BAM has announced a cut of 0.25% p.a. in all types of its loan interest rates to help relieve the burdens of debt restructuring customers and customers buying properties with installment payments, thereby leading interest charged from customers who are making their installment payments at MLR – 3% to edge down to only 2.25%.
Mr. Somporn Moonsrikaew, President of Bangkok Commercial Asset Management Plc. (BAM), said that the Company has gradually announced a cut in its loan interest rates by 0.25% p.a., including a reduction of MLR to 5.25% p.a. on May 21, 2020 and a cut of MOR to 5.75% p.a. and MRR to 5.75% p.a. on May 22, 2020, to help ease the burdens of debt restructuring customers and customers buying NPAs with installment payments. Such interest rate reduction fits with the existing financial condition and aligns with the Bank of Thailand’s earlier cut of the policy rate.
To further help lessen their burdens, customers with low income or limited budget who wish to buy a condominium unit with installment payments from BAM at a price of not over Baht 500,000 are offered a special promotion with no down payment and a lower-than-rental starting installment payment of only Baht 700 – 2,800 per month in the first year (based on value of property) together with interest rate of 0% in the first two years and at MLR of BAM for the rest of the agreement term. Moreover, customers buying any type of BAM’s properties such as houses, land, condominiums and commercial buildings with installment payments and approved sale price of not over Baht 3 million are offered a special promotion of 0% interest rate in the first two years, after which interest will be charged at MLR of BAM for the rest of the agreement term (except for special price properties).
Meanwhile, customers who buy NPAs in cash or with loans from other financial institutions with an approved sale price of not over Baht 3 million will receive a special discount of 10% – 30% and, during the promotion campaign, will also be entitled to a free transfer. Those who speedily complete the ownership transfer by June 2020 will receive gift vouchers, worth up to Baht 100,000, of the participating partners, including Tesco Lotus, Big C, HomePro, Index Living Mall and SB Furniture, in the amount based on the approved sale prices.