GHB on track to achieve mortgage target once Bank of Thailand relaxes rules
The Government Housing Bank or GHB is confident its new mortgage loans will reach the target of Bt203 billion once the Bank of Thailand’s relaxes its rules and approve loans for state agency staff as part of the government's welfare loan scheme, which allows borrowing of 100 per cent of the asset value, the bank's president Chatchai Sirilai said on Monday.
He added that the bank will also start to provide loans to developers building residential properties to be sold at less than Bt1 million per unit as part of the campaign “One Million Residences for People Nationwide”.
“We have already approved a project loan worth Bt100 million to Esarn Piman Group in Khon Kaen province for the development of a residential project with units priced not over Bt1 million,” he said.
To date, the bank has approved loans worth Bt5.47 billion under the campaign, which will benefit 7,790 customers around the country.
The bank has additionally approved loans worth Bt70.7 billion in the first six months of this year but notes that up to 60 per cent of its customers are still unable to receive loans under the Bank of Thailand’s ruling.
“We believe that when the Bank of Thailand relaxes the rule for our customers, we will be able speed up the process of approving mortgages for state agency staff and this will allow us to achieve our mortgage target to Bt203 billion,” he said.