On September 26, 2024, the Deputy Prime Minister and Minister of Finance, Mr. Pichai Chunhavajira, and the Labour Minister, Mr. Phiphat Ratchakitprakarn, co-chaired and witnessed the signing ceremony of the Memorandum of Understanding on the Housing Loan Project for Insured Persons between the Social Security Office and the Government Housing Bank. The Social Security Office’s Secretary-General, Mr. Boonsong Thapchaiyut, signed the Memorandum of Understanding with the Managing Director of the Government Housing Bank, Mr. Kamolpop Virapala. The Deputy Permanent Secretary of Labour, Mr. Wanrat Srisuksai, executives from the Ministry of Labour, the Social Security Office, the Government Housing Bank, the Ministry of Finance, honourable guests, the media, and the Social Security Office’s officials gave a welcome at the Grand Ballroom, 3rd floor, The Emerald Hotel, Bangkok.
Mr. Phiphat Ratchakitprakarn said to the media that the government and the Ministry of Labour have given importance to strengthening security for workers to improve their quality of life. A house or residence is one of the four essential assets that create stability in life and increase the potential for household economic activities. Currently, the interest rate on loans is high, causing insured persons in the Social Security system who wish to be homeowners to face difficulties. The Ministry of Labour realizes the need to help insured persons to be able to have their own homes amid high costs of living. Therefore, the Social Security Office is instructing them to push for a low-interest housing loan measure within a budget not exceeding 10 billion Baht; the Social Security Committee approved on July 30, 2024, to implement the “Housing Loan Project for Insured Persons 2024” in cooperation with the Government Housing Bank to organize the said project again. This has opened an opportunity for insured persons in the social security system under Sections 33, 39, and 40 to apply for a low-interest loan at 1.59 percent per year, fixed for five years, and in years 6-8, the interest rate is MRR (Minimum Retail Rate) – 2 percent per year, and from year nine onwards, the interest rate is MRR – 0.5 percent per year. Insured persons will receive a low-interest loan of no more than 2,000,000 Baht per person. Mr. Phiphat stated his confidence that this housing loan project for insured persons will help insured persons in the social security system own homes and improve the quality of life of insured persons.
The Social Security Office’s (SSO) Secretary-General, Mr. Boonsong Thapchaiyut, said that the Social Security Office and the Government Housing Bank have a common goal to help insured persons own their own homes at low interest rates, with a credit limit not exceeding 10 billion Baht. This project allows insured persons under Sections 33, 39, and 40 to apply for loans for three purposes: 1. To buy a home, 2. To build a home, and 3. To purchase land and build a home. However, they cannot apply for a loan to refinance. The credit limit for insured persons is determined by the province in which the insured person is registered.
Interested insured persons can request a certificate of insured status from the SSO Plus application from November 1, 2024. They can apply for a loan with the Government Housing Bank on the date specified in the certificate, along with supporting documents for the loan application as determined by the bank. Insured persons who have received a certificate as a reserve can check the queue call via the channels specified in the certificate and apply for a loan according to the announced date range. The loan amount must be considered in accordance with the bank’s regulations. This project will end on December 30, 2025, or until the approved project amount is full. For more information, please contact the Social Security Office of Bangkok in all 12 areas, the Social Security Office of the province/branch that is convenient for you, or call the hotline 1506, which is available 24 hours a day, or visit www.sso.go.th for more information.
