The Government Housing Bank (GHB) has joined hands with the Secondary Mortgage Corporation (SMC) to launch their loan-for-housing programs with up to 5 year fixed-interest rates. The move aims to help members of the public with their financial difficulties.

The GHB President, Mr. Khan Prachuabmaoh (ขรรค์ ประจวบเหมาะ), disclosed that borrowers who are granted 1 year fixed-interest loan are subjected to pay back their loans at an interest rate of 3.99 while borrowers who choose a 2 year loan will be subjected to a fixed-interest rate of 4.99 %; 5 year loans will have a fixed rate of 6.99 %.

Mr. Khan said after the promotion ends, eligible borrowers are subject to provide minimum retail rate (MRR) of 0.25% to the bank. The maximum loan period is 30 years within the extension of 500 million baht loan.

The loans will be introduced to prospective borrowers in Bangkok and vicinities, beginning from September 1st, 2008. Loaners and mortgage redeemers with a loan of 300,000 to 10 million baht from their existing financial institutions are also eligible. They can have the highest loan of 85% of their existing assets at their existing financial institutions.

Source : National News Bureau, Public Relations Department of Thailand