Bangkok: GH Bank is offering five special low-interest loan options designed to support senior citizens in owning their homes, with installment payments starting as low as 3,200 baht per month for every million baht borrowed.
According to Thai News Agency, the Government Housing Bank (GHB) is implementing new loan programs in line with government and Ministry of Finance policies aimed at enhancing the quality of life for the elderly. The initiative includes five distinct loan products, each tailored to meet the diverse needs of senior borrowers.
The first offering, the "GHB Home for the Elderly 2025," provides a fixed interest rate of 1.90% for the first year, with an average rate of 2.50% over the first three years. Borrowers can take out loans of up to one million baht over a 40-year period, with monthly installments starting at 4,600 baht.
The "Aging Home Loan Project 2025" is available to those over 50, requiring a joint application with a child of legal age. It offers a fixed interest rate of 4.25% for the first ten years and can span up to 52 years, with initial installments as low as 4,000 baht per month.
The "Senior Home 4U Loan Project 2025" caters to individuals aged 50 and above looking to buy, build, or refinance a home. It offers a first-year interest rate of 2.00% and averages 2.46% for the first three years, with a maximum 20-year loan term and starting payments of 6,400 baht per month.
For those seeking to purchase a home, the "Senior Home 2U Loan Project 2025" is available, providing a fixed interest rate starting at 2.25% in the first year. Loans can be extended up to 40 years, with initial monthly payments of 3,200 baht.
Lastly, the "Senior Housing Loan Project (Reverse Mortgage: RM)" allows seniors aged 60 to 80 to convert a debt-free home into a source of income. This option doesn't consider the borrower's income and offers a loan amount up to 10 million baht, with a fixed interest rate of 6.25% over a 25-year term.
These initiatives underscore GH Bank's commitment to supporting the elderly population by providing flexible and accessible home financing options. The bank is also waiving collateral appraisal and mortgage registration fees for these programs, further reducing the financial burden on senior borrowers.