Finance Ministry, banks launch campaigns supporting home subsidy scheme

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BANGKOK – After the cabinet meeting this week approved a subsidy on home purchase down payments, people can register for the benefits at www.บ้านดีมีดาวน์.com, starting at 8 a.m. on December 11, 2019, as state-run specialized financial institutions have launched a campaign that offers low-interest loans to home buyers.

The Director of the Fiscal Policy Office (FPO), Lavaron Sangsnit, as the Spokesman for the Ministry of Finance, said today that the ministry had called a meeting with 19 finanical institutions along with the Housing Business Association, the Thai Real Estate Association and the Thai Condominium Association to explain the government’s 50,000-baht subsidy for 100,000 home buyers, and other stimulus measures.

All state-run financial institutions in Thailand are offering low-interest loans to support the government’s economic stimulus schemes. Krungthai Bank (KTB) has launched a campaign offering loans with an average interest rate of 2.5% for three years. Customers are also entitled to free appraisals, while front-end and registration fees are waived. For every 1 million baht in loans, customers in specific occupations can choose to pay 1,000 baht per month for a period of one year, under the scheme.

The Government Savings Bank (GSB) is offering 25 billion baht in low-rate mortgages, at 0.01% annually with a 10-baht installment payment on every 1 million baht lent, for the first year. The monthly installment for the second and third year is 3,700 baht. From the fourth year, the installment is 8,300 baht per month. Customers can also spend the loan money on home repairs.

Meanwhile, the Government Housing (GH) Bank is offering loans with an interest rate of 2.5% for the first three years for property units at prices below 3 million baht. For every 1 million baht lent, the monthly payment is 3,300 baht for the first three years. On November 27, the GH Bank allocated 4.3 billion baht in home loans for 2,200 applicants.

The Spokesman for the Ministry of Finance said today that cooperation between the government and the financial institutions would help the property sector sell at least 100,000 out of 270,000 available property units by the end of this year. The measures, aimed at stimulating growth in the overall economy, is expected to create positive momentum in the next quarter.