Bangkok: The Government Housing Bank (GHB) has introduced a loan repayment deferral program for up to one year, aimed at assisting customers residing in the Thai-Cambodian border area. This initiative includes reduced interest rates for home construction and renovation loans to help restore the quality of life for those affected by the ongoing unrest in the region.
According to Thai News Agency, Ms. Airin Phanrit, Deputy Spokesperson for the Prime Minister's Office, emphasized that the conflict near the Thai-Cambodian border has severely impacted local livelihoods and caused significant damage to homes and property. In response, GHB has implemented several measures to alleviate the financial hardships faced by affected customers. These measures include loan moratoriums, zero percent interest rates, flexible installment plans, and loans for rebuilding or repairing homes.
The first measure offers existing customers who have sustained serious injuries or home damage a reduced interest rate of 0.01% per year for the first five years. From the sixth year onwards, the interest rates will vary depending on the customer group, ranging from MRR-0.75% to MRR-1.00% per year.
For customers with completely destroyed residences or those who have suffered permanent disability or death, the second measure provides a reduced interest rate of 0.01% per year for the entire contract term.
The third measure offers new construction loans with an interest rate starting at 0% for the first six months, gradually increasing to MRR-0.75% to MRR-1.00% per year from the eleventh year until the contract's end.
The fourth measure targets non-performing loan (NPL) customers who have passed away, become permanently disabled, or whose collateral is uninhabitable. These customers will receive a 0% interest rate and no installment payments for the first 12 months, followed by a 0.01% interest rate for the remainder of the term.
For NPL customers experiencing severe damage or collateral loss, the fifth measure offers a five-year debt restructuring plan with a 0% interest rate for the first 12 months. Afterward, a 0.01% interest rate will be charged until the end of the repayment period.
The sixth measure provides a one-year debt restructuring plan for NPL customers affected by income disruption, with an initial 0% interest rate and nominal principal reduction payments for the first six months.
Additionally, existing customers seeking to extend, repair, or purchase damaged equipment can apply for Repair and Renovate Loans, offering up to 300,000 baht per person with varying interest rates over a five-year term. No additional mortgage registration is required for these loans.