GH Bank Introduces Loan Programs for Senior Citizens to Promote Homeownership.

Bangkok: GH Bank is launching a series of loan programs aimed at enabling senior citizens to own homes by the end of the year, offering favorable terms such as a 0% interest rate for the first three months. Applications for these loans can be submitted at GH Bank branches nationwide starting today. According to Thai News Agency, Mr. Karom Polpornklang, Deputy Spokesperson of the Prime Minister's Office, disclosed that the Government Housing Bank (GHB) is aligning with government policies to support elderly citizens in acquiring homes. This initiative is designed to enhance the quality of life for the elderly by providing special loan packages with advantageous interest rates. The Homes for the Elderly Project 2024 is one of the notable offerings, targeting individuals aged 50 and over who wish to modify or repair their homes or purchase related equipment. The loan features a 0% interest rate for the initial three months, thereafter adjusting to various rates over the loan's term. A loan of 1 million baht ov er 40 years will require monthly payments of 4,300 baht, with additional perks such as waived collateral appraisal fees. The Senior Home 4U Loan Project 2024 caters to those aged 50 and over looking to purchase, build, or refinance homes, among other uses. The interest rate begins at 2.90% in the first year, with flexible terms over the span of the loan. Borrowers of 1 million baht for 20 years will pay 6,300 baht monthly, also benefiting from waived fees. The Senior Home 2U Loan Project 2024 is available for purchasing homes from individuals aged 50 or older, with no prior home loan history with GH Bank. The package offers a starting interest rate of 3.00% for the first year and includes waived fees for appraisals. Lastly, the Elderly Housing Loan Project (Reverse Mortgage: RM) is tailored for those aged 60 and above, allowing them to use their mortgage-free residence as collateral. This option provides a maximum loan amount of up to 10 million baht per collateral, with a steady interest rate of 6.25% per year. Mr. Karom encourages interested parties to inquire further at any GH Bank branch across the country or through the GH Bank Call Center, social media, and official website for more information.