Zero-rate mortgage scheme, free rides approved
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The Cabinet today approved the Government Housing Bank's zero-rate mortgage scheme, which is valued at Bt20 billion.
It also resolved to extend the free bus and train ride until Jan 15, 2012, to cope with huge travelling demand during the New Year festival. Originally, the free ride is slated to end on Dec 31, 2011.
On the mortgage scheme, a source from the government said that GH Bank will lend no more than Bt1 million to each borrower who will enjoy the zero interest rate in the first three years.
The Cabinet's approval to the scheme is sought, as the government needs to shoulder the interest rate subsidy. The Democrats-led administration approved a subsidy to a similar scheme, worth Bt25 billion.
