Business Services Industry
Thai Mortgage Corporation Offers 30-Year Fixed Product.
Knight Ridder/Tribune Business News, August, 2003
By Wichit Chantanusornsiri, Bangkok Post, Thailand Knight Ridder/Tribune Business News
Aug. 22--The Secondary Mortgage Corporation (SMC) has announced a first for the Thai housing market with the launch of a 30-year fixed mortgage product.
The state agency was established to support asset securitisation and development of the mortgage markets.
The SMC yesterday announced that it would introduce several new products giving borrowers flexibility to fix interest rates for three-, five- or seven-year periods up to a full term of 30 years.
New or existing homebuyers can apply for the programme starting on Sept 1 through their current lenders. If approved, the SMC will purchase the asset from the original commercial bank.
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