“Buyers must earn no more than 100,000 baht a month and be registered on the Revenue Department’s tax database.”
Thailand’s Finance Ministry spokesman Lavaron Sangsnit says that the three major housing associations are ready to support the government’s latest stimulus measures to support home purchases. There was a meeting between Ministry officials and the Housing Business Association, Thai Real Estate Organisation and Thai Condominium Association, along with 19 financial institutions, to brief them on the “Good house with down payment” campaign announced earlier this week.
To reduce the cost of buying a home, the government will offer 50,000 baht cash-back per buyer on the down payment. Buyers must earn no more than 100,000 baht a month and be registered on the Revenue Department’s tax database.
The campaign began two days ago and continues until March, 2020. Several banks have already introduced their own down-payment systems to support the campaign.
Payong Srivanich, the president of Krungthai Bank says they fully supported the ministry’s stimulus announcement for the local housing market. Meanwhile, Uttama Savanayana, the Finance Minister, suggested the Thai economy was like a sick person needing a remedy to prevent the condition getting worse.