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Govt makes it easier to buy a home

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Govt makes it easier to buy a home

By THE NATION

 

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Charnkit Detvitak

 

The Finance Ministry, Government Housing Bank (GHB), three real estate associations and several small property firms will mount a campaign this month and next for people who want to own their own homes.

 

Charnkit Detvitak, a vice minister attached to the Prime Minister’s Office, said the campaign would run from Monday (November 11) to December 31.

 

The GHB will offer mortgage loans with fixed annual interest of 2.5 per cent over three years, totalling Bt50 billion in value.

 

Buyers of single, attached and town houses, homes in commercial buildings and condominium units will be liable for no transfer or mortgage fees.

 

They will also benefit from promotional offers and discounts from the participating developers.

 

The project covers only homes worth up to Bt3 million.

 

The realty groups participating in the campaign are the Thai Real Estate Organisation, Thai Condominium Association and Housing Business Association.

 

Charnkit said the campaign would welcome developers across Thailand and invited them to contact any GHB branch.

 

Source: https://www.nationthailand.com/business/30378181

 

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-- © Copyright The Nation Thailand 2019-11-08
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2 hours ago, bkkatl said:

What would really spur the market is allowing foreigners to buy a house. Instead of letting them pay for the house but it not actually being in their name.

After the 97 crash, due to the glut of unsold condos some were actually allowed 100% Foreign ownership, although problems arose years later when it was revoked and  foreigners could only sell to a Thai or company....with that in mind and the hundreds of thousand, if not millions of houses for sale under 3mil, mirroring the glut of condos in 97 the Government may very well consider it and your wish be granted.

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6 minutes ago, Lacessit said:

And then move the goalposts again later.

Probably but as most people would be happy staying in the same house till they pass away its a moot point

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isn't GHB the date rape drug? A lot of people may get screwed with the low interest rates initially. When they inevitably increase there may be pain. I may be cynical but this seems to be a way of soaking up the apparent over supply of empty condos etc.

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3 hours ago, bkkatl said:

What would really spur the market is allowing foreigners to buy a house. Instead of letting them pay for the house but it not actually being in their name.

Great idea! A hundred million Chinese buying up big time and sending housing prices into the stratosphere.

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1 minute ago, baansgr said:

Probably but as most people would be happy staying in the same house till they pass away its a moot point

I'm talking about changing the ownership laws later, so that a foreigner has to sell to a Thai again. Presumably at a hefty discount, because Thais will know they have the foreigner over a barrel.

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2 minutes ago, emptypockets said:

isn't GHB the date rape drug? A lot of people may get screwed with the low interest rates initially. When they inevitably increase there may be pain. I may be cynical but this seems to be a way of soaking up the apparent over supply of empty condos etc.

"Apparent"? It's oversupply, period. Older condos are full of For Sale notices. Rentals are mostly short-term due to an exodus of Westerners, for various reasons.

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The meaning of mortgage is death grip, which might not be so bad if the homes being bought were going to last until the loan gets paid off. Poor devils round us have got 30 year mortgages at 8k a month for houses they can never sell and which are falling apart after 8 years.

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Another stupid promotion to add to all the other stupid promotions.

 

Three years. Practically a bridge loan.

 

3m THB. That buys you a second hand 27m coffin well away from transportation and CBD.

 

I'm unaware of any new condos offered at 3m thb

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2 minutes ago, Number 6 said:

Another stupid promotion to add to all the other stupid promotions.

 

Three years. Practically a bridge loan.

 

3m THB. That buys you a second hand 27m coffin well away from transportation and CBD.

 

I'm unaware of any new condos offered at 3m thb

I think its more aimed at houses rather than condos

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1 minute ago, baansgr said:

I think its more aimed at houses rather than condos

Fair enough but those won't be homes near Bangkok.

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12 hours ago, Orton Rd said:

The meaning of mortgage is death grip, which might not be so bad if the homes being bought were going to last until the loan gets paid off. Poor devils round us have got 30 year mortgages at 8k a month for houses they can never sell and which are falling apart after 8 years.

But isn't that exactly what the wonderful Maggie thatcher did...took away social housing and tied everybody for generations to come with massive lifetime mortgage debt. "grip"

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14 hours ago, baansgr said:

After the 97 crash, due to the glut of unsold condos some were actually allowed 100% Foreign ownership, although problems arose years later when it was revoked and  foreigners could only sell to a Thai or company....with that in mind and the hundreds of thousand, if not millions of houses for sale under 3mil, mirroring the glut of condos in 97 the Government may very well consider it and your wish be granted.

Out of interest, which condos were allowed 100% foreign ownership?

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