What is home interest? How important is it to homebuyers and condo buyers?

Buying a house or condominium is one of the important decisions in everyone’s life. But choosing the right loan is equally important. Home interest is one of the factors that should be carefully considered before deciding to borrow money to buy a house or condominium. Because it affects your expenses, including installment payments and the time it takes to pay off all your debts.

What is home interest?
Home interest 2024 is the loss that the borrower pays to the financial institution in return for receiving the loan. It is considered the most important cost of the loan that affects your total repayment.

How important is it to someone buying a house or condo?

• Affects Total Expenses: Home equity interest affects your total expenses when working on a home or condominium loan. It is a factor that is calculated together with the monthly installment payment.
• Negotiate the right interest rate: Choosing a loan with the lowest possible interest rate will reduce your financial burden in the long run. You should consider negotiating interest rates with your bank or other financial institution to get terms that suit your repayment obligations.
• It affects financial decisions: Home interest affects your repayment flexibility and overall financial picture. Knowing your interest payments is important in planning your finances for the long term.
• It affects the time it takes to pay off debt: Home interest affects the time it takes to pay off your total debt. Choosing the loan with the lowest interest rate will shorten the time it takes to pay off your debt and save you money in the long run.
• Impact on Credit Status: Paying your interest on time helps build your credit standing. This may affect your ability to borrow money in the future.

Choosing the loan with the lowest and most appropriate interest rate is the most important thing for anyone considering buying a home or condominium. Because it affects both your expenses and the time it takes to pay off all your debts. Therefore, study house interest and compare house interest 2024 from all banks latest. The pre-decision options will help you make a better decision in choosing the right loan for your needs and financial situation.

Home interest, latest update 2024, all banks

Home Interest Rates 2024 All Banks Latest In 2024 or according to the year 2024, we have seen changes in home interest rates at all banks, mostly adjusted according to the economic situation and central bank policy, which affects all borrowers and insureds in the property market. more

Summary of home interest rates trends in 2024

Low interest rates:
In 2024, many banks may adjust mortgage interest rates down in the first part of the year. To support economic recovery after the COVID-19 situation. and to stimulate the purchase of houses or condominiums However, interest rate adjustments may change according to the bank’s policy and the overall economic situation.

Annual interest payments:
Home interest in 2024 is calculated as an annual percentage of the loan amount. This will affect the borrower’s total repayment in the long run.

Borrowing policy:
Financing offered by different banks may have different loan terms and conditions, such as low initial interest rates, down payments, and installment terms. This affects the ability to pay in the long run.

Importance of risk assessment:
Borrowers should consider the risks associated with adjustable interest rates, such as the additional costs that may occur when the interest rate is adjusted.

Tracking information and updates:
Borrowers should regularly follow and update information on home interest rates of each bank. To be able to decide on the appropriate loan according to the changing situation.
Knowing about home interest rates in 2024 is important to helping borrowers make good decisions when borrowing money to buy a home or condominium. Understanding and following information about interest rates will help you make good financial planning and make the right decisions in the future.

The bank with the lowest home loan interest rate right now

1. Government Housing Bank (GH Bank)

Lowest Interest Big Family Home Loans in 2024 In 2024, many people may be looking for the opportunity to purchase a home or condominium to start a new life or invest in real estate. And one interesting option is the Big Family Home Loan from Government Housing Bank (G H Bank), a product that offers the lowest interest rates available today.

The Big Family Home Loan caters to large families with the lowest average interest rate in 2024 at 2.76% for 3 years, with the lowest interest rate in the first year at 1.99% and years 2-3 at 3.15%. For customers interested in this loan, they can apply for a loan through the website. ghbankbigfamily.com and you must also notify your intention to apply for a loan through the said website.

In addition, for those interested in purchasing a home through the Home No. 5 project, you can choose Home Loan No. 5 with the lowest average interest rate of 2.91%. Conditions for this loan involve receiving qualifications. House number 5 from the Electricity Generating Authority of Thailand and the use of energy-saving house designs that have received House No. 5 certification from the Electricity Generating Authority of Thailand.

Government policy loans, the Happy Home project is another interesting option, with the lowest fixed home interest rate for a 5-year period at 3.00%, with more stringent loan loan conditions. But it gives confidence in repaying debt with a fixed interest rate.

Finally, the Government Housing Bank (GH Bank) offers many other home loan products with low average interest rates, such as loans in conjunction with government policies. Housing projects and second-hand home loans You can check the details and conditions at the website or branch of the Government Housing Bank (G H Bank). There is also an interest rate based on the MRR Bank announcement of 6.795% as of April 14, 2024 for convenience and to help all customers. Know the correct information before applying for a loan.

