Mr Paophum said the government has different real estate policies and measures. which will benefit the economic system and every citizen as much as possible The Ministry of Finance recognizes the importance of the real estate market.
There are tax measures to stimulate the real estate sector. and important financial measures in 2024 as follows:
Tax measures (5 measures)
1. “Personal income tax reduction on income paid as interest on loans” for borrowing money to buy, hire purchase, or build a residential building not exceeding 100,000 baht to ease the burden on income earners.
2. “Land and building tax reduction” of 90 per cent of the tax that must be paid to land or buildings of entrepreneurs that are developed for no more than 3 years in order to ease the tax burden on for entrepreneurs during the construction phase.
3. “Land and building tax exemption” for common property intended for common use by co-owners in accordance with the Condominium Law. Land which is of public utility according to the law on land allocation. and the law on the Industrial Estate Authority of Thailand
4. “Extending the time for the collection of land and buildings tax” for the collection of general land tax in 2024 for another 2 months.
5. “Measures to reduce registration fees for rights and legal deeds for residences” reduce transfer registration fees from 2 per cent to 1 per cent and reduce mortgage registration fees from 1 per cent to 0.01 per cent for registration in 2024.
Financial measures (2 measures)
1. “Million House Project” supports people to own their own homes at a price that is not high GH Bank supports soft loans with a credit limit of 20,000 million baht. The loan limit is not the person more than 1.5 million baht The maximum loan period is not more than 40 years, fixed interest rate of 3% per annum for 5 years.
2. “Happy Life Loan Project” encourages people to own their own homes. The loan amount per customer is 2.5 million baht or more. The maximum period of the loan is not more than 40 years. The average interest rate for 3 years is 2.98 per cent per annum. The lowest interest rate in the first year is 1.95 per cent per annum.
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