Property fees slashed for 14 months

Property fees slashed for 14 months

Transfer, mortagge fees cut to 0.01% from 2% and 1%

Prospective homebuyers are expected to make decisions over 14 months to take advantage of the reduced fees. (Photo by Somchai Poomlard)
Prospective homebuyers are expected to make decisions over 14 months to take advantage of the reduced fees. (Photo by Somchai Poomlard)

Transfer and mortgage fees for residential properties under 3 million baht each have been drastically cut for 14 months as part of stimulus measures for the property sector.

Effective from Saturday to Dec 24 next year, both the transfer registration and mortgage registration fees were cut to 0.01% of property prices from 2% and 1%, respectively, according to an Interior Ministry announcement published in the Royal Gazette on Saturday.

The new rates apply only to land with buildings priced under 3 million baht each bought from housing estate developers and for same transactions. 

Charnkrij Dejvitak, a vice minister to the Prime Minister's Office, said a buyer applying for a 3-million-baht loan at the Bank for Agriculture and Agricultural Cooperatives will now pay the fees totalling 600 baht from 90,000 baht earlier. 

"We hope pent-up demand will begin to ease now. A meeting will also be held on Wednesday with the three property associations to conclude details on joint promotional campaigns with government agencies to tap year-end demand," he said.

 


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