Thai Cabinet approved tax, fee cuts for home buyers to 0.01%
To revitalize Thailand’s property industry, the government recently approved a series of economic measures including such incentives as cuts in the housing transfer fee to 0.01% from 2%, and slashing mortgage fees to 0.01% from 1%, applicable till April 2016. Buyers of homes costing less than 3 million baht have an extra incentive as 20% of the price tag will be tax deductible for five years, starting 31 Dec 2015.
The Thailand Government Housing Bank (GHB) also planned to set aside 10 billion baht in mortgage loans for borrowers refused by other banks.
Expect further details from the government as it launches more measures to spur the economy.