Editor: Cheyenne Hollis
Dot Property Blog March 2020
As Thailand battles COVID-19, most banks in the country are offering some form of support for home loans and credit card payments. The hope is this allows families to focus on their health and safety without the stress of making full payments given the current economic situation. It is important to note that no one is waving payment and you will be expected to pay what you owe in full at a later time. The new due date may vary, so be sure to ask your bank for more details if you have any questions. Home loans and credit card payments during COVID-19 UOB UOB home loan customers who have had a salary reduction are eligible for lower installment payments for 12 months as well as an extension of loan tenor. Credit card clients can receive lower minimum payments and lower interest rates under certain circumstances. Click here for more details.KrungsriThose with home or personal loans from Krungsri can take advantage of a six-month grace period on principal repayment as well as a reduced installment amount. More information here. Bangkok BankBangkok Bank has introduced a number of measures for both home loan clients and credit cardholders. Those with a Bangkok Bank home loan can extend the repayment period by up to 12 months while minimum monthly installments can be reduced by up to 40 percent. The credit card repayment minimum has been reduced to less than 10 percent of the outstanding balance while interest rates have been decreased until December 2021. You can find full details here.SCBThe outstanding bill repayment rate for SCB credit cardholders has been reduced from 10 percent to 5 percent between now and November. The rate will be 8 percent between November 2020 and November 2021. Home loan borrowers with credit lines of THB3 million or less can pause principal payments for four months. More information can be found here. K-bank-Bank home loan borrowers only have to pay interest on the borrowing amount for a period not passing 12 months. The principal does not have to be paid during this time. For more information, call 02-888-8888 (English and Thai available). Thanachart BankThanachart Bank is allowing home loan payments to be delayed for up to three months. The outstanding credit card bill repayment rate has been lowered to 5 percent for the next three months. Information is available here (Thai only). Krungthai BankKrungthai Bank is allowing home loan clients to only repay principal for 12 months. No payments on interest are required. Call 02-111-1111 for additional information.