Available exclusively for government officials, state enterprise employees, and private sector employees

          The Government Savings Bank has allocated a loan amount of 5 billion baht to offer the housing and personal loan program 'Easy Repayment for Home Buyers' for both new and second-hand homes. The maximum loan amount for housing loans is capped at 3 million baht, with life insurance coverage to protect the loan amount. The loan term can extend up to 40 years, with a fixed interest rate of 3% for the first three years, allowing for easy monthly payments of 3,000 baht per million for three years. From the fourth year onwards, the interest rate will be MRR-1.00%.

          Dr. Chatchai Payuhanawechai, Director of the Government Savings Bank, stated that this initiative aims to help Thai government officials, state enterprise employees, and private sector employees achieve home ownership. The bank supports this need by providing a housing loan with special interest rates and flexible conditions that align with the current demand for housing, whether new or second-hand. A total loan budget of 5 billion baht has been prepared for this purpose, and the bank is now open for applications, with contracts to be finalized by December 30, 2019.

          Under this housing and personal loan promotion, the bank offers loans of up to 3 million baht for purchasing new or second-hand homes, along with life insurance to protect the loan amount. The special interest rate includes a fixed rate of 3.00% for the first three years, and from the fourth year onward, MRR-1.00% per year (current MRR rate of the bank is 6.87% per year), resulting in an average interest rate of 4 years at 3.718%. Additionally, customers must apply for at least two types of the bank's products or services, with repayment terms extending up to 40 years. The bank has also relaxed the criteria for assessing living expenses to ensure a minimum of 25% of net income for those earning less than 15,000 baht.

          “The Government Savings Bank has revised its criteria to allow for repayment terms of up to 40 years, enabling customers to choose longer repayment periods for flexibility and suitability based on their repayment capabilities. The promotional interest rate has been calculated simply; for instance, if one borrows 1 million baht, the monthly payment for the first three years will only be 3,000 baht, allowing for savings or other necessary living expenses,” the bank director added.

          For more information, please follow the Government Savings Bank's communication channels, including the website: www.gsb.or.th, Facebook: GSB Society, and Official Line: GSB Government Savings Bank. For inquiries or further details, customers can contact any Government Savings Bank branch nationwide or the customer service center at 1115.

Thank you for the information from www.gsb.or.th