Government Housing Bank has introduced 7 measures to assist customers affected by sudden flooding at the Chao Phraya Dam in the central and eastern regions through the “Housing Loan Project to Assist Natural Disaster Victims 2021”, which includes the following:

           1. Interest rate reduced to 0% per annum for the first 4 months.

           2. Additional loans or new loans at a fixed interest rate of 3.00% per annum for the first year.

           3. Debt restructuring for a period not exceeding 1 year and 4 months with an interest rate of 0% per annum for the first 4 months, with no installment payments required.

           4. Debt restructuring for up to 1 year at an interest rate of 1.00% per annum.

           5. In cases of death or permanent disability, interest payments at 0.01% per annum.

           6. For homes that are completely damaged and cannot be repaired, debt relief on the building portion.

           7. Fast Track compensation consideration for customers with fire insurance policies covering natural disasters, paying according to actual damages up to 20,000 Baht per year, and for policies starting from November 1, 2019, additional natural disaster coverage according to actual damages but not exceeding 30,000 Baht per disaster per year.

 

            Mr. Chatchai Sirilai, Managing Director of the Government Housing Bank (GHB) stated that due to the sudden flooding at the Chao Phraya Dam caused by the monsoon, heavy rainfall in the central and eastern regions has resulted in damage to residents' homes, preventing them from working normally. GHB, as a state financial institution with the mission of "providing housing for Thai people," is ready to alleviate the suffering of customers through the “Housing Loan Project to Assist Natural Disaster Victims 2021” (with a total project budget of 100 million Baht), considering the level of damage, which includes the following details:

 

Measure 1 for existing GHB customers: In cases where the collateral (the residence mortgaged with the bank) of the customer or their spouse has been damaged by flooding, they can request a reduction in the interest rate and installment payments for the first 4 months at an interest rate of 0% per annum, followed by 3.65% per annum for months 5-16, 4.15% per annum for months 17-24, 5.15% per annum for the third year, and for the fourth year until the end of the loan term, for welfare customers, the interest rate will be MRR -1.00% per annum, and for general retail customers, the interest rate will be MRR -0.50% per annum. For loans to pay off debts or purchase equipment and facilities, the interest rate will be MRR (currently, the MRR rate of GHB is 6.150% per annum).

Measure 2 for new customers or existing GHB customers: whose collateral or that of their spouse has been damaged by flooding can apply for additional loans or new loans to build a replacement building or repair the damaged building, with a loan limit of up to 1 million Baht per collateral, at a fixed interest rate of 3.00% per annum for the first year, MRR -3.15% per annum for the second and third years (currently equal to 3.00% per annum), and for the fourth year until the end of the loan term, for welfare customers, the interest rate will be MRR -1.00% per annum, and for general retail customers, the interest rate will be MRR -0.50% per annum, with all related fees waived, including loan application fees, fees for changing the loan interest rate, and fees for changing loan conditions after the legal transaction.

Measure 3 for NPL debtors whose collateral has been damaged: Allow debtors to restructure their debts for a period not exceeding 1 year and 4 months, with an interest rate of 0% per annum for the first 4 months with no installment payments required. From months 5-16, the interest rate will be 1.00% per annum, with installment payments not less than the monthly interest, and upon completion of the restructuring period, the debtor will revert to the original interest rate before applying this measure.

Measure 4 for NPL debtors affected by income: Allow debt restructuring for a period not exceeding 1 year at an interest rate of 1.00% per annum, with installment payments not less than the monthly interest, and upon completion of the restructuring period, the debtor will revert to the original interest rate before applying this measure.

Measure 5 for debtors who have died or are permanently disabled: Allow payments at an interest rate of 0.01% per annum for the remaining period.

Measure 6 in cases where the residence is completely damaged and cannot be repaired: Allow debt relief on the building price and require payments only for the remaining land portion.

Measure 7 Fast Track compensation consideration: For customers with fire insurance policies for residences covering natural disasters, including flooding or storms, special expedited compensation will be considered for all affected customers. The insured must submit damage documentation, and compensation will be paid according to actual damages based on photographic evidence, up to 20,000 Baht per year, and for customers with policies starting from November 1, 2019, additional natural disaster coverage according to actual damages from photographic evidence, but not exceeding 30,000 Baht per disaster per year.

 

Customers wishing to apply for the “Housing Loan Project to Assist Natural Disaster Victims 2021” under measures 1-6 can contact GHB branches from now until October 31, 2021, and for measure 7, contact GHB branches from now on.

For more information, please contact the Customer Service Center (Call Center) at 0-2645-9000.

Or visit the Facebook Fanpage Government Housing Bank.

Or at GHB branches nationwide.

Stay updated with news via the Application: GHB ALL.

And www.ghbank.co.th