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Published on April 18, 2008

Wichit Chaitrong

The Nation

President and CEO Chaiwat Utaiwan said GPF members could choose four types of savings accounts for buying a home, allowing them to deposit a minimum of Bt3,000 a month in the bank for 12, 18, 24 or 36 months.

At the end of the term, SCIB will offer them mortgages covering up to 70 per cent of the value of a house.

As well as receiving interest on their deposits, home-appraisal fees will be waived upon arranging mortgages, and the bank will also offer cash back at 0.5 per cent of the principal.

The special accounts will allow banks to learn more about clients' financial positions, to facilitate the mortgage procedure, Chaiwat said.

The offer runs from now until June 30 for GPF members who deposit in SCIB. It will also be available to general customers but without some privileges enjoyed by GPF members, he said.

SCIB expects to attract Bt1 billion worth of deposits from the new product.

As part of an agreement signed yesterday between Chaiwat and GPF secretary-general Visit Tantisunthorn, the deal for GPF members will also include special low-interest mortgages.

The rate will be SCIB's minimum lending rate (MLR) minus 2 per cent for the first two years. After that, the rate will be the MLR minus 1 per cent. The loans are available until December 30.

For those who apply for loans before July 31, the bank will offer fixed interest rates of 2.99 per cent and 3.99 per cent for the first and second years, respectively, and the MLR minus 1 per cent after that.

SCIB is also offering education loans for GPF members, with a minimum of Bt10,000, a maximum of Bt100,000 and repayment over 12 months. The interest rate is the bank's minimum retail rate (MRR) plus 2 per cent. SCIB's MRR is 7.625 per cent at the moment.