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Government to Offer New Stimulus Targeting Grassroots, Home Buyers

The Finance Minister hoped that the home buyer down payment subsidy would also help the struggling housing market.



Thailand’s cabinet on Tuesday approved more economic stimulus measures, including money for village funds. Allocating 50-billion-baht in loans for local people’s organisations. Also a 50,000-baht subsidy on a home buyers down payments.

Finance Minister Uttama Savanayana said his ministry proposed the measures for the approval to stimulate domestic demand. Also to maintain growth in the fourth quarter and generate momentum for economic expansion next year. He hoped that the home buyer down payment subsidy would also help the struggling housing market.

If approved, 71,742 funds of villages and urban communities will also receive up to 200,000 baht. This will be for community-based infrastructure such; as barns, mills, fertiliser plants, reservoirs and machinery to process farm produce. About 14.35 billion baht was allocated for the purpose.

Members of village and urban community funds could also apply for a one-year debt moratorium.

In addition, state-run Bank for Agriculture and Agricultural Cooperatives will lend 50 billion baht for village and urban community fund management. Also community-based financial institutions, farmers’ organisations, community enterprises and agribusiness operators to finance their operations.

The loans will carry an annual interest rate of 0.01% for the first three years.

Rice growers will be able to apply for a subsidy for harvest and paddy improvement at 500 baht per rai.

For home buyers, the government will give a 50,000-baht rebate on down payments for residences. Claimants must not be earning more than 100,000 baht a month, or 1.2 million baht a year. The rebate will be available from Wednesday until March 31 next year.

These measures should benefit the general public, small farmers, small and medium-sized enterprises, and the property sector, Mr Uttama said.

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