It’s effective! Reduce the transfer-mortgage registration fee to 0.01% – expected to stimulate property sales by more than 2.91 billion.
On January 18, 2022, Ms Traisuli Traisornkul, Deputy Spokesperson for the Prime Minister’s Office said that on January 17, 2022, the Government Gazette has published announcements of the Ministry of Interior, a total of 4, which stipulates that the registration fee for real estate transfers from 2% and the mortgage registration fee from 1% to 0.01%, which will help stimulate and revive the economy in 2022, maintain the level of economic activity in the real estate and business sectors related as well as supporting debt restructuring to help debtors have more liquidity and entrepreneurs to return to business faster.
For the reduction of registration fees for transfer and registration of this real estate mortgage, It is part of the economic stimulus measures that were approved by the Cabinet meeting on December 21, 2021, which were divided into two cases.
The first case is to reduce the burden on people who buy and sell real estate. The Ministry of Interior issued two announcements, which resulted in a reduction in registration fees, transfers and registration fees of real estate mortgages under the Land Code in the case of residential buildings (single houses, duplexes and row houses) or commercial buildings. or land with such buildings and a condominium unit in a condominium which is registered as a condominium juristic person under the law on condominiums The purchase price and appraisal of assets not exceeding 3 million baht, mortgage credit line not exceeding 3 million baht and transfer and mortgage at the same time, which in this section will be effective from 18 Jan – 31 Dec 2022.
“This measure will alleviate the burden of those who want to own their own homes at a low price point. including helping to maintain the level of economic activity in the real estate sector and businesses related to the real estate sector in the situation of covid-19 The Ministry of Finance estimates that such measures will stimulate the sale of real estate worth about 29 billion baht, which will increase domestic consumption by 74 billion baht, increase investment by about 135 billion baht, and send As a result, GDP increased by 0.58%,” said Ms Traisuli.
Ms Traisuli Traisornkul said that Case 2 was a measure to reduce fees to support debt restructuring. In this section, the Ministry of Interior has issued 2 announcements, resulting in a reduction of registration fees for transfers and mortgages at the same rate as in the first case, which is 0.01% for the case of transfers and mortgages to real estate for debt restructuring between debtors, including those Guarantees with financial institutions or with non-financial companies such as credit card companies personal loan company Occupational Loan Company Provincial level microfinance company hire purchase business For rent, leasing, etc.
For the case of reducing fees to support debt restructuring Effective from 18 Jan 2022 – 31 Dec 2026 for a period of 5 years, the Ministry of Finance has assessed that the implementation of such measures will help debtors receive assistance until they have more liquidity. and able to restore the position and business able to continue their career As for creditors and the financial institution system as a whole, costs have been reduced and credits can be increased to people and businesses.
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