Mr. Chatchai Sirilai, Managing Director of Government Housing Bank (GHB), stated that GHB has launched the “GHB Helps Thai People Build the Nation” initiative to alleviate the financial burden of housing loan repayments for customers affected by the COVID-19 pandemic.

Since the introduction of the four measures through the Mobile Application: GHB ALL on March 27, 2020, as of April 10, 2020, at 8:00 AM, 170,958 customers have participated, with a total loan amount of 181,927 million baht. As the COVID-19 outbreak is expected to last longer than initially anticipated, the bank's board, led by Chairman Mr. Parinya Patthanapakkadee, has approved an additional assistance measure: Measure 5, which allows a suspension of both principal and interest payments for four months for customers with total loan amounts not exceeding 3 million baht and monthly incomes not exceeding 35,000 baht. This measure covers current customers in the low to middle-income bracket, totaling up to 1.1 million accounts, including both normal and non-performing loan statuses. After the four-month suspension period, customers will need to gradually repay the deferred amounts within 24 months.

To reduce the spread of COVID-19 by minimizing public travel, GHB has enabled interested customers to apply for this measure via the Mobile Application: GHB ALL without needing to visit a branch from April 13 to April 30, 2020.

“The requirement for customers wishing to participate in the GHB Helps Thai People Build the Nation initiative to apply through the Mobile Application: GHB ALL themselves is due to the varying needs for assistance among customers. This allows them to choose the measures that best suit their circumstances. The four measures previously introduced have received positive feedback, with many customers participating in each measure. Customers who do not meet the criteria for any of the bank's measures can submit information regarding their income-related issues caused by COVID-19 through the Mobile Application: GHB ALL.

The bank will seek specific solutions to mitigate individual impacts, including those who qualify for income compensation measures for those affected by the COVID-19 outbreak or the 5,000 baht relief measure from the Ministry of Finance, who can also opt for GHB's measures,” Mr. Chatchai added.

As of April 10, 2020, at 8:00 AM, the 170,958 customers who have opted for GHB's four measures, amounting to 181,927 million baht, reflect that the measures align with the needs of different customer groups, each with varying interest rates based on contract duration, categorized as follows:

  • Measure 1: Three-month suspension of principal payments, paying only monthly interest for customers with normal account status, with total loans not exceeding 3 million baht. This measure is suitable for customers who have been repaying for more than two-thirds of the loan term, as the interest portion in the payment is less than the principal reduction. So far, 61,445 customers have utilized this measure, with a total loan amount of 63,891 million baht.
  • Measure 2: One-year suspension of principal payments, paying only monthly interest, and extending the loan term by an additional 10 years. After the suspension period, the repayment term can be extended for up to 10 years, reducing monthly payments for customers with both normal and NPL account statuses. Customers will see their monthly payments reduced to approximately 50% of the original amount. This measure has been used by 52,286 customers, with a total loan amount of 63,151 million baht.
  • Measure 3: Six-month suspension of principal payments, with a reduced interest rate of 3.90% per annum, paying only monthly interest (with a loan limit of 50,000 million baht). This measure is suitable for customers with both normal and NPL account statuses who have completed the promotional interest period in the first 2-3 years of their loan contract. Monthly payments will decrease significantly; for every 1 million baht loan, the monthly payment will drop from 6,600 baht to just 3,400 baht. So far, 42,472 customers have utilized this measure, with a total loan amount of 40,886 million baht.
  • Measure 4: Reduction of interest to 3.90% per annum, paying only monthly interest for six months for customers currently under default interest rates or in legal status. Since the application opened on April 1, 2020, 14,755 customers have utilized this measure, with a total loan amount of 13,998 million baht, within a loan limit of 50,000 million baht combined with Measure 3.

Customers can download the Application: GHB ALL from the App Store or Play Store. For more information or to follow updates from the bank, please contact the Customer Service Center (Call Center) at 0-2645-9000, visit the Government Housing Bank Facebook Fanpage, or check www.ghbank.co.th