GHB's new mortgages for low earners

Only low-income earners who are paid less than Bt15,000 per month are eligible. Applications can be made from now until December 30, GH Bank president Khan Prachuabmoh said yesterday.

Applicants must not have owned a house before and the maximum loan amount cannot exceed Bt600,000, he said.

Borrowers have two choices, seven years fixed interest at 5.893 per cent per annum or 10 years at 5.913 per cent per annum;and then the minimum retail rate minus 0.50 per cent throughout the remainder of the term.

The mortgage loan campaign is aimed at helping low- income earners to have their own homes, he said.

"It is the longest fixed-interest mortgage that also carries the lowest interest rate at the moment," Khan said. The bank has set aside Bt2 billion for the pilot housing-loan project, he said, adding that the Bt2 billion will be divided equally between the two loan options.

"The (GH Bank) loans are a good alternative for those who want to possess their own homes. They can help alleviate the repayment burden and borrowers do not have to worry about a rise in interest charges over the fixed-interest period amid the rising cost of living," he said.