Finance Ministry eyes new projects to stimulate property market
Ministry eyes 55 billion baht to fund special loans for low-income persons wanting to buy or build new homes, or repair their existing property
The Finance Ministry will seek Cabinet approval for a 55-billion-baht budget to further stimulate the property market as another measure to revive the economy.
Deputy Finance Minister Paopoom Rojanasakul said on Thursday that two previous projects worth 38 billion baht were successful, so his ministry plans to launch another two projects with a combined budget of 55 billion baht. These projects will make it easier for people to buy new homes, land to build a new home or repair their existing property.
Paopoom said the two previous stimulus projects were:
- Happy Home loan project: 20 billion baht was allocated for low-income people to buy houses, and the budget was handed out within three months.
- Happy Life: 18 billion baht was allocated for low-income persons to purchase houses and the entire budget was used up.
Paopoom said the Finance Ministry aims to continuously stimulate the property market by providing soft loans to low-income persons to buy new homes to repair their existing property in two projects, namely:
- 50 billion baht: Each applicant can seek a loan of no more than 3 million baht at a special interest rate for five years to build or buy a new home.
- 5 billion baht: Applicants can seek a loan of no more than 100,000 at a special interest rate for three years for repairing or expanding their homes.
