Some of Thailand’s biggest banks are offering special mortgage promotions as they look to increase the number of home loans they provide in 2017. While mortgage rejection rates are still at near record levels in the country, both Kasikornbank and TMB Bank are getting creative to meet their home-loan targets, reports local media.
Kasikornbank recently launched its Super Value K-Home Loan Festival marketing campaign that will offer increased loan limits as well as special discounts from the bank’s partners, says Alongkot Boonmasuk, Head of Kasikornbank’s Housing Loan and Micro Loan Product Management Department, to The Nation.
The bank will allow loan limits of up to 90 per cent of the property purchase price to be granted. Those applying will also be eligible to obtain additional financing under the K-Home Decor Loan scheme with up to 10 per cent of the property purchase price available for decor financing. Kasikornbank will allow the combined amount to be no more than 100 per cent of the appraisal price.
Interest rates for the loans will be set at 0 for the first 3 months, then 3.5 per cent between the 4th to 12th month. Beyond that, the loan will be based upon the minimum retail rate minus a discount. Customers participating in the campaign are also eligible to receive privileges and discounts from Kasikornbank’s business partners.
Applications will be accepted until the end of October and the bank believes the promotion will help it bring in as much as THB 8 billion in new home loans in the coming months. Kasikornbank is targeting THB 52.9 billion in new home loans in 2017.
TMB Bank is another institution offering a mortgage promotion to help it reach home loan targets this year. The bank is offering a fixed interest rate of 4.25 per cent for the first 3 years of a home loan. That promotion will run from now until the end of July.
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