BoT unveils new debt consolidation measuresThe Bank of Thailand (BoT) has trumpeted its success in helping pandemic-hit borrowers consolidate their debt, with its latest move designed to further ease their repayment burdens. The BoT will now support individuals in consolidating their mortgage and retail loan debt held at different lenders into a single institution via refinancing. Previously the central bank supported such debt consolidation only within individual financial institutions from which customers had borrowed. The BoT expects to see most financial institutions offering the debt consolidation packages to customers by next month, according to Oramone Chantapant, deputy director of the BoT. Interest rates for mortgages are currently based on the minimum retail rate, or the minimum home loan lending rate of around 6-8% per year.

Source: Bangkok Post November 23, 2021 04:03 UTC