GH Bank will soon introduce home loans with an initial interest of 2.9 per cent a year along with 40-year repayment terms which are set to be the lowest in Thailand, reports local media. The move was done so the state-run bank is better able to meet its lending target of THB178 billion for 2017.
The special rate is going to be available to home buyers at the GH Bank Expo 2017 that will take place at the Queen Sirikit National Convention Centre later this month, says GH Bank President Chatchai Sirilai to Bangkok Post. Not only will the rates be the most attractive campaign the company runs this year, but it will be the lowest lending rate buyers can receive in the country.
“The low rate in the first 3 years plus the longer repayment period will result in a monthly instalment payment of only THB4,200 a month, instead of THB5,800, for a THB1 million loan. The interest rate is the lowest in the business,” says Chatchai.
According to the bank, the interest rate will be set 3.85 per cent below the minimum retail rate (MRR) for the initial 3 years of the loan. The current MRR is 6.75 per cent and GH Bank’s the special introductory rate will be set at 2.9 per cent.
In addition to this, the repayment period will be extended from a term of 30 years, which is the traditional mortgage length, to 40 years as long as the borrow meets set conditions. Among these is an age limit that requires the borrower to be 70 years old or younger in the last year of repayment.
GH Bank has also decided to waive fees for loan applications, collateral evaluation, registrations, and transactions during the upcoming event. The bank believes it can lend up to THB20 billion during the GH Bank Expo 2017. The company has a lending target of THB178 billion and has already reached half of this sum.
Featured Pic ghbank.co.th
Receive the latest property news on email from Thailand’s No.1 property website here, or read more project reviews
