Interior Ministry slashes mortgage, transfer fees to boost property sales
Two directives from the Interior Ministry were published in the Royal Gazette on Wednesday in a bid to boost the sale of property in line with the Cabinet’s resolution on the previous day.
The directives go into immediate effect.
One of the directives states that in line with the government’s policy to support and reduce the burden on those who want to have their own homes and to boost the sale of property, the transfer fees and mortgage fees for houses, duplexes, townhouses, commercial buildings and land with buildings worth no more than 7 million baht will be set a 0.01% until December 31.
The second directive applies to condominium units worth no more than 7 million baht, for which transfer and mortgage fees will also be set at 0.01% until December 31.
The Cabinet approved the transfer and mortgage fee cuts on Tuesday and also raised the limit from 3 million baht to 7 million baht for condo and house prices.
Normally, the transfer fee is set at 2% of the transaction value and the mortgage fee at 1% of the transaction value.
