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Incentives for first-time home and car buyers

First-time car buyers will get tax waivers of up to Bt100,000 each and first-home buyers will be eligible for a zero mortgage rate for five years, Deputy Finance Minister Boonsong Teriyaphirom said yesterday.

Finance Minister Thirachai Phuvanatnaranubala will today announce implementation of government policies to financially support people who want to buy cars and homes, Boonsong said.

He explained that the Excise Department will waive its tax, which will result in lower car prices by up to Bt100,000. However, the car must be a new one and its price not over Bt1 million. The car cannot change hands during the first five years, otherwise its owner must return the tax incentives back to the Finance Ministry, he said.

Eligible car models would be passenger cars or pickup trucks, he said, adding it would consider allowing commercial banks to join in financing buyers.

People buying homes would receive a zero mortgage rate for five years, on condition the house prices did not exceed Bt3 million. The Government Housing Bank will implement this new mortgage scheme which offers a much better term loan than that offered by the Abhisit government.

The Bank for Agriculture and Agricultural Cooperatives said it was ready to introduce a credit card for farmers and a fuel credit card for motorists. Other state banks will join the projects. The government also plans to offer commercial banks incentives if they participate in these credit schemes, he said.

Source: The Nation

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