Wednesday, September 30, 2020

Phase 2 of "Eat, Shop, Spend", steps for realty approved

Oct 25. 2019
Uttama Savanayana
Uttama Savanayana
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By The Nation

The Cabinet has approved the second phase of the government's economic stimulus “Eat, Shop, Spend” and support measures for the property sector to enhance growth, Finance Minister Uttama Savanayana said today (October 25). 

“We cannot be certain these measures will expand the economy by 3 per cent this year. The two schemes are expected to generate Bt60 billion to the economy, based on the results of previous econmic stimulus packages, he said.

Meanwhile, Krungthai Bank (KTB) President Payong Srivanich said the bank had upgraded its website to facilitate faster and easer registration for phase 2 of the “Eat, Shop, Spend” campaign. It has also incorporated biometric authentication support to ease the process. 

With regard to support measures for the real estate sector, Government Housing Bank President Chatchai Sirilai said the state bank would offer Bt50 billion in soft loans to homebuyers seeking to own a residence not exceeding Bt3 million in price.

These loans will carry a fixed interest rate of 2.5 per cent in the first three years, followed 2.5 per cent and 4.625 per cent in the fourth and fifth years. Registration will end on December 24.

“It offers the lowest rates in the market, aimed at reducing the cost of owning a home in the first three years. For example, if you apply for a Bt1 million loan, you have to pay only Bt3,300 per month in the first three years. The total interest payments will be Bt80,400 less than the existing rate for the first three years and Bt123,600 lower for the first five years, he said.

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