Reference source: ghbankbigfamily.com MRR Bank Announcement as of April 14, 2024

2. Government Savings Bank (GSB)

The Government Savings Bank (GSB) has provided Thai people with the opportunity to build a new home or purchase a home for comfortable living. With the Government Savings Bank home loan promotion for Thai people with an attractive fixed interest rate for a period of 3 years to help reduce the burden of installment payments for borrowers over a long period of time.

For Government Savings Bank home loans for Thai people It has a fixed interest rate for the first year of 1.95% and averages over 3 years at 2.95%, with repayment terms starting with borrower-friendly annuities. which provides convenience in managing the installment budget throughout the period

For those who need life insurance to protect their credit limit. Home savings loans also have a lower interest rate in this case. The average interest rate is constant for the first 3 years at 5.045% when the borrower has life insurance and 5.545% when not having life insurance. The maximum loan amount is not more than 110% of the value of the property to buy or build a house.

This Government Savings Bank home loan promotion for Thai people has a promotion period from April 17, 2024 to December 30, 2024 or until the project credit limit of 10,000 million baht is reached and legal contracts have been approved and prepared within that date. 30 January 2025

In addition, Government Savings Bank (GSB) also offers general housing loans. Housing loans for specific professional groups and GSB Green Home Loan with conditions and interest rates that are worthwhile and appropriate to the needs of borrowers who want an energy-efficient home.

With stable interest rates and effective conditions Government Savings Bank Home Loans for Thais from Government Savings Bank (GSB) are a good choice for those wanting to start building a new home or add assets to their life amenities.

Based on the bank announcement MRR = 6.845% (announced on January 9, 2024)

3. Thanachart Thai Military Bank (TTB)

Lowest interest rates for new home loans Giving you the opportunity to start a new life. The lowest average interest rate for 3 years is 3.30%, just 3.30%, with the condition that it must be a new home from a real estate development company. Special groups designated by the bank and must apply with all 3 types of additional products

These 3 types of additional products not only help reduce interest rates over a 3-year period, but also come with other special privileges such as free fire insurance premiums of approximately 1,000 baht per year per 1 million baht of house price and free mortgage registration fees. Value of 1% of the loan up to 200,000 baht and free of various bank fees related to home loan applications.

with strict conditions, interest rates of This lowest Thanachart Bank (TTB) deposit is a boost in confidence and comfort for borrowers who are starting a new life in their new home. You don’t have to worry about the repayment burden that comes with getting a new home loan.

Based on the bank announcement MRR = 7.830% (announced on October 3, 2023)

4. Siam Commercial Bank (SCB)

Attractive interest rates for new home loans from Siam Commercial Bank (SCB) Siam Commercial Bank (SCB) has offered the lowest 3-year average interest rate at 3.33% for corporate customers who have corporate benefits with the bank. By emphasizing insurance according to the conditions set by the bank.

For general customers Siam Commercial Bank (SCB) has divided interest rates for new home loans into 2 formats, separated by loan protection life insurance. The first type has life insurance to protect loans of more than 70% of the loan amount. The average interest rate for the first 3 years is 7.255%, and the second type does not have life insurance to protect loans. The average interest rate for the first 3 years is 7.30%.

Siam Commercial Bank (SCB) also offers second-hand home loans. The interest rate and credit approval conditions are as specified by the bank. There are also second-hand houses from the Bank (NPA) as another option for those who are looking for a house at a reasonable price.
Therefore, choosing a home loan with low interest rates and suitable conditions from Siam Commercial Bank (SCB) may be a good choice for those who are looking for a new home in the near future.

***The above interest rates are effective between 1 Jan. – 31 Mar. 2024. Please update with the bank again***

Based on the bank announcement MRR = 7.300% (announced on October 2, 2023)

5. Kasikorn Bank (Kbank)

Kasikorn Bank (Kbank) has given every group of customers the opportunity to become homeowners quickly and easily. With the lowest interest rate in the market For general customers and customers with regular income The details are as follows:

• Customers with regular income: For customers with regular income of 100,000 baht per month or more, you can access new home loans at Kasikorn Bank. with the lowest average interest rate of 3.45% for the first 3 years, which must be insured according to the conditions set by the bank. Conditions that must be completely verified before submitting a loan application.
• Entrepreneur customers with SME loans: For customers who are entrepreneurs and have SME loans with Kasikorn Bank. With an income of 200,000 baht per month, you can borrow money at the lowest average interest rate of 3.45% and not more than 100% of the purchase price or collateral appraised value and not more than 100% of the collateral appraised value. The bank has set insurance conditions according to the conditions.
• Special professional customer group: For customers in this group who have income from special occupations. Kasikorn Bank provides loans for new home purchases from leading real estate developers. The details are as follows:
• Green home loan that saves the world: Loans not exceeding 110% of the purchase price or the appraised value of the collateral. With a fixed interest rate for year 1 at 1.99% and years 2 and 3 at MRR-3.12%.

