Property market measures to be discussed in Cabinet meeting

Ministers are set to review several measures to boost the property market at tomorrow’s Cabinet meeting, Finance Minister Pichai Chunhavajira announced.

In a statement released today, November 4, Pichai revealed that the Finance Ministry will ask the Cabinet to approve 55 billion baht for low-interest home loans. These loans would be available for up to 3 million baht per buyer.

The ministry will also put forward a proposal for a 5-billion-baht budget to offer low-interest loans of up to 100,000 baht specifically for house repairs.

In a joint effort with the Labour Ministry, Pichai will seek approval for an additional 10-billion-baht budget to provide affordable loans to workers looking to purchase homes.

The finance minister, who also serves as deputy prime minister, said he would push to extend the current reduction in transfer and mortgage fees, which stands at 0.01%. These reduced rates are currently scheduled to end in December.

Pichai noted that his ministry is still finalising details of this comprehensive package aimed at stimulating the property market. He mentioned they are considering relaxing the loan-to-value (LTV) ratio rules, which would make it easier for banks to approve mortgage applications.

Commenting on these developments, Pornnarit Chuanchaisit, who heads the Thai Real Estate Organisation, urged the Bank of Thailand to implement another cut to the policy interest rate.

This, he argued, would help strengthen the recovery of the property market. Pornnarit expressed support for the government’s planned measures, particularly emphasising the importance of easing the LTV restrictions, reported The Nation.

In other news, Thailand is setting its sights on transforming the iconic Chatuchak Weekend Market in Bangkok into a hub for soft power, with an ambitious two-year plan spearheaded by the National Committee on Soft Power Development.

This initiative aims to capitalise on the market’s popularity and diverse offerings to bolster Thailand’s global cultural influence.