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Proposal to Slash Property Transfer Fees to 0.01 %

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  • Proposal to Slash Property Transfer Fees to 0.01 %

    Practically paying people to buy property

    http://www.nationmultimedia.com/busi...-30269916.html

    THE FINANCE MINISTRY proposes to cut the transfer and mortgage fee to 0.01 per cent of the appraised value for a period of six months to one year as part of the government's stimulus measures for the property sector.

    The ministry also plans to relax lending conditions for borrowers by offering lower monthly instalments and a longer loan repayment period.

    At today's meeting, the ministry will finalise its planned cut to the transfer and mortgage fee as a measure to lower buyers' and sellers' burden, a ministry report said.

    The current transfer fee is 2 per cent of appraised value, while the current mortgage fee is 1 per cent.

    Both types of fees have been slashed twice. One was done during the 1997 financial crisis and the other in 2011.

    Then, the specific business tax was also cut from 3.3 per cent to 0.1 per cent.

    This time, the specific business tax will not be cut, as business operators have not received the same impact as they did then and there is no oversupply of property projects, the report said.

    The proposed measures could assist home-buyers, who are now affected by the stringent conditions set by commercial banks for loan approval in light of the Thai economic slowdown.

    The government will also help administrative organisations, which could receive an adverse impact from the planned fee-cut, to maintain their revenue proportion at 27 per cent of total state revenue. The ministry has also asked Government Housing Bank to consider relaxing some lending approval rules, including the debt-service coverage ratio. The issue of lower monthly instalments [sic] and longer repayment period will also be considered for possible relaxation.

    Farmers will also be assisted. The ministry is seeking relief measures, including extension of debt instalment [sic] period, soft loans and debt moratorium, for the drought expected next year.
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