BBL seeking to lure new mortgage borrowers

The bank is also ready to consider reducing monthly instalments for existing clients who have been affected by the economic crisis. The new instalments will be based on each client's payment ability and past payment records. 

In a statement, executive vice president Ratchanee Nopmuang said the promotion aimed to help homebuyers make their decisions quickly. The promotion also covers loans for construction and mortgage refinancing.

Loans of Bt5 million or more will be offered at a fixed 2 per cent rate in the first year, fixed 3.75 per cent in the first two years or 375 basis points below MLR in the first year and 175 basis points below MLR in the first two years. In subsequent years, the rate is at 50 basis points below MLR.

Loans of Bt1 million and less than Bt5 million will be given at a fixed 2.25 per cent in the first year, fixed 4 per cent in the first two years or 350 basis points below MLR in the first year and 150 basis points below MLR in the first two years. In subsequent years, the MLR would be fully applicable.

Those who include the Home First life insurance in their mortgage will also be entitled to a special rate reduction of 25 basis points.