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Thailand home buyers to get loan assistance

By on Oct 06, 2015 in Property News, Residential

Short term measures to help Thailand home buyers secure bank loans, which will in turn stimulate the real estate and construction sectors are to be announced soon. The Finance Minister Apisak Tantivorawong has revealed though the implementation of the land and buildings tax is still in limbo and declined to reveal when it will come into effect.

Apisak said the real problem in the real estate sector at the moment is that people who can afford to buy a house cannot secure loan approval because the banks are reluctant to give out loans during an economic slowdown. Apisak said the draft of the Land and Construction tax is still under review by the ministry.

The prospect of an increase in VAT remains unclear as e-payments and the single account measures should negate the need for the income to be gained from the VAT increase.

The President of the Thai Condominium Association, Prasert Taedullayasatit, said it would be better for the market if the Finance Ministry puts measures in place to make it easier for lower-income buyers to get mortgages.

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Source: The Nation, 24th September 2015 – Home buyers to get loan assistance.

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