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GHB lifts upper limit for loans to purchasers

By The Nation
Published on August 28, 2008

The Government Housing Bank (GHB) yesterday announced it would raise the ceiling for its mortgage loans in its "GHB for First Home" programme from Bt600,000 to Bt1.5 million. However, the stateowned bank charges interest on the first Bt600,000 of the mortgages at 5.893 per cent per annum for the first seven years or 5.913 per cent per year for the first 10 years and 0.5 per cent minus the bank's minimum retail rate (MRR) for the remaining period, said president Khan Prachuabmoh.

For amounts exceeding Bt600,000 but not more than Bt1.5 million, the bank charges a floating interest rate based on the MRR, he said.

The programme is designed to help lowincome homebuyers buy their first home. Those who are eligible to apply for the special loan must have a maximum income of Bt20,000 per family per month.

Interested persons can apply for the loans until December 30.

"The higher loan amount is to accommodate the surging residential price tags prompted by the rising cost of building materials.

With this in mind, the bank has decided to increase the ceiling for the loans to Bt1.5 million, in order to widen the choice for homebuyers," Khan said. "Criteria and conditions for the loans remain unchanged. Borrowers or their spouses must not have their own property already."

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