The Government Housing Bank (GHB) is supporting the secondary city tourism policy as part of the initiative by Mr. Uttama Savanayana, the Minister of Finance, aimed at stimulating domestic spending and promoting tourism in secondary cities. This initiative seeks to distribute spending to the grassroots economy. GHB has developed the "Homestay and Home Lodge Loan" product for individuals or legal entities providing Homestay or Home Lodge accommodation services. The interest rate for the first five years is fixed at 4.20% per annum, with a maximum loan amount of 3 million baht, and no application or property appraisal fees. The repayment period can be up to 20 years.

           Mr. Chatchai Sirilai, Managing Director of GHB, stated that this initiative supports the secondary city tourism measures outlined by the Minister of Finance, which aim to stimulate domestic spending, particularly among target groups with travel and spending potential, thereby benefiting local communities. As a state-owned financial institution with the mission of "enabling Thais to have homes," GHB has created the "Homestay and Home Lodge Loan" product for individuals or legal entities providing Homestay or Home Lodge accommodation services. The interest rate for the first five years is fixed at 4.20% per annum, and from the sixth year until the end of the loan term, it will be MRR - 0.75% per annum (as of November 13, 2019, the MRR rate is 6.500% per annum until further notice). The maximum loan amount per applicant is capped at 3 million baht. The loan purposes include (1) construction or redemption of mortgages on properties providing Homestay or Home Lodge services from other financial institutions or redeeming mortgages while purchasing related equipment, (2) extension, renovation, or repair of buildings, expanding rental accommodation while purchasing related equipment or facilities for rental purposes, (3) purchasing land with buildings or buying and renovating for rental accommodation, (4) purchasing related equipment or facilities for rental purposes, and (5) repaying debts related to rental properties, including debts for equipment or facilities related to rental accommodation. There are no application or property appraisal fees, and repayment can be extended up to 20 years.

           Interested parties can apply for loans from November 13 to December 30, 2019, and complete legal transactions by March 31, 2020, or can apply again between January 2 and December 30, 2020, with legal transactions completed by March 31, 2021, or until the loan limit is fully utilized. For more information, please contact any GHB branch nationwide or the customer service center (Call Center) at 0-2645-9000 or visit www.ghbank.co.th and the GHB Facebook Fanpage.

Thank you for the information from www.ghbank.co.th