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Saturday, March 24, 2007

Siam Commercial Bank and Wangthong Group team up to promote home trade-in plan

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Siam Commercial Bang and Wangthong Group team up to promote home trade-in plan


Siam Commercial Bank Plc (SCB) is offering a novel home trade-in programme for customers of the residential developer Wangthong Group, and plans to expand the offer to other developers next month.

The campaign, starting yesterday and lasting to the end of the year, includes a 50% discount on mortgage fees and a waiver of appraisal fees for new homes. As well, buyers can pay only the interest on their new-home mortgages for six months while they wait to sell old homes.

Duangkamon Chaiyapuntu, a senior vice-president of SCB, said the campaign would reduce homebuyers’ financial burden while also helping to expedite the sales of their old homes.

A lot of homebuyers find it difficult and inconvenient to sell their homes and buy a new one. The campaign can help them as they pay only interest and they don’t need to wait for a sum of money from selling their exist home.”

Customers can also apply a lump sum derived from selling their old homes to their mortgage installments, to a maximum of 10 times the normal monthly amount, in the first year without a penalty charge.

Interest rates for the campaign are 3.45% for the first year and minimum lending rate (MLR) minus 0.05% afterward for grade-AA customers. Rates are 3.75% for the first year and MLR-0.25% afterward for grade-A customers.

The bank yesterday joined with the brokerage firm BCP Housing and Wangthong Group to launch the trade-in campaign for Wangthong customers. It said it would involve other developers in the programme in time for the home Buyers Guide Fair 2006, which will be held from March 17-19.

Pramote Chedsadawarangkul, managing director of Wangthong Group, said the company would subsidise one-third of the normal 3% brokerage commission fees, so customers would pay only 2% to BCP Housing.

“We also guarantee to refund full payment in case where customers’ existing homes cannot be sold,” he says.

Ms Duangkamon said SCB expected to release 800 million baht in housing loans to Wangthong customers under the programme, out of a total of 2.2 billion baht released to the company’s customers by the end of this year.

SCB last year made new housing loans totaling 62 billion baht to 46,000 accounts, bringing its total outstanding loans to 170 billion baht from 135,000 accounts.

It expects to release 50-60- billion baht for housing loans this year and achieve total outstanding loans of 200,000,000,000 baht.