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Thailand Investment Property Set for a Boost

Luxury Bangkok Condo DevelopmentThailand investment property is all set for a boost. The Finance Ministry is considering a plan for mortgage insurance in the property sector. The aim is to reduce credit risks for financial institutions and therefore enable homebuyers easier access to housing loans. Mortgage insurance is a policy that compensates lenders for damages caused by loan defaults.

“Reduced credit risk for financial institutions would induce greater loan expansion and help support those asking for housing loans to attain greater credit lines,” said Banthornchome Kaewsa-ard, a fiscal policy adviser in the ministry’s Fiscal Policy Office. “Property businesses would also generate greater property sales.”

Kaewsa-ard said the Fiscal Policy Office was also studying a reverse mortgage scheme because Thailand was becoming an ageing society with many people aged more than 60. Raising elderly homeowners income through reverse mortgages and reducing the state’s burden for elderly care would be the positive results of such a scheme.

02-lThe ministry recently signed a memorandum of cooperation with the Secondary Mortgage Corporation and the Korea Housing Finance Corporation (KHFC) to share knowledge, especially regarding reverse mortgage methods.

If these proposals come to fruition it will mean it will be easier to obtain a mortgage and there will be more money spend for the older communities.

Source: Bangkok Post 30th March 2016
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