Can’t get a loan, property rises 50%, encourages the Bank of Thailand It’s time to reduce interest rates and stop LTV.
On April 22 Atip Pichanon Mr The Honorary President of the Housing Business Association revealed that the response was after the government announced measures to stimulate the economy through the real estate sector. At the moment, nothing is clearly visible. Either way, it definitely helps stimulate sales and the economy. Because it has psychological effects Making it easier for people to make decisions
For example, reducing transfer and mortgage fees to 0.01%, expanding the housing price ceiling to 7 million baht, interest rate 3% per year for 5 years, loan limit per person not exceeding 3 million baht, etc. But the issue still exists of asking for loan approval from banks which are still strict considerations. Although special interest rates are provided But if the bank loan does not go through The measures that have been taken will probably not help. It is expected that the announced measures will prevent the real estate market in 2024 from shrinking.
“Now fiscal policy is done. There is still monetary policy left by the Bank of Thailand (BoT) which is due for review. Both reduce interest rates Provide easier access to credit and relax the LTV measure For those who want to buy a second home Because now there is no more speculative buying. In particular, if interest can be reduced, it will help reduce the burden on people in debt. At the moment, the real estate sector has a problem of customers not being able to get bank loans as high as 50%,” said Mr Atip.
Mr Atip said the impact of diesel prices increasing by 1 baht/litre to 30.94 baht/litre has not affected the real estate sector much. But if the price of diesel fuel continues to increase It will gradually affect the cost of building new houses, which will cause house prices to rise accordingly. Because the price of oil affects the cost of transportation and building materials.
Piya Prayong Mr The CEO of Pruksa Real Estate Public Company Limited revealed that increasing the price of diesel fuel by 1 baht/litre has not affected the cost of building homes at the moment. Because I’ve already thought about it. But if the price rises again It will affect the cost of new projects to increase.
“Now the economic situation Purchasing power is still bad. If you go up to diesel again It doesn’t just affect the cost of building a house. It also affects the price of products which will increase. Therefore, it can be seen that the Thai economy in the second half of 2024 still has many uncontrollable factors. The big factor is that the Israel-Iran war will affect oil prices. As for interest rates, they should remain stable rather than falling,” said Mr Piya.
Mr. Piya said that for the real estate market Currently it is still in shape. Although there are measures from the government to encourage It still takes time. And this period is the low season. Meanwhile, purchasing power, which is a major problem, has yet to recover. Because people don’t have extra income And banks still have strict credit approval processes. It also makes it difficult for people to access credit. People with real potential will get a loan.
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