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GHB offers additional loans at ‘ultra-low interest rate’ for home buyers

May 25. 2020
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By THE NATION

Government Housing Bank (GHB) will provide additional loans totalling Bt20 billion to new and existing customers who have been affected by the Covid-19 crisis, president Chatchai Sirilai said today (May 25).

“We expect more than 400,000 new and existing customers will benefit from this [latest] campaign,” he said. “The loans will have an ultra-low interest rate of 1.99 per cent annually. Borrowers of less than Bt1 million will be granted a minimum repayment of only Bt3,300 per month in the first two years.”

GHB will also raise the limit of the DTI (debt to income) ratio to a maximum 50 per cent of monthly income to increase the limit on a loan each customer can apply for to buy a house. This will be available to both the 400,000 targeted customers as well as the 15 million who have been approved for the Finance Ministry’s Rao Mai Thing Gun (We Do Not Leave Anyone Behind) cash handout.

“We believe our campaign will help low-income earners and those affected by the Covid-19 crisis to buy homes with the least obstacles, which will help put the economy back on its feet as soon as possible,” Chatchai said.

“Since the outbreak earlier this year, GHB has rolled out several measures to help its customers, such as allowing a grace period for debt repayments, postponing repayment of interest and reducing the interest rate,” he added. “So far, more than 446,000 customers have benefited from these measures, valued at over Bt443.2 billion. All the bank’s aid programmes will run until October 31.”

 

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