Loans for purchasing new homes, used homes, eco-friendly homes, and energy-saving homes: have the lowest average interest rate for the first 3 years at 6.45%, divided into a fixed interest rate for year 1 at 4.99% and years 2 and 3 at MRR-0.12. %

In addition, there are special loans for foreclosed properties of Kasikorn Bank as well, with the lowest average home interest rate being 3.45% for cases with insurance according to the conditions and 3.53% for cases without insurance.

For further details and further enquiries. You can contact K-Contact Center at 02-8888888 ext. 887, which is a reliable source of information for all customers.

Refer to the bank announcement MRR = 7.300% (as of October 4, 2023)

6. Krung Thai Bank (KTB)

Krungthai Bank (KTB) offers attractive interest rates for home-related loans, which come with flexible terms and value, so that customers can conveniently choose the option that suits their needs.

• New / Second-hand / Construction / Land and Building Loans: The lowest average interest rate for the first 3 years is 3.60%, with the following details:
  1. Month 1-7: 1.58%
  2. Month 8-12: 3.58%
  3. Year 2-3: 4.20%

You can choose to pay a low installment of 2,800 baht per million for months 1-7. The bank provides a maximum loan amount of 100% and a maximum loan period of 40 years.

• Housing loans for government employees: The lowest average interest rate is 3.20%, with the following details:
  1. Year 1: 3.00%
  2. Year 2-3: 3.30%
  You can choose to pay a low installment of 4,000 baht per million per month for years 1-3.

In addition, Krungthai Bank (KTB) also has special-priced second-hand properties for sale as an alternative for finding a home. If customers are interested, they can search for the bank’s second-hand properties (NPA) to select the property that suits their needs. You can also contact any Krungthai Bank branch for more information.

Referring to the MRR loan interest rate = 7.570% (announced on October 5, 2023)

7. Thanachart Bank (TTB)

Lowest Interest Rates for New Home Loans At a time when the private sector is experiencing explosive growth in the real estate market, banks are looking for ways to make their offerings more attractive to borrowers to encourage new home purchases. To meet this demand, some banks have introduced their latest low interest rates at the lowest levels currently available.

The lowest interest rate is 3.30%, with attractive terms and conditions to make it more convenient and worthwhile for borrowers to access loans.

New Home Project: Borrowers will receive a special interest rate for 3 years when purchasing a new home from a real estate development company that is a partner of the bank and makes all 3 types of supplementary products.

Additional benefits: Free fire insurance premiums worth approximately 1,000 baht per year per 1 million baht house price.

1. Free mortgage registration fee worth 1% of the loan, up to 200,000 baht.
2. Free bank fees related to home loans, such as property appraisal fees. 3. Loan processing fees and mortgage legal fees.

With worthwhile conditions and low interest rates, borrowers interested in buying a new home may find it a good opportunity to do this transaction with Thanachart Bank (TTB), especially for those looking for a home during this time.

Refer to the bank announcement MRR = 7.830% (announced on October 3, 2023)

8. Bangkok Bank (BBL)

Bangkok Bank (BBL) is a strong name in the financial industry and is specialized in providing a wide range of loans for homes, condos, and more, with varying interest rates to meet the needs of different borrowers.

Lowest average interest rate for 3 years: 3.72%

บริการสินเชื่อบ้านของ BBL มีเงื่อนไขที่ค่อนข้างคุ้มค่าและมีเสถียรภาพ โดยมีอัตราดอกเบี้ยเฉลี่ยต่ำสุดอยู่ที่ 3.72% ที่สามารถสนับสนุนการทำธุรกรรมซื้อบ้านได้อย่างคุ้มค่า

เงื่อนไขสำหรับกลุ่มวิชาชีพเฉพาะ:

• แพทย์ ผู้พิพากษา อัยการ และนักบิน หรือ พนักงานประจำที่มีรายได้ตามเกณฑ์ที่กำหนด
• ผู้กู้ต้องทำประกันคุ้มครองวงเงินสินเชื่อ

นอกจากนี้ยังมีผลิตภัณฑ์สินเชื่อบ้านอื่น ๆ ที่สามารถเลือกใช้ได้ตามความต้องการของลูกค้า โดยมีระยะเวลาในการขอสินเชื่อและอัตราดอกเบี้ยที่แตกต่างกันตามแต่ละผลิตภัณฑ์

***อัตราดอกเบี้ยดังกล่าวมีผลในระหว่างวันที่ 11 ม.ค. – 31 มี.ค. 2567 กรุณาอัปเดตกับธนาคารอีกครั้ง***

อ้างอิงตามประกาศธนาคาร MRR = 7.300% (ประกาศ ณ วันที่ 29 กันยายน 2566)