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Apichart Atthakul, senior manager for housing loans at the bank, said the target should be achieved, despite the economic slowdown. In the first four months, the bank has extended Bt8 billion.

"We're relying on low interest rates in the first two years, rather than the first-year zero rate which would only push up the burden in the next year. Meanwhile, the low rates would ensure full tax benefits and lower financial burden to borrowers," he said.

For new borrowers, the low rate programme quotes the mortgage rate at 3.25 percentage points minus minimum lending rate in the first two years, and the rate in the subsequent years is 1 percentage point below MLR. To borrowers who seek refinancing loans, the bank offers the fixed 3.99 per cent rate per annum in the first year, and 50 basis points below MLR in the subsequent years.