15,000 snap up rare bank reloan deal

A total of 15,000 social security members snapped up an offer by the Social Security Office (SSO) and the Government Housing Bank (GH Bank) to have their home mortgages refinanced at a heavily discounted interest rate.

Within less than 24 hours of the offer being put out on Tuesday, 15,000 social security subscribers obtained the refinancing privilege, filling up the quota.

The SSO has signed a memorandum of understanding with GH Bank for up to 15,000 eligible social security members seeking to refinance their home mortgages.

To qualify, members must have made their social security contributions for at least six consecutive months under Section 33 of the Social Security Act. The section applies to salaried employees.

The refinancing offer was made available via GH Bank’s application. Social security members started accessing the site to receive the deal at 4pm on Tuesday.

The offer ran out midday yesterday after 15,000 people had registered for it.

The bank has set aside 30 billion baht for the scheme, or up to 2 million baht per member.

Labour Minister Suchart Chomklin said the scheme was the first of its kind to be given to social security members. There could be more such offers if there is demand for it.