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Thai Housing Bank May Offer Three-Year Interest-Free Loans to Civil Servants.
Byline: Wichit Sirithaveeporn
Aug. 3--The Government Housing Bank is considering offering three-year interest-free loans to civil servants and state enterprise employees to attract new clients.
Wisudhi Srisuphan, the GHB chairman, said that one major obstacle facing the housing project for this group of clients was their low salaries which made them unable to repay their loans monthly.
To address this problem, the bank is conducting a study on the feasibility of offering them loans interest free for the first three years of the loan period. Without having to pay interest for the first three years, borrowers would have a higher capacity to make their monthly repayments.
However, after the end of the third year, their monthly instalments will have to be increased to offset the interest-free benefits they gained earlier.
In the initial phase of this project, the promotion loans will be offered first to teachers, military and police officers.
The arrangement represents a win-win situation for the parties concerned. While the bank could sell properties foreclosed from non-performing loan portfolios, the low-income civil servants and state enterprise workers will be able to buy their houses at affordable prices.
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