The Government Housing Bank (GHB) has announced extended assistance measures aimed at providing financial relief to customers categorized as special monitoring (SM) and those with non-performing loans (NPL). This initiative is part of Thailand's efforts to address economic challenges stemming from the COVID-19 pandemic and other financial pressures, enabling affected individuals to maintain ownership of their homes. The GHB's Managing Director, Kamolphob Veerapha, emphasized the importance of these measures, stating, "Throughout 2027, GHB has executed measures to address household debt and assist clients affected by economic hardship. Currently, 119,893 accounts amounting to THB 141,140.68 million have taken advantage of these measures."
The registration for these relief programs officially opened on the day of the announcement and will remain available until June 30, 2025. This move is particularly significant as it allows individuals struggling with income loss to benefit from financial support lasting up to two years. The measures introduced encompass various refinancing options, reduced interest rates, and flexible payment schedules, all structured to ease the financial burden on those impacted by the fluctuated economy.
During 2027, the GHB is focusing on rolling out these programs, which are not only aimed at helping potential homeowners but also individuals experiencing difficulty maintaining their current financial obligations. The program is particularly targeted at customers who have been with the GHB and are facing hardships exacerbated by economic strife.
Kamolphob noted the urgency and necessity of these programs, emphasizing, "We understand the difficult circumstances many households are facing, and we are committed to providing the necessary support for our clients to weather this storm."
Details of the assistance measures include options for clients to reduce their monthly payments significantly. For example, specific plans provide rates as low as 0% for the initial months of repayment, transitioning to more manageable interest rates thereafter. The calculations for payments are carefully structured to accommodate varying levels of financial distress, allowing for both immediate relief and longer-term sustainability for borrowers.
With more than 119,893 accounts already registered for these measures, as highlighted by the statistics shared by the GHB, the response from the public indicates the programs are addressing real needs during this economic downturn. The bank urges individuals who may be hesitant or unaware of their eligibility to register to take decisive action, as the benefits may significantly mitigate financial anxieties.
The importance of these measures cannot be understated, as numerous families across Thailand grapple with challenges stemming from the economic disruptions of the last few years. The GHB's concerted efforts to provide various assistance programs mirror the broader national initiative to stabilize household finances and mitigate loan defaults.
For clients interested in participating, the GHB has made the registration process accessible through both GHB branches nationwide and the GHB ALL BFRIEND application. The bank encourages clients to complete their applications before the cut-off date, ensuring they can access the necessary aid.
Finally, Kamolphob reaffirmed GHB's commitment to helping customers bridge the gap during these difficult times, highlighting, "We remain dedicated to providing support and reassurance to our clients. It’s imperative they understand we are here to help."
These proactive measures are part of Thailand's broader economic policies aimed at assisting citizens as the nation looks to recover from the multifaceted impacts of recent economic challenges. The GHB stands as a pillar of support for households aiming to regain financial stability and resilience.