LENDING & CREDIT | Cesar Tordesillas, Thailand

Siam Commercial pursues more housing loans

Siam Commercial Bank launched a special campaign to stimulate housing demand with the Asian Property Development PCL.Under the terms of the "AP 5 Wonders" campaign, clients are entitled to receive five premium offers, including houses and townhouses at special prices, interest-free loans, and many other interesting promotions. The campaign is available until 30 June."The Bank is optimistic that housing demand remains high as can be, as evidenced by an increase in new loans extended in the first quarter of this year totaling over 10 billion baht (US$292 million)," said SCB Executive Vice President Rungruang Sukkirdkijpiboon."The increasing demand stems from many factors, such as lower lending rates, special promotions offered by banks and property developers, tax incentives, and very low ownership transfer fees extended by the government. It is therefore an excellent time for prospective home buyers to take advantage of these opportunities," he added.Under the AP 5 Wonders promotional campaign, interested clients are entitled to receive interest-free loans for 12 months, in addition to a four-month interest-free installment offer through the SCB Deejung service. They will also enjoy ten times SCB Rewards points when using an SCB credit card to reserve a home.Asian Property Senior Executive Vice President Visanu Suchatlumpong commented, "The company has been continuously organising marketing activities to stimulate property business purchasing power. Personally, I believe that Thai people still have buying power, but are just waiting while they build up their confidence and look for the perfect timing for making a purchase. Special promotions are another key factor behind their decisions."SCB has set a target to extend new housing loans in an amount of US$1.5 to US$1.6 billion for 2009. Its housing loan portfolio currently stands at US$6.4billion.

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