Property Finance in Bangkok and loan information

Property Loan & Property Finance Information

Property financing for foreigners in Thailand is achievable

A major consideration when buying a property back home is financing. Even for those who have sufficient support and liquidity for an acquisition, financing is frequently seen as a means of leveraging our investments. For buyers with less way in to funding, financing is an essential vehicle they use to have and own that dream home. In this case, Thailand is the same as any other state. Most of the financial institutions in Thailand suggest loans for real estate purchases to local Thais and Thai companies based on related criteria we are used to in our home country. However, the similarities do end there for most foreigners buying property in Thailand.

Generally speaking, foreigners cannot mortgage properties in Thailand. As a matter of fact, mortgage lending by local banks to foreigners was practically unheard of in Thailand. Nevertheless, in recent years, a minor shift in policies allows foreigners to a limited access in financing. This was inspired, in part, by the Thai government’s enthusiasm to endorse tourism and to encourage economic increase in Thailand. This was set up during the high growth period in the last five years leading to Thailand’s current atmosphere which can now be best described as stagnant.

In spite of this, some Thai banks have presented some Property financing services to foreigners but with quite strict terms and conditions on their availability. The major condition is that the property has to be under the foreigner’s own name and that the property should be listed as a condominium under the Condominium Act since foreigners are only allowed to buy these kinds of properties in Thailand

Property Loan - how to get a loan in thailand

TERMS & CONDITIONS for Property Loan
Currency: Thai Baht
Loan Amount: Up to 50% of property value
Min Loan: 1 million
Term: 1 to 10 years
Repayment: Monthly installment
Insurance: Fire & Life insurance required
Interest: 8.9%
ONE – Complete credit application and submit with all

Fees
– Up front : 1.25% of loan size
– Mortgage fee : 1.00% of loan sizeProperty finance loan thailand
– Duty stamp : 0.05% of loan size (max Bt10,000)
– Appraisal fee : Subject to appraiser

REQUIRED DOCUMENTS
Personal Documents: For Individual Loan
1 Valid ID / Passport
2 Marriage/divorce certificate* (if any)
3 Confirmation of salary/income (wage slips if any)
4 Bank statement latest 6 months (local & offshore)
5 Credit bureau report from country of resident

Property Documents
1. Condominium title deed
2. Sales and purchase agreement
3. Valuation report by preferred appraiser*
4. Deposit/installment receipts
5. Others upon request
Note: contact details to be provided
Also require:
1. Signature for certified true copy’ for all copy documents
2. Thai/Eng translations for documents in other languages

Steps to get Your Property Loan Approved

TWO – After application submitted, quotation for valuation will
be available within 24 hours, while valuation report will be
ready within one weeks,after appraisal fee agreed and paid
THREE – Credit approval result shall be notified within a couple
of weeks when all requirements fulfilled
FOUR – Given the credit get approved, loan agreement shall be
available for sign off within few days
FIVE – Mortgage registration will take place at
land office and the loan can be then disbursed

Contact us to start you property loan application 

 

 

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