THURSDAY, March 28, 2024
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REVERSE MORTGAGE TO TARGET OLDER THAIS

The Government Savings Bank is set to launch a Bt10-billion reverse mortgage lending programme for the elderly, with a rate of about 56 per cent. 
Chatchai Payuhanaveechai, bank president, said the programme, due to launch this month, “will receive good response from the elderly due to high demand”.
The bank’s board agreed to the product last Tuesday, following approval from the Ministry of Finance and Bank of Thailand, which had sought details of the conditions, collection procedures and lending rates.
The reverse mortgage will be available to lenders aged between 60 and 85. Chatchai said 85 was chosen because it was the average limit of longevity in Thailand.
The highest loan amount is no more than 70 per cent of the collateral, which is the borrower’s house. The loan will be extended monthly through to maturity, when the borrower turns 85.
Once the borrower turns 85, or if they die before that age, the bank will sell the house, Chatchai said.
If the house’s selling price exceeds the loan, the bank will return that amount to the borrower or their heir. The heir would also have the option to buy back the house, he said.
If the lender has not yet passed away by 85, they can ask for an additional loan based on their equity in their home, which tends to be higher than when they took out the loan.
The programme targets not only financially troubled elderly people, but also those who are being looked after by their children, he said. 

 

Chinese ANDROID apps TOP most-used LIST

Apps from Chinese publishers dominate the top rankings of the most-used Android apps globally, according to industrial research.
Six of the top 10 most-used Android apps in July were from China, according to the latest research by App Annie, a leading mobile app data and insights platform.
When it comes to apps on both the iOS and Android platฌforms, Tencent’s WeChat ranked third in the number of active iOS and Android users. Four Chinamade mobile games made it into the top five most popular games globally.
Games, music and audio, photography, video players and editing, and shopping were the most popular app types in China, according to the research.
The latest report from the China Internet Network Information Centre showed that China had about 751 million netizens and 724 million mobile Internet users as of the end of June.
Chinese consumers and advertisers spent a total of US$790 billion (Bt26 billion) via mobile platforms in 2016, according to App Annie. By 2021, the number is expected to increase exponentially to $2.59 trillion, especially as mobile commerce continues to thrive. – Xinhua

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