Thai Government Greenlights! Buy Homes Under 7 MB, Slash Transfer Fees with 5 Economic Boosters, Thailand's Property Market Ready to Surge in 2024!

Great news for homebuyers in Thailand! (Breaking News: 4 April 2024)

The government just approved a 5 plans to make buying a house more affordable.

On April 9, 2024, Mr. Kritsada Jinavijarana and Mr. Chulaphan Amornvivat, Deputy Ministers of Finance,
along with Mr. Lavaron Sangsnit, Permanent Secretary of the Ministry of Finance, Mr. Pornsak Thiravej,
Director-General of the Fiscal Policy Office, Mr. Vitai Ratanakorn, Director of the Government Savings Bank,
and Mr. Kamolpob Virahpla, Managing Director of the Government Housing Bank, jointly held a press conference
to announce the economic stimulus measures through the real estate sector at the Government Press Center,
Narisamon Building, Government House.

Image Source: www.thaigov.go.th/
 

1. Reduce transfer and mortgage fees to 0.01% for homes under 7 million baht.

This measure is effective from the date of its publication in the Government Gazette
until December 31, 2024.
 

Details:

• Reduce property transfer fee from 2% to 0.01%
• Reduce property mortgage fee from 1% to 0.01%
• For homes priced up to 7 million baht
• Only for simultaneous transfers
• Maximum mortgage of 7 million baht per contract
• Only for Thai individual buyers
   

2. 100,000 baht tax deduction for new home construction
 

New measure! Individual income tax deduction of up to 100,000 baht for new home construction.

Details:

• Deduct 10,000 baht for every 1 million baht of construction costs
• Maximum deduction of 100,000 baht
• For construction costs of up to 10 million baht
• Limited to 1 house construction
• Only for construction costs paid to VAT-registered contractors
• Contracts must be made between April 9, 2024 and December 31, 2024
• Online stamp duty payment required

Example:

Construction of a 5 million baht house qualifies for a 50,000 baht tax deduction.
 

3. Happy Home Loan Scheme

• 20 billion baht budget
• Supported by the Government Housing Bank (GHB)
• To help low- to middle-income people own a home
• Fixed interest rate of 3% per year for 5 years
• Maximum loan amount of 3 million baht
• Maximum repayment period of 40 years
• Loan applications can be submitted from now until December 30, 2024 or until the full budget is allocated
   

4. Happy Life Loan Scheme

• 10 billion baht budget
• Supported by the GHB
• To help people own a home
• Average interest rate of 2.98% per year for the first 3 years
• Minimum loan amount of 2.5 million baht
• Loan applications can be submitted from now until the full budget is allocated
   

5. BOI Housing Scheme

• Provides tax benefits to developers
• 3-year corporate income tax exemption
• For the construction of housing for low-income earners
• Price not exceeding 1.5 million baht
• Must be sold to individuals only
• 80% of the project must be priced at no more than 1.5 million baht
• Applications for promotion must be submitted by the end of 2024.
   

This is a great opportunity for those who are looking to buy a home in Thailand. The reduced fees and tax deductions will make it more affordable for many people to achieve their dream of home ownership.

Thanks for the sources: The Thai Cabinet has approved 5 major real estate stimulus measures in 2024,
including reduced fees, tax deductions, and loan programs, aiming to boost home purchases by 800 billion baht
and drive GDP growth by 1.8% (Sources: https://www.thansettakij.com/business/economy/593061, https://www.bangkokbiznews.com/business/economic/1121308).

Contact Life Property for more details now!

• Line: @lifeproperty (Click here: https://lin.ee/rBG2BOp)

• Call: (+66)83-525-9585

• www.LifepropertyAsia.com