Thailand’s Prime Minister, General Prayut Chan-o-cha, has reiterated that the civil-state housing project which was recently been endorsed by the cabinet will reduce social inequality.
During his nationwide televised address, General Prayut said the housing project is intended to reduce the social gap and raise the well-being of low- and middle-income earners.
Under the project, which will run for two-years after Cabinet approval, three state-run banks – the Government Housing Bank, Government Savings Bank and Krungthai Bank – will provide home buyers with soft loans on the condition that each home is worth no more than THB 1.5 million. Those making home renovations are also entitled to apply for the loans.
He added that the government had asked real estate companies taking part in the program to shoulder property transfer taxes, which account for two percent of the total price. They are also required to shoulder the registration fee which is about one percent of the mortgage value over two-years.
