BANGKOK (NNT) - The Government Housing Bank (GHB) revealed over 71,500 people have registered for the government’s down payment subsidy campaign for housing purchases. Successful applicants must register for the PromptPay service in order to receive the subsidy.

The Ministry of Finance previously introduced the down payment subsidy, where the government will provide 50,000 baht cashback to help reduce the down payment amount for each house buyer.

The GHB President Chatchai Sirilai has revealed the number of applicants for this program, as of 18 December 2019, is 71,531 persons, while the bank has, since 20 December, started transferring 50,000 baht subsidies to successful applicants via PromptPay.

He said that interested persons should ensure they have linked a bank account to their national ID number with PromptPay in order to have their subsidy transferred correctly. Some of the applicants are found not to have their account linked with PromptPay.

The government has allocated 5 billion baht to the GHB, who will transfer this money to the first 100,000 applicants to help reduce their down payments when purchasing a house. This campaign will also help to stimulate the economy through the real estate sector.

Registration for this program is open until 31 March 2020, from 8 a.m. to 6 p.m. daily. Only 500,000 applications will be accepted throughout the campaign.

To be eligible you must hold Thai nationality, and be registered in the tax database with their annual income in the 2018 tax year not exceeding 1,200,000 baht.

Eligible persons must apply for their mortgage in accordance with the Ministry of Finance’s regulations, which requires the mortgage to be approved between 27 November 2019 and 31 March 2020 for the purchase of new pre-built house from a registered agent. Loan requests for refinancing are not permitted. Mortgages must also be requested from participating financial institutes, as listed on the campaign’s website.

National News Bureau Of Thailand