The Thai government has launched a new economic stimulus measure to boost the lagging real estate market by lowering property transfer fees from the current 2 percent to 0.01 percent and mortgage fees from 1.0 percent to 0.01 percent for buying condominium units priced at not over Bt3 million. The new transfer fee applies to all residential properties owned by locals or foreigners.
Additionally, the Government Housing Bank will offer loans for the purchase of real estate with a total limit of Bt50 billion. The interest will be stable at 2.5 percent in the first three years, will rise to 4.625 percent between the fourth and fifth years, and will have to be repaid with up to 1 percent of Minimum Retail Rate (MRR) for people with welfare or 0.75 percent for retailers, which will be 6.625 percent a year from December 24, 2020.
Source – The Nation
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