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LENDING & CREDIT | Cesar Tordesillas, Thailand

Thailand's BAY targets condo loans

White-collar Thais want more condomiums.

In response, the Bank of Ayudhya is expanding further in the home loan market with a 100-percent credit line with zero interest for as long as six months.

A study revealed that condominiums became very popular during the first half of this year, according to Wichit Phayuhanaveechai, BAY executive vice president for home loan products.

In fact, condominiums accounted for 47 per cent of the new residential projects built in Bangkok and surrounding areas.

Among these 36,000 new units, those costing Bt1 million to Bt3 million have seen the highest growth and account for 62 per cent of the total market volume. This reflects demand from young workers.

"Factors influencing these buyers' decision-making are convenient communication, for example closeness to rapid transit, including areas within the radius of the BTS and MRT extensions," Wichit said. "Long repayment periods with monthly payments that are proportionate to their incomes are a major element in decision-making."

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