Bangkok: The government has taken urgent steps to address the severe flooding in the southern region by directing the Government Housing Bank (GH Bank) to implement seven specific measures aimed at alleviating the hardships faced by affected residents. The measures include suspending and reducing interest rates, along with additional support initiatives from various agencies expected to be announced this week. According to Thai News Agency, Deputy Government Spokesperson Mr. Anukul Prueksanusak disclosed that the Ministry of Finance has tasked GH Bank with providing comprehensive assistance to those whose homes and livelihoods have been devastated by the floods. GH Bank is set to roll out a disaster-affected housing loan project to offer relief to customers in the flooded areas. The bank's assistance plan includes a loan project designed to aid homes impacted by natural disasters, featuring measures such as reducing loan installments and interest rates for existing customers. For the first 3 months, custome rs can benefit from a 0% interest rate, with a subsequent rate of 2.00% per annum for the remainder of the year and a 50% reduction in installment payments. Additionally, both current and new customers can access loans for home repairs or rebuilding, with a cap of 2 million baht per person. Further relief measures for 2024 entail five strategies targeting natural disaster victims. These include restructuring debts for non-performing loan (NPL) customers whose collateral has been damaged, with a grace period and reduced interest rates. Customers whose income has been affected can negotiate debts under similar terms. Provisions are also made for customers who are deceased or permanently disabled, with special considerations for total property loss. For those with fire insurance policies covering natural disasters, GH Bank is offering expedited claims processes, ensuring swift financial assistance up to specific limits. The bank encourages affected individuals to engage with these relief initiatives by visitin g any GH Bank branch or contacting their call center. Mr. Anukul emphasized that these measures are open for application from now until December 30, 2025, with certain provisions available until the end of 2024. Interested parties are urged to reach out to GH Bank for further details on accessing these support measures.
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