DISTRESSED PROPERTY SALE
Good deals await at NPA fair
Home-buyers and investors can take advantage of big discounts and special privileges at the fifth NPA Grand Sale, scheduled for the middle of the month
At the NPA (non-performing asset) exhibition, buyers will get a chance to buy marked-down properties throughout the nation and access short-term interest-free loans and discounts of up to 60 per cent, as well as free property transfer services.The event will be held at the Bangkok Convention Centre at the Lat Phrao Central Department Store from July 14 to 16. The 34 financial institutions and property developers participating in the event will offer special deals on assets worth more than Bt100 billion in total. The highlight of the exhibition is the special interest rates being offered. BankThai will offer a special promotion for its mortgage loans with no interest for the first two years. The bank's attractive properties include the Lake Garden Home project. The project is just 15 kilometres away from Suvarnabhumi Internation Airport and prices start at Bt10,500 to Bt13,000 per square wah. Siam City Bank also has a promotion that includes no interest for the first six months of a loan. For the first and second year, the bank will charge a rate of 4 per cent and 5.5 per cent, respectively. Thereafter, the rate will be the minimum lending rate (MLR) minus 0.5 percentage points throughout the life of the loan. Moreover, the first 600 customers who are approved for a bank loan will receive a fixed-deposit account stuffed with Bt10,000. TMB Bank will also offer no interest on loans for for the first year, and in the second to the third years the rate charge will be the MLR minus two percentage points, and the fourth year it will be MLR minus one percent point. The bank's MLR is currently 7.75 per cent. Kiatnakin Bank, a newcomer in the banking industry, is also participating in the exhibition with a low-rate home-loan package. The bank will give MLR minus 2.5 percentage points per annum for the first three years. The bank's MRL currently stands at 8 per cent. The bank will finance up to 90 per cent of the total asset price. The small bank has discounted 25 per cent off the market prices for the 55 properties it is peddling Muang Thai Insurance Plc will participate in the fifth NPA Grand Sale with a fixed-rate of 5 per cent for the first five years. The company will finance up to 85 per cent of a property's appraised price. Customers who buy assets from United Overseas Bank (Thai) (UOB) can get up to a 50 per-cent discount, or a maximum of Bt4.4 million, off the purchase price. The bank will is also offering loans with attractive interest rates. This includes 3.25 per cent for the first year, the MLR minus one percentage point for the second and third years, and thereafter it will charge its MLR minus 0.75 percentage points. UOB's minimum lending rate currently stands at 8.05 per cent per year. Siam Commercial Bank will offer as much as a 60-per-cent discount on the assets it is selling. For instance, a condominium on Rachada Road will be cut from Bt1.8 million to Bt1.2 million. Meanwhile, the bank's rate will be calculated at one per cent for the first six months. Bank of Ayudhya will finance 100 per cent of the properties it's unloading. Customers who buy NPAs at the bank's booth will get a free Nokia 6060 mobile phone. A special service for home-buyers who purchase assets at Bangkok Asset Management's booth will get a free property transfer service from their existing house to the new house. Somruedi Banchongducng The Nation
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