KBank launches housing tax subsidy for home buyers

Bangkok Post 02/24/2010 13:38

Krisada Lamsam (second from right), executive vice-president of Kasikornbank, and Visute Poolvoralaks (second from left), CEO of GMM Tai Hub Co Ltd (GTH), jointly launched the ‘‘GTH is me’’ KBank debit card specially tailored for Thai movie lovers yesterday. Cardholders can purchase goods with the card and they are also entitled to privileges such as participating in exclusive events with GTH actors.

Kasikornbank will subsidise housing tax for mortgage loan applicants after the government ends incentives for property buyers, says first senior vice-president Chatchai Payuhanaveechai.

The bank plans to co-operate with property developers to launch a new promotional campaign for mortgage loans. The package will subsidise 1% of mortgage fees and another 1% in transfer fees.

The one- to three-month programme is expected to launch after the government's tax breaks for the property sector end on March 28.

The promotion is aimed at easing the financial burden on homebuyers and stimulating the bank's housing loans.

The end of the government's tax measures is expected to lift the property and mortgage loan markets in the first quarter of the year.

The bank expects to increase its mortgage loans by 13 billion baht during the period, up from the average of 10 billion per quarter, he said.

KBank targets to book 40 billion baht in new mortgage loans this year.

"The end of the tax incentives would partly help to support the bank's mortgage loans for this year," said Mr Chatchai.

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