Thursday, October 29, 2020

GHB offers relief for customers hit by tropical storm Higos

Aug 26. 2020
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By THE NATION

The Government Housing Bank (GHB) has launched measures to help customers affected by tropical storm Higos when it hit northern and northeastern provinces earlier this month.

“The storm resulted flash floods and runoff that damaged many houses, which require immediate repairs,” bank president Chatchai Sirilai said today (August 26).

“The GHB therefore launched the ‘Loan for Home Repair from Natural Disaster 2020’ scheme, which will use Bt100 million in leftover funds prepared for victims of tropical storm Sinlaku.”

The measures are as follow:

1. Customers whose houses were used as collateral for loans with the bank but were damaged by the floods will pay zero per cent interest for four months, 3.65 per cent interest for months 5 to 16, 4.15 per cent interest for months 17-24, and 5.15 per cent interest until the end of the 3rd year. From 4th year onwards the interest will be at MRR-1.

2. Customers whose collateral was damaged by the floods can apply for a new or additional loan of up to Bt1 million to fix the building at maximum and fixed interest rate of 3 per cent annually for three years. After that the interest will be at MRR-1.

3. Customers whose collateral was damaged by the floods can apply for debt composition for up to 1 year and four months with four months grace period. From months 5 to 16 interest will be 1 per cent annually.

4. Customers whose income channels have been affected by the flood can apply for debt composition for maximum period of 1 year with interest rate at 1 per cent annually.

5. Customers who died or became permanently disabled due to the flood will be granted 0.01 per cent interest annually throughout the rest of the loan contract.

6. If floods destroyed or left the building irreparable, debt on the building itself will be pardoned but customers still have to continue paying for debt on the land.

7) Customers with fire, flood and natural disaster insurance for their building will be compensated Bt15,000, unless they have photo proof that the damage costs more than Bt15,000, in which case the coverage will be raised to maximum Bt20,000 (or Bt30,000 if the insurance was bought after November 1, 2019.)

For more, visit GHB branch offices, call (02) 645-9000 or visit GHbank.co.th.

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