Thai central bank says eases housing loan rules, effective Monday

representative image. (file photo)

Thailand's central bank has relaxed mortgage lending rules to help certain home buyers borrow more and make lower down payments, a deputy governor said on Monday.

Under the changes, effective on Monday, the central bank will allow buyers of first homes worth less than 10 million baht ($329,489) to borrow an extra 10% for furniture, Ronadol Numnonda told a briefing.

Buyers of second houses worth less than 10 million baht will be allowed to make a downpayment of 10% if the mortgage on the first home has been paid off for at least two years, versus three years, required earlier, otherwise, a 20% downpayment will still apply. (1 = 30.35 baht)