The Cabinet has approved the Government Housing Bank (GH Bank) to launch the second phase of the Happy Home Loan project.
The announcement, made by Deputy Prime Minister and Minister of Finance, Pichai Chunhavajira, follows the success of the program’s first phase, which had a total credit line of 20 billion baht and was fully subscribed due to high demand for affordable housing loans.
The Happy Home Loan provides financing for purchasing houses, condominiums, constructing homes, and acquiring related amenities, with a maximum loan amount of 3 million baht. The loan features a fixed interest rate of 3.00% per annum for the first five years. It also offers flexible repayment terms, particularly benefiting those with monthly incomes not exceeding 25,000 baht, allowing them to access higher loan amounts.
As of July 26th, loan applications exceeded the available credit line, prompting the Ministry of Finance to advocate for extending the program to support low-income individuals in securing their own homes. The initiative aligns with the government’s goals to reduce social inequality and improve citizens’ quality of life.
Pichai emphasized the importance of the Happy Home Loan program for low-income families aspiring to own homes. He highlighted the benefits of low-interest rates and fixed installments for five years, which facilitate financial planning. The success of the first phase underscores the need for a second phase to meet the substantial demand from the public. (NNT)
