SET-listed developer Sansiri Plc is scheduled to hold a credit event in July to help customers examine their financial statements three months before receiving a transfer because borrowing ability is a major concern after the loan-to-value (LTV) limits that took effect in April.
Chief operating officer Uthai Uthaisangsuk said the three-day event will see seven financial institutions join to help prepare condo buyers to qualify for mortgages.
"Many condo buyers do not know they must deal with lower LTV ratios now," he said. "We will educate them and recommend they have a strong financial statement to more easily obtain a mortgage."
Mr Uthai said the new lending curbs that began on April 1 impact not only homebuyers seeking a second or subsequent mortgage, but also first-time buyers because the credit line is lower.
"Condo buyers will have at least three to four months to adjust their financial statement to be strong enough to get a home loan approval, as the event in July can tell them in advance before their units are scheduled for a transfer," he said.
This year, Sansiri will have 10 new condo projects worth a combined 10 billion baht completed and scheduled to transfer units to customers, some of whom booked units after Oct 15, 2018, the last day for the earlier LTV regulations.
Amid a residential market slowdown this year, Sansiri will spend more than 100 million baht to improve services. One change will be home maintenance services with the launch of a home care card in the third quarter this year.
As the first of its kind in the Thai property sector, a home care card like Apple Warranty is a yearly warranty package offering three packages, including silver, gold and platinum.
Prices range from 3,500 to 59,000 baht depending on the size and age of the unit for all housing types, including condos, townhouses and single detached houses.
Maintenance services will cover doors, windows, fences, electricity, water supply, floors and walls.
"In the first stage, we will introduce units aged no more than five years and customers will need to have their unit inspected before buying the service," Mr Uthai said.
During 2014-18, Sansiri transferred more than 38,000 units at 460 projects. The company aims to have 1,600 units buying the service by the end of 2020.
SIRI shares closed yesterday on the Stock Exchange of Thailand at 1.39 baht, up one satang, in trade worth 26.4 million baht.
