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Bank of China Ltd. Bangkok branch continues to expand business in Thailand through the offering of new financial services to local clients. Its newly-launched mortgage and refinancing loan services allow consumers to pay lower monthly payment and to save on the total interests paid throughout loan term. These advantages help customers own the home faster that gives them the flexibility to cope with future uncertainties. The bank believes its expertise and leading position in the mortgage loan market in China will give it distinct advantage in serving Thai consumers.
Bank of China is one of the top banks in China, with leading position in mortgage loan, and also one of the top-tier global banks. It has operated in Thailand for almost 20 years and sees enormous growth potential in the local market. It intends to expand financial services to improve its coverage of the Thai market and has recently launched new mortgage and refinancing loans services, said Bank of China Ltd. Bangkok branch's Assistant General Manager Mr. Pan Xinyuan.
The bank's new housing loan program targets Thai salaried employees, especially middle to upper class people whose housing demands have been on the rise. Highlight of the program is lower interest rate and savings on total interest paid throughout life of loan, paving ways for consumers to pay-off loan faster while maintaining financial flexibility to cope with uncertainties. Such future risks include potential rise in interest rate, increasing household debts, and changing economic cycle, all of which could adversely affect consumers' income.
As mortgage loans are long-term lending, the bank needs to focus on quality and customer service as well as strategy to convey the distinct advantages of its service to build up consumer awareness. Highlights of this new service include the new interest rate structure that will see declining interest rate in accordance with loan life resulting no need for future refinance, low monthly payment, and no over-payment fee. Miss. Phonpimol Pathomsak, Bank of China Ltd. Bangkok Branch's Head of Personal Credit Department, added that, on the refinancing loan program, consumers can choose from two available packages: the first pattern is low interest rates on the first years; the second pattern is declining rates pattern, named "Step-down", that there would be no need for our consumers to seek refinancing deals ever again as our interest rate and monthly payments are already reasonably low.
"Our target group is people in the medium- to high-end segment, who want to own houses and to build up real estate assets in Bangkok and vicinity. They are also eligible to borrow additional loans for home decoration and other purposes. For the convenience of customers, the bank has arranged for customers to make payment through other commercial banks such as Siam Commercial Bank and more payment channels in the near future," Miss. Phonpimol said.
The bank is offering a special promotion campaign during the launch of the program; waiving 50% of mortgage registration fee, waiver of appraisal fee and payment fee made through other outside payment channels. For more information, please contact any of the three branches of Bank of China (Sathorn, Ratchada, and Rayong) and at partnering real estate projects, or Tel: 02-286-1010 Ext. 2523, 2524, 2525.
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