PM is happy with overwhelming response for home loans under "Pracharat Housing project"

BANGKOK, April 25 (TNA) -- Prime Minister Prayut Chan-o-cha is satisfied with the number of people seeking loans for homes under the government’s Pracharat housing project for low-income people and self-employed people with insecure earnings, government spokesman Sansern Kaewkamnerd said. From March 23 to April 18, 33,050 people applied for housing finance in the project through Government Housing Bank and Government Savings Bank. Of them 1,628 had their applications approved. “The project considerably interests people. The amounts of loans sought have exceeded the sum that the government prepared,” Maj Gen Sansern said. He admitted that some applicants were rejected, especially the government officials who already have household debts. “Although the government gives financial access to people, individual borrowers must be able to repay. Otherwise, they will be heavily indebted and can increase non-performing loans,” Maj Gen Sansern said. The government expects the housing finance project to stimulate the economy. Some applicants were not qualified for already having a residence, being too old, or seeking a house plus a land plot that are too expensive, priced higher than 1.5 million baht. Maj Gen Sansern said that the home loans would continue to be available for general people for a while. The Government Savings Bank (GSB) will receive applications until April 30. GSB president Chartchai Payuhanaveechai said his bank prepared 20 billion baht for the lending project but applicants were seeking to borrow 34 billion baht. He predicted that half the applicants would be qualified and borrow about 15 billion baht. Therefore, 5 billion baht would remain available. (TNA)