On December 21, 2022, the Labour Minister, Mr. Suchart Chomklin, reported that the Ministry of Labour’s Social Security Office had signed a Memorandum of Understanding with the Government Housing Bank (GHB), implementing a housing loan project for insured persons within the budget of 30,000 million Baht. This project originated from the Prime Minister and Minister of Defense, General Prayuth Chan-ocha, who cares and wants to help alleviate the burden of costs among the workforce. Thus, the Labour Minister initiated this project. It is a project that has never been done before. This is the first time that the Ministry of Labour has done this. The objective is to allow workers to have the right to redeem mortgages from financial institutions with reduced interest rates on housing loans that the insured person owes. In this regard, the residence must be owned by the insured person or collectively owned. The Labour Minister cares and gives importance to all workers as family members. This scheme allows workers to qualify for a low-interest home loan. For example, originally, a worker who borrowed 2 million Baht from the principal, would have to pay interest up to 6% per year, having to pay 120,000 Baht per year for 5 years, equivalent to 600,000 Baht in interest. But when he thought about the stability of the workers’ lives, he came up with this project. In this project, a worker can borrow the same amount of 2 million Baht, but the interest is lower at only 1.99% per year, meaning the worker would pay an interest of only 40,000 Baht per year, and in five years, they would only pay 200,000 Baht in interest. The project initiated by the Labour Minister will reduce the interest from the original 5-year 600,000 Baht to only 200,000 Baht, reducing the interest for the workers by up to 400,000 Baht per family. The savings will allow workers to have more than 6,000 Baht per month left in their pockets, which can help alleviate the burden of expenses and reduce debt, promoting money to circulate the economy.
Mr. Suchart said that once GHB had opened for insured persons to apply to join the project via GHB ALL or GHB ALL GEN application to get a GHB Buddy password in the LINE application from 16.00 hours yesterday (December 20, 2022) until noon today (December 21, 2022), it appears that 15,000 insured persons have already received the code to join the project, representing a loan amount of 30,000 million Baht, which has reached the target. This project is considered successful. Many workers are interested in receiving the password to join the project. As for those who are interested and cannot apply on time, please follow the news. The feedback from the project’s first phase will be used to improve the scheme, to be more in line with the workforce’s needs. This will be considered in the next phase of the housing loan project for insured persons. This insured persons housing loan project allows insured persons in the social security system, under Section 33, who have paid contributions for no less than six months, to exercise their right to reduce the interest rate on housing loans. For years 1 to 5, the interest rate is 1.99% per year, fixed for five years. For years 6-8, the interest rate is MRR – 2.00% per year, and for years nine onwards, until the entire contract period, the interest rate is MRR – 0.50% per year. Applicants can borrow no more than 2 million Baht per person. Insured persons can exercise their right to redeem the mortgage, refinance from other financial institutions, or reduce the interest rate of housing loans in the loan account borrowed with the Government Housing Bank.
Interested insured persons can request a code to join the project through the GHB ALL or GHB ALL GEN application from today until January 15, 2023, at 24.00 hours. The insured persons will receive a code that can be used to apply for a loan at GHB ALL GEN branches nationwide. Insured persons interested in participating in the project can download the GHB ALL GEN application at the App Store, Google Play, and App Gallery. For more information, please contact Government Housing Bank (GHB), all branches nationwide, the G H Bank Call Center by calling 0-2645-9000, or the Facebook Fanpage of the Government Housing Bank, and follow the news of the bank on the GHB ALL or GHB ALL GEN application, and www.ghbank.co.th. Insured persons can request a certificate for their insured person status in an electronic form with Social Security Offices nationwide. They can apply for a loan with the Government Housing Bank from today until December 19, 2023, and do legal transactions within January 31, 2024. For more information, please contact the 12 Bangkok Social Security Offices, the Provincial Social Security Offices/Branches that are convenient for you, or call the 1506 hotline. Insured persons can also contact the offices 24 hours a day or get more details at www.sso.go.th
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Division of Public Relations
21 December 2022
