BANGKOK, 2 December 2013 The Government Housing Bangk has announced it will lower interest rates according to the Monetary Policy Committee.
President of the Government Housing Bank (GH Bank) Ms. Angkana Chaimanat stated that GH Bank will lower its interest rates to 0.25% after an agreement with the Monetary Policy Committee.
Ms. Angkana went on to say that the lower interest rate will benefit both the bank and those mortgaging their homes with the GH Bank as the latter will be in a better position to repay the loans. In other words, there would be lower non-performing loans (NPL) for the bank.
GH Bank’s target in 2014 is to increase revenue from home mortgages by 8% in accordance with the growing public demand for home loans, especially among those residing in border provinces which will become gateways to the much anticipated ASEAN Economic Community (AEC).
Ms. Angkana added that provinces which are principal cities in each part of the country are expected to see a higher growth in home loans due to the advent of the AEC and the high-speed rail project in Thailand.