Bangkok: GH Bank has announced a set of seven measures aimed at assisting customers impacted by the severe flooding caused by Typhoon Wipha. These relief efforts include debt repayment suspensions, installment reductions, and interest rate cuts, along with urgent claim processes to help those in need.
According to Thai News Agency, the Government Housing Bank (GHB) has launched initiatives such as the 'Loan Project to Help Housing Affected by Disasters' and the 'Measures to Help Victims of Natural Disasters 2025.' These programs are designed to support disaster victims, who can now approach GHB branches across the country for assistance.
Mr. Kamolpop Virapala, President of GHB, emphasized the bank's commitment as a state financial institution to support individuals in the northern region who have been severely affected by flash floods, forest runoff, overflowing rivers, and mudslides. These natural disasters have resulted in significant damage to homes and livelihoods. To address these challenges, GHB has rolled out specific projects and measures to provide financial relief to those in need.
The assistance includes a special loan project for disaster-affected housing. Current customers can benefit from reduced installments and interest rates for a year. This involves a suspension of debt payments for the initial three months, during which the interest rate will be reduced to 0% per annum. For the subsequent 4-12 months, the interest rate will be set at 2.00% per annum, and installments will be reduced by 50% of the current payments. After the assistance period, customers can revert to their original loan terms.
For both current and new customers looking to repair or rebuild their homes, GHB offers additional borrowing up to 2 million baht per person per collateral. The interest rate for the first three months will be 0% per annum with no installment payments required. For months 4-24, the rate is set at 2.00% per annum. Subsequent rates are structured to provide continued relief with adjustments based on the Minimum Retail Rate (MRR). The loan period extends up to 40 years, and installment payments start at 3,100 baht for a 1 million baht loan. Furthermore, GHB offers free collateral appraisal and reduced mortgage registration fees to ease financial burdens.
These comprehensive measures aim to provide much-needed support to those grappling with the aftermath of Typhoon Wipha, ensuring that affected individuals and families can begin to rebuild their lives with reduced financial strain.