Developers tie up with banks to present extraordinary financing packages to consumers
With interest rates on mortgages are likely to increase from 0.5-1% in 2008, developers are tying up with banks to present financing packages to attract home-buyers in the second quarter of 2008. The marketing push comes at a hard-hitting time: buyer's buoyancy has been seen dropping and the political chaos is showing no signs of lessening.
Commercial banks have by now started hiking rates. Kasikorn-bank increased fixed-term deposit rates by 0.35 - 1.25 % in the first week of June. The bank increased its least lending rate, least overdraft rate and least retail rate (MRR) to 7.25 %, 7.5 % and 7.75 %.
Bangkok Bank has raised key lending rates by 0.375 %, increasing the least lending rate to 7.25 %. The minimum overdraft rate has increased to 7.5 % and the MRR to 7.75 %. Siam Commercial Bank's minimum lending rate is now 7.25 %, the minimum overdraft rate is 7.5 % and MRR is 7.75 %. Asian Property Development senior executive vice president Visanu Suchatlumpong said the company has tied up with Siam Commercial Bank to present two financing packages to home purchasers between June to August.
The primary package makes available 0 %mortgages for the initial 6 months of the loan. For the left over period, the mortgage will be set at the MRR. The next package makes available a fixed rate of 2.25 % for the starting year and then an MRR of 1.5 %.
"Most consumers opt for the second package as they consider interest rates will increase considerably with price hike to nearly 6 % in 2008. Though the rates increase by 1 %, home-buyers have to compensate 6 - 7 % extra in monthly payments. " he said.
Prinsiri is making available 0 % financing and a chance to prevail a Honda Jazz to purchasers who go for its Northern Town project.
Commercial banks have by now started hiking rates. Kasikorn-bank increased fixed-term deposit rates by 0.35 - 1.25 % in the first week of June. The bank increased its least lending rate, least overdraft rate and least retail rate (MRR) to 7.25 %, 7.5 % and 7.75 %.
Bangkok Bank has raised key lending rates by 0.375 %, increasing the least lending rate to 7.25 %. The minimum overdraft rate has increased to 7.5 % and the MRR to 7.75 %. Siam Commercial Bank's minimum lending rate is now 7.25 %, the minimum overdraft rate is 7.5 % and MRR is 7.75 %. Asian Property Development senior executive vice president Visanu Suchatlumpong said the company has tied up with Siam Commercial Bank to present two financing packages to home purchasers between June to August.
The primary package makes available 0 %mortgages for the initial 6 months of the loan. For the left over period, the mortgage will be set at the MRR. The next package makes available a fixed rate of 2.25 % for the starting year and then an MRR of 1.5 %.
"Most consumers opt for the second package as they consider interest rates will increase considerably with price hike to nearly 6 % in 2008. Though the rates increase by 1 %, home-buyers have to compensate 6 - 7 % extra in monthly payments. " he said.
Prinsiri is making available 0 % financing and a chance to prevail a Honda Jazz to purchasers who go for its Northern Town project.
Labels: home buyers, Interest rates, mortgages
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