North Pattaya. Aspiring homeowners apply for loans from the Government Housing Bank in North Pattaya.

The no-interest loans created considerable excitement, with people lining up outside the GHB’s office about four hours before its 8:30 a.m. opening May 9. For people who never owned their own home, it was a dream come true.

Assistant branch manager Napat Krasaechon said the bank took 271 applications for 813 million baht in loans in the program’s first three days. About 80 percent of the applicants were military or government officers, but teachers and others also took advantage of the offer.

Applications are open in Pattaya until May 30. Those interested must submit a Thai identification card, residential registration, certification of salary, bank book, and documents related to the property to be purchased. For more information, contact 02-645-9000.