Governments housing project allows low-income persons to own first house

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BANGKOK – The government’s “Civil-State” housing campaign will provide both social and economic benefits by allowing house ownership to low-income earners, says an official from the Ministry of Finance.

The Ministry of Finance’s Permanent-Secretary Somchai Sujjapongse stated in a national televised broadcast regarding the government’s “Civil-State” housing campaign which has recently received Cabinet approval, that the campaign will provide opportunities for low-income persons to own houses, at a price not exceeding 1.5 million baht.

He said this campaign will contribute to social and economic development, as real-estate activities will also benefit many related industries, as well as enhancing the efficiency of resource management in the economy.

The housing campaign will be funded by three responsible financial institutes, namely the Government Housing Bank (GHB), Krungthai Bank (KTB), and the Government Savings Bank (GSB), along with private sector cooperation.

On this matter, the GHB’s Senior Executive Vice President for Credit Business Unit Chatchai Sirilai has said the bank is now allocating 30 billion baht as loans to support the government’s housing campaigns.

Persons eligible for this loan must not have any prior ownership of residential properties. The total value of the house eligible for loans must not exceed 1.5 million baht. Persons requesting loans for housing renovation will be exempted from property holding requirements.

The loan will be provided into two categories, first being the low-value loan with a credit not exceeding 700,000 baht, and the credit loan ranging between 700,000 baht and 1.5 million baht. Both offers come with a special interest rate within a 6-year payback term.

Interested individuals can request for the housing campaign loan within a period of 2 years, starting from the date approved by the Cabinet. The public can inquire for more information by contacting the GHB branches nationwide or call the 0 2645 9000 call center.