Perfect opportunity to buy a pre-owned house

Krung Thai Bank is offering zero-per-cent interest on mortgage loans for the first year of the contract at the Home Condo Show. Customers will see similar offers at the NPA Grand Sale 2008 this weekend.

Home-buyers will be able to survey the best residential projects available for resale at discount prices during the NPA Grand Sale 2008 at the Bangkok Convention Centre, Central Plaza Lat Phrao this weekend (Friday to Sunday).

They will also be able to avail of special financial packages when they buy a pre-owned house at the event.

According to a survey conducted by The Nation, 20,000 properties worth up to Bt30 billion - such as detached houses, double houses, townhouses, condominiums, commercial buildings and undeveloped land - will be on offer at the event. About half of these are located close to the central business district and mass-transit system in areas such as Sukhumvit Road, RamIndra Road, Sathorn Road and Kaset Nawamin Road.

For instance, the Siam City Bank is offering two-storeyed detached houses built on 55.4 square wah of land at the Perfect Place project on Soi Ramkhamhaeng 164 at a starting price of Bt4.25 million and 5.2 rai of undeveloped land in Minburi district at Bt35.1 million.

Bangkok Commercial Asset Management is offering assets at several locations in Bangkok close to the mass-transit system.

Fifteen financial institutes will be offering special financial packages for home-buyers who buy property at the event, including offers such as zero-per-cent interest for the first year of the contract and oil coupons worth up to Bt1 million from Bangkok Commercial Asset Management.

The company is offering discounts between 20 per cent and 30 per cent on valuations of non-performing assets (NPAs). It is also offering a special interest rate that is 3 per cent less than the minimum retail rate (MRR) for 10-year contracts to customers who buy its projects and apply for mortgage loans from the company.

The company is also offering oil coupons worth 1 per cent of the total asset value to customers who buy projects at the event. Thus, customers who buy an asset worth Bt500,000 will get oil coupons worth Bt5,000 The offer is limited to a maximum purchase worth Bt100 million, or Bt 1 million worth of oil coupons.

The company's managing director Banyong Visetmongkolchai said the company will have 2,000 assets worth up to Bt5 billion on offer at discounts between 20 per cent and 30 per cent of the total asset value. The company expects sales of between Bt300 million and Bt400 million from the three-day event.

"We believe that the customer will buy NPAs, especially residential projects close to the mass-transit system, which will be available for prices that are between 15 per cent and 20 per cent lower than new residential projects in the same locations. They will also get discounts as part of our promotional campaign, making it a golden opportunity to buy property at the event," he said.

Krung Thai Bank is also offering 1,270 assets worth up to Bt1.8 billion at the event. The bank will offer discounts between 10 per cent and 40 per cent of the project valuation.

The bank also plans to offer special financial packages including mortgage loans of up to 90 per cent of the housing value. The bank is also offering renovation loans worth 20 per cent of the housing value to home-buyers who avail of the package that offers zero-per-cent interest rate for the first year and 0.25 per cent less than the minimum loan rate (MLR) for the next year.

Siam City Bank will have 2,000 assets worth Bt2.5 billion on offer with discounts of up to 35 per cent of the asset value. If the customer buys two assets, he can avail a discount of 35 per cent on the first asset while the second asset gets an additional 5-per-cent discount, taking it to 40 per cent of the asset value.

The customer can book the asset at the event and must get it transferred within 60 days.

TMB Bank will offer a package with zero-per-cent interest for the first year, 2 per cent less than the MLR for the second and the third year, and 1 per cent less than the MLR for the remaining period of the loan. The bank will also run a lucky draw, which will have prizes such as DVD players, televisions, mobile phones and digital cameras.

Bank of Ayudhya is offering discounts of up to 45 per cent of asset valuation, while Kasikorn bank is offering discounts of up to 50 per cent of asset value. The latter will also conduct a Feng Shui analysis for its

customers.

UOB Bank is offering discounts of up to 70 per cent of the asset value.

Housing Finance Association president Kitti Patpongpibul said the association expects sales worth up to Bt3 billion from the three-day event, 50 per cent higher than last year's figure of Bt2 billion achieved at NPA Grand Sale 2007.

"We believe that home-buyers will be ready to make a decision because they will get the best offers at the event and benefit from the government's tax incentives, such as a reduction in the special business tax from 3.3 per cent to 0.11 per cent, transfer fee from 2 per cent to 0.01 per cent and mortgage-registration fee from 1 per cent to 0.01 per cent," he said.

      At a glance

n Siam City Bank is offering two-storeyed detached houses at Perfect Place on Soi Ramkhamhaeng 164 at a starting price of Bt4.25 million.

n Krung Thai Bank is offering 1,270 assets worth up to Bt1.8 billion at the event.

n Bank of Ayudhya and Kasikorn bank are offering discounts of up to 45 per cent and 50 per cent on asset value.