Government Housing Bank breaks ground with 0% down payment home loans

The Government Housing Bank (GHB) is set to introduce three new home loan products with a combined budget of 45 billion baht. With an initial interest rate of 0% for the first three months and a minimum monthly repayment of just 3,300 baht per million borrowed, the bank aims to make homeownership more accessible for Thai citizens.

GHB, a state-run financial institution whose mission is to enable Thai people to own their homes, is offering three distinct home loan products as this year draws to a close. Here are the details:

1. The “Happy ;D” home loan has a budget of 10 billion baht. It is designed for customers who wish to purchase houses or condominium units from participating projects.

The interest rate for the first three months is 0% per year, followed by 2.50% for months four to 12, 2.98% for the second year, and 3.55% for the third year. The average interest rate for the first three years is 2.80% per year. If a customer borrows 1 million baht with a loan term of 40 years, the initial monthly repayment is just 3,300 baht.

2. The “Mild Home” loan comes with a budget of 30 billion baht. It is aimed at customers who wish to purchase, construct, extend, or renovate their homes, or refinance from other financial institutions.

The interest rate for the first three months is 0.70% per year, 2.98% for months 4 to 24, and 3.55% for the third year, with an average interest rate for the first three years at 2.98% per year. For a loan of one million baht over 40 years, the initial monthly repayment is just 3,600 baht.

Home loans made easy

3. The “Happy Welfare” home loan has a budget of 5 billion baht. It is tailored for customers working in organizations that have welfare benefits with the bank. These customers may want to buy houses, or condominium units, refinance from other financial institutions, or settle housing-related debts along with refinancing.

The interest rate for the first six months is 0.70% per year, 2.75% for months 7 to 12, 2.98% in the second year, and 3.55% in the third year. The average interest rate for the first three years is 2.75% per year. For a loan of 1 million baht over 40 years, the initial monthly repayment is only 3,500 baht per month.

Despite the rising interest rates, GHB is ready to assist Thai citizens to own their homes more easily by offering these low-interest, fixed-rate-for-three-year home loan products. This will help customers to keep their monthly repayments low and have sufficient money for their monthly living expenses.

This move is expected to stimulate the economy by injecting more money into the system and boosting economic growth, reported KhaoSod.

Those interested can apply and execute the agreement by December 29, at any GHB branch nationwide. For more information, contact any GHB branch nationwide, the GHB Call Centre at 0-2645-9000, or visit the GHB Facebook Fanpage and the bank’s mobile application: GHB ALL GEN and www.ghbank.co.th.

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