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Thailand Luxury Property Sales Hurt as Banks Tighten Lending

By on Aug 15, 2015 in Property News, Residential

Home loan rejections for luxury residences went up to 30% in the second quarter this year. This is a direct result of banks tightening up on providing home loans for small and medium enterprises.  Pumipat Sinacharoen, chief people excellence officer at AP (Thailand) Plc, said last week that the rejection rate for luxury residences is still climbing after commercial banks began restricting mortgage loans early this year.

Previously, banks would apply strict lending rules for loan applications from the lower income market of residences under 2 million THB, but now they have extended this level of cautiousness to those buyers with property over 10 million THB. Those who own an SME are even more carefully scrutinised.

This tougher screening has meant the loan rejection rate has increased from 25% to 30% in the first half of this year.

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Source: The Nation 27th July 2015

Nora has been in the Corporate Communications arena for a number of years. Nora's role is to communicate all newsworthy items that are of a PR nature.